Education Personal Loan Eligibility

Factors affecting Education loan eligibility
The major factors that can influence your education loan eligibility include:

Academic Performance: Many lenders consider the applicant’s academic record to understand their commitment and ability to succeed in their chosen field of study.

Course and Institution: The reputation and accreditation of the educational institution and the chosen course can impact eligibility. This is because lenders often prefer recognised institutions.

Financial Background: The applicant’s financial status, including their income, assets, and existing debts, is important. Lenders assess whether the applicant can repay the loan.

Co-Signer’s Credit History: If the applicant doesn’t have a strong credit history or income, having a co-signer with a good credit score can enhance eligibility. The co-signer agrees to repay the loan if the applicant defaults.

Loan Amount and Terms: The loan amount requested and its repayment terms, including interest rates and duration, affect eligibility to a large extent. Lenders evaluate whether the applicant can afford the loan based on these factors.

Citizenship or Residency Status: Lenders may have specific eligibility criteria based on the applicant’s citizenship or residency status, which could affect their ability to secure a loan.

What is the procedure to check the eligibility for an education loan?
To check your eligibility for an education loan through Airtel Flexi Credit, follow these simple steps:

Step 1: Open the Airtel Thanks App: Launch the Airtel Thanks app on your smartphone.

Step 2: Go to the Shop Tab: Tap on the “Shop” tab located at the bottom of the app’s interface.

Step 3: Select Airtel Finance: Scroll through the options and select “Airtel Finance” from the list of services.

Step 4: Choose Airtel Flexi Credit: Within Airtel Finance, choose “Airtel Flexi Credit” as your preferred loan option.

Step 5: Complete the application form: Fill out the application form with accurate details. Ensure you provide all necessary information, including personal details, educational background, income, and any other relevant information.

Step 6: Submit Application: Once you have completed the form, submit your application through the app.

Step 6: Await Approval: Your loan application will be processed instantly, and you will receive notification of your eligibility status. If approved, you can proceed with the loan disbursement process.

How to calculate education loan eligibility?
To calculate your education loan, you can follow these steps:

Estimate Total Expenses: Determine the total expenses for your education, including tuition fees, accommodation, books, and other related costs.

Assess Available Resources: Evaluate any financial resources you have, such as savings, scholarships, grants, or contributions from family members.

Identify the Funding Gap: Subtract the available resources from the total expenses to find the funding gap, which is the amount you need to borrow through a loan.

Review Loan Terms: Consider the loan terms offered by Airtel Flexi Credit, including interest rates, repayment period, and any associated fees.

Evaluate Repayment Capacity: Assess your income, expenses, etc. to ensure you can comfortably repay the loan.

Apply Loan-to-Value Ratio: Calculate the loan-to-value ratio by dividing the funding gap by your annual income to determine a manageable loan amount.

Check Eligibility: Ensure you meet the eligibility criteria, which may include providing PAN card details, Aadhaar card details, KYC documents, bank statements, salary slips, and a selfie as proof.

What will improve your eligibility for an education loan?
Improving your eligibility for an education loan with Airtel Flexi Credit involves several important steps:

Maintain good academic performance
Choose a recognised institution and course
Show evidence of financial stability by having a steady source of income
Try to minimise existing debts
Ensure that you provide all necessary documents accurately and on time
Stay Informed about loan terms