Which courses are eligible for education loan in India? - Courses for education loan

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Introduction

The cost of education is increasing gradually every year and is becoming tough for  students to fund their education. Instead of compromising on their dreams of pursuing higher studies, students can avail an education loan to fund their education in India or abroad. Education loans cover all the basic requirements of the student such as living expenses, food expenses, flight tickets (to and fro), college fees, laptop expenses, book expenses, and miscellaneous. So, students opt for an education loan as it is the best option to fund their studies at renowned institutes in India or abroad. Most of the students do not clearly know the eligibility criteria and the eligible courses for student loan, but students must understand the fact that even if students meet the eligibility criteria, they have to opt for courses eligible for education loans. There are a few eligible courses for education loan which are only applicable if you take an education loan in India. This article will cover all the eligible courses for education loan. 

Education loan Eligibility Criteria

  1. The loan applicant must be a resident of India

  2. The age of the loan applicant must be within the bracket of 18-35 years.

  3. The loan applicant must be undergoing an undergraduate/postgraduate course or PG Diploma

  4. The loan applicant must have confirmed admission to a renowned educational institute in India

  5. The loan applicant must have secured admission to a college or a university affiliated by UGC/AICTE/GOVT. etc

  6. The loan applicants who are willing to pursue full-time courses need to have a co-applicant

Eligible Courses for Education Loan

A broad range of courses is applicable while taking an education loan as the motive of  education loans is to assist meritorious students and provide funds to deserving students in India. One of the foremost eligibility conditions for most banks is the course a student opts for. Banks mostly rely on the students who seek to pursue courses which may lead to anticipated employment and career growth in the future. These courses can either be STEM courses (Science, Technology, Engineering, Mathematics) or Non-STEM courses like Public Policy, Aviation, etc. The detailed list of the courses eligible for education loans in India are as follows:-

  1. Undergraduate Degrees and Diploma courses - B.A, B.Com, B.E, B.Ed, B.Sc, B.B.A, M.B.B.S, B.Tech, L.L.B, and others
  2. Postgraduate Degrees and Diplomas - M.A, M.Com, M.Sc., M.Res., LLM, M.F.A, M.Ed, M.Phil, M.B.A, M.D., and others
  3. PhD Courses and others related to Doctoral Programmes
  4. Specialized Training Courses
  5. Certified courses like in computers, Nursing, Teaching, job-oriented course, etc
  6. Any job oriented courses like Diploma in Engineering, Agriculture, Veterinary courses  and others
  7. Degree / Diploma in Army, Navy or Air-Force Training courses
  8. Degree / Diploma in Aeronautics or any other relevant Pilot Training courses
  9. Drone Training in renowned institutes
  10. Miscellaneous other courses run by the State Skill Mission or National Skill Development Corporation

These are a few eligible courses for education loan . For the above-mentioned courses, banks grant education loans for the students who wish to study in India keeping their earning potential and career prospects in mind. There are many other courses which are not mentioned in the list above, for which you may connect with our team at VidyaLoans who will assist you throughout the entire loan process in India. Students whose courses fall under the above mentioned list may connect with our team to seek professional guidance and assistance throughout their loan process in India. 

Education loan eligibility based on institutions

There are a few Institution eligibility criteria for getting an education loan, they are:

  1. Applicants are only eligible if the university is recognized by University Grants Commission (UGC)/Government/All India Council for Technical Education (AICTE), AIB Merchant Services (AIBMS), Indian Council of Medical Research (ICMS) etc. 
  2. Applicants are only eligible if institutional courses are recognized by the Government of India like ICWA, CFA, CA etc
  3. Colleges offering degree or diploma courses like Aeronautical, shipping, pilot training, nursing or any other discipline which is further approved by the Director General of Civil Aviation/Shipping/Indian Nursing Council

Therefore, these are the education loan eligibility based on institutions accepted for an education loan to study in India. Apart from these courses if a student is facing trouble to know the eligibility of their course, connect with our processing officers at VidyaLoans as they will explain the eligibility criterion accepted by banks and will guide you through the entire loan process in India. 

How to apply for an education loan through VidyaLoans?

  1. Visit the official website of VidyaLoans. 
  2. Click on the Apply Now button and it will take you to speak to the loan officer section. 
  3. Fill in all the required details such as Student Name, Student email address, Student current mobile number, City of the student, loan amount required, and the name of the desired college or university name. 
  4. You are done! Hurray! 
  5. Your processing officer from Vidyaloans will connect with you soon. 

When students directly approach banks for an education loan, students face several issues where branch managers also fail to resolve those issues in required time. This leads to rejection of the application, slow processing of the loan, lagging on availing your loan application status. Therefore, we recommend you to apply through VidyaLoans as we bridge the gap between the student and the bank. Our team at VidyaLoans has never failed to resolve the issues faced by the students in the required time frame. Our team closely checks with multiple Government banks and keeps a close check on your loan application status. Vidyaloans will come to your rescue if you are facing any trouble with your education loan process. Connect with our team to know all the available services and experience a hassle-free experience with Vidyaloans. 

About the organization: VidyaLoans is an organization which helps Indian students in India to secure a non-collateral loan from Government banks up to 7.5 Lakhs. We have a dedicated team of professionals who assist students with queries and guide them throughout the loan process. Our Team at Vidyaloans is committed to sanction the best loan option suiting the applicant's profile and needs, in a stipulated time frame.