Education Loan Eligibility Criteria
Who can get an education loan, what lenders check, and how the criteria differ between banks and NBFCs, with each lender's requirements side by side.
Check your eligibility in 2 minutesWritten by Deepak Agrawal, Founder & CEO, FundMyCampus · MBA, IIM BangaloreReviewed by Ashmita Agarwal, Director, FundMyCampusUpdated on
Quick answer
- Citizenship & age: Indian citizen, typically 18–35 years (SBI from 16).
- Admission: confirmed admission to a recognised course in India or abroad.
- Academics: about 60% at most banks. Many NBFCs have no strict minimum.
- Co-applicant: parent, guardian, spouse or sibling with stable income and CIBIL of about 650–750+.
Eligibility criteria by lender
| Lender | Age | Minimum marks | Co-applicant CIBIL |
|---|---|---|---|
| SBI | 16–35 years | 60% | 700+ |
| Canara Bank | 18–35 years | 60% | 700+ |
| PNB | 18–35 years | 60% | 700+ |
| Bank of Baroda | 18–35 years | 60% | 700+ |
| Prodigy Finance | No fixed range | Profile-based | - |
| Union Bank | 18–35 years | 60% | 700+ |
| Credila | 18–35 years | No strict minimum | 650+ |
| ICICI | 18–35 years | 60% | 700+ |
| Axis Bank | 18–35 years | 60% | 700+ |
| IDFC First Bank | 18–35 years | 60% | 720+ |
| Yes Bank | 18–35 years | 60% | 720+ |
| Poonawalla | 18–35 years | 60% | 700+ |
| Tata Capital | 18–35 years | 60% | 700+ |
| Avanse | 18–35 years | No strict minimum | 650+ |
| Auxilo | 18–35 years | No strict minimum | 680+ |
From each lender's published criteria. Marks requirements are often relaxed for premier institutions.
What lenders check about you
- Admission: an admission or offer letter from a recognised institution, plus the fee structure.
- Course and university: better-ranked institutions get higher amounts, lower rates and collateral-free options.
- Academic record: 10th, 12th and graduation marks, and entrance or test scores (JEE, NEET, CAT, GRE, GMAT, IELTS/TOEFL).
- Employability: for large unsecured loans, lenders look at expected salary after the course.
What lenders check about your co-applicant
- Relationship: usually a parent, guardian, spouse or sibling: see options without a co-applicant.
- Income: salaried (usually 2+ years in the current job) or self-employed with 2–3 years of ITRs.
- Repayment capacity: total EMIs typically within about 50% of monthly income.
- Credit score: CIBIL 700+ at most banks. NBFCs from about 650.
Co-applicant checklist: salaried vs self-employed
What lenders typically ask for, depending on how your co-applicant earns. NBFCs are usually more flexible than banks for self-employed and informal income.
| Requirement | Salaried co-applicant | Self-employed / business co-applicant |
|---|---|---|
| Work history | Usually 2+ years in the current job | Business running for 2–3+ years |
| Income proof | Last 3 months' salary slips + Form 16 (last 2 years) | ITRs with computation: 3 years at most banks, 2 years at many NBFCs |
| Financial statements | Not needed | Audited financials. GST returns if registered |
| Bank statements | Last 6 months (salary account) | Last 6 months (business + savings accounts) |
| Repayment capacity | Total EMIs within about 50% of monthly income | Total EMIs within about 50% of average monthly income |
| Informal / cash income | - | Some NBFCs (e.g. Avanse) assess bank statements instead of ITRs |
See every paper in our education loan documents checklist, and each lender's requirement in the table above.
How much you're eligible for
The amount depends on your course cost, university, co-applicant income and whether you offer collateral. Public sector banks lend up to ₹7.5 Lakhs without collateral for any recognised course, and much more for premier institutions or with security. See collateral-free limits by lender and compare maximum amounts, then estimate repayments with the EMI calculator.
Common reasons applications are rejected
- Co-applicant CIBIL score below the lender's threshold, or existing loans leaving too little room for a new EMI.
- Institution not recognised, or not on the lender's list for the amount requested.
- Marks below the bank's minimum (try an NBFC with profile-based assessment).
- Incomplete or inconsistent documents: use our documents checklist.
Already rejected? See what to do after an education loan rejection, or your options if your co-applicant's CIBIL score is low.
Pilot training loans
Pilot training has a few extra checks on top of the usual criteria.
- 10+2 with Physics and Maths
- A DGCA Class 2 medical, and ideally Class 1, before the loan is disbursed
- An offer letter from a flying school, or an LOI from a sponsoring airline
- Without property, with an LOI from a sponsoring airline: a co-borrower earning at least ₹6 lakh a year for most amounts
- Without property and without an LOI: co-borrower monthly income about ₹30,000 more than the EMI
Check your pilot loan route
See which route fits your property, co-borrower income and programme cost.
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Education Loan Eligibility FAQs
Straight answers to the questions students ask us most
Most lenders need: Indian citizenship, age roughly 18–35 (SBI from 16), confirmed admission to a recognised course in India or abroad, and a co-applicant, usually a parent, with stable income and a good CIBIL score. Banks typically want 60% in your last qualifying exam. Many NBFCs have no strict marks cut-off.
Most banks, SBI, Bank of Baroda, Canara, PNB, Union Bank, ICICI, Axis and Yes Bank, ask for about 60% in the last qualifying exam, often relaxed for premier institutions. NBFCs such as Credila, Avanse and Auxilo have no strict percentage minimum and assess your overall profile and future earning potential.
Around 700 or more at most banks (720+ at IDFC First and Yes Bank). NBFCs are more flexible, Credila and Avanse consider scores from about 650, and Auxilo from 680. The student usually has no credit history, so the co-applicant's score carries the weight.
There's no maximum income limit for a regular education loan. Lenders check that the co-applicant's income can support the EMI, often keeping total EMIs within about 50% of monthly income. Income limits apply only to government subsidies, such as the interest subsidy schemes for families earning up to ₹4.5 Lakhs or ₹8 Lakhs a year.
Loans cover recognised full-time courses, graduation, post-graduation, professional and many diploma courses, at approved institutions in India and abroad. Some lenders also fund part-time, executive and skill-based programmes. Unrecognised institutions and some short courses may not qualify.
Use our free 2-minute eligibility checker. It asks about your course, university, co-applicant and loan amount, and shows which lenders you're likely to qualify with, no impact on your credit score.
More education loan guides
- Education Loan Without Collateral
- Education Loan Without Co-Applicant
- Compare Study Abroad Education Loans
- Education Loan Interest Rates
- Documents Required for Education Loan
- Education Loan EMI Calculator
- Education Loan for Study Abroad
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