Eligibility for getting a loan for engineering

Students who want to build a career in engineering take admission in various institutes to pursue courses like B.Tech, B.S., M.Tech and M.S. These are all professional courses and have substantial fee making education loan a viable option for paying the expenses for the course. Banks and NBFCs provide financial support to students by financing their education through education loans. Academic background, co-borrower financing capability, collateral etc play a very important role in deciding whether the applicant will get a loan or not, how much will be the interest rate, etc. The banks also have certain eligibility criteria on the basis of which it provides loans. The general eligibility criteria for applying for a loan in an Indian university are given below:

• The applicant should be Indian.
• He/ She should have a valid score card (JEE, COMEDK, SAT I, SAT II etc).
• Loan can be availed on the basis of the score card or after the admission has been confirmed.

Differences between undergraduate and post-graduate student loan

The key difference in education loans for undergraduate and postgraduate is the documents required at the time of application.

DOCUMENTS REQUIRED FOR EDUCATION LOAN FOR UNDERGRADUATE COURSES

• Updated Resume
• Passport Size photo (Virtual Copy)
• Copy of Passport
• Copy of PAN Card & Aadhaar Card
• Address proof of permanent residence
• Academic Credentials (10th, 12th, Graduation)
• Copy of admit-letter from the college
• Fee structure from the college
• If the applicant has received any scholarship/ fellowship or financial aid, the letter for the same

DOCUMENTS REQUIRED FOR EDUCATION LOAN FOR POSTGRADUATE COURSES

• Updated Resume
• Copy of Passport
• Copy of PAN Card & Aadhaar Card
• Address proof of permanent residence
• Academic Credentials (10th, 12th, Graduation)
• Copy of admit-letter from the college
• Fee structure from the college
• If the applicant has received any scholarship/ fellowship or financial aid, the letter for the same
• Last Form 16 (If working)
• Last Company Payslip
• If working, Company ID card or Offer Letter
• Exit/Resignation Letter from the previous company if you are not working anywhere
• Passport Size photo (Virtual Copy)

Education Loan for engineering students across India

Education loans for B.Tech, B.E., M.Tech and M.E. are easily available in India as engineering is a highly preferred course in India. India has some of the best engineering colleges in the world. Some of the major cities that have the most reputed colleges along with the details are listed below:

Education Loan for Engineering Students in Tamil Nadu:

Education loans are easy to get for admission in colleges in Tamil Nadu as it harbours some of the best engineering colleges in India, such as, IIT Madras and NIT Thiruchirapali. The loan amount is decided on the basis of the repayment capacity, course and college selected by the applicant. Even the students who managed to get a seat in an engineering college through management quota can get, education loan may be considered on a merit basis.

Education Loan for Engineering Students in Mumbai:

If a student secures admission in a reputed course in a college in Mumbai can easily avail an education loan for engineering. Education loan for engineering colleges in Mumbai covers all the education related costs. Some of the famous engineering institutes in Mumbai are IIT Bombay, ICT Mumbai etc.

Education Loan for Engineering Students in Bangalore:

Any student who has secured admission in any reputed college in Bangalore like IISc, Bangalore or RVCE, Bangalore then he can easily get an education loan for B.Tech, B.E., M.Tech or M.E. There are some popular NBFCs that offer education loans for engineering students are Incred, Avanse and Credila. A number of popular banks will be ready to give out education loans to students getting admission in prestigious government as well as private engineering institutes in Karnataka like NIT Karnataka.

Why get an education loan through Credenc?

• Apply at one place and get superfast approvals: Single application form for multiple banks.
• Choose from multiple banks: Credenc provides a Single window platform i.e., the borrower can compare and choose from different banks and NFBCs to apply from.
• Hassle-free process: Get a loan without going to the bank; the entire process is made online to make sure the process of getting a loan is fast and trouble free.
• Low interest rate: Credenc negotiates with banks to ensure the lowest possible interest rates and quick approvals.
• Minimum marginal cost: Up to 100% loan amount covered.
• No service charges: It’s FREE!