Most lenders set minimum and maximum age limits for applicants, typically requiring them to be at least 18 years old.
Loans are often linked to specific educational programs and institutions. Lenders may have a predefined list of eligible courses and universities.
Proof of admission to an accredited educational institution is generally required for loan approval.
Some lenders consider academic records, such as high school or previous education grades, as part of their eligibility criteria.
Applicants with limited credit history or income may need a co-borrower or guarantor—often a parent or guardian—who shares responsibility for repayment.
Both the applicant and co-borrower’s credit history and credit score play a crucial role in loan approval. A strong credit profile can lead to better loan terms.
Lenders may assess the applicant’s or co-borrower’s income to determine repayment capability.
The requested loan amount in relation to the cost of the program influences eligibility, as lenders often set limits on funding.
For larger loans, some lenders may require collateral, such as property, investments, or other valuable assets, to secure the loan.
Applicants must provide necessary documents, including proof of identity, admission confirmation, and income details, as part of the loan process.
You will likely need to provide various documents as part of your loan application, such as proof of identity, proof of admission, income documents, and more for both Student as well as the Guarantor or co-borrower.
