Education loans are quite easily accessible online these days with higher education being a very costly affair in India.
While there are both secured and unsecured education loans available, the latter are the more popular ones. Although, the education loan eligibility criteria for property loans are not too demanding either.
Education in India, though diverse, can sometimes be limited and often pupils desire to go abroad which in itself requires a lot of finance even with the aid of scholarships. In such cases, the most convenient of loans are ones by mortgaging property. Almost anyone can apply for education loans as long as they have necessary documents.
Primarily, the documents required depend on the income source of an applicant, who must be a resident of India. The following mortgage loans eligibility and documents are necessary in the case of salaries individuals.
- Latest of salary slips.
- Bank account statements of previous 3 months.
- PAN/Aadhaar Card.
- Documents of the mortgaging property.
- Address proof.
- Income Tax returns.
- Age must be in between 33 and 58 years.
In case of self-employed individuals availing education loan, though basically same, the criteria has a few alterations.
- Bank account statements of previous 6 months.
- PAN/Aadhaar Card.
- Documents of the mortgaging property.
- Address proof.
- Age must be in between 25 and 70 years.
These above education loan details more or less encompass the general eligibility criteria necessary in order to avail a loan on property in order to further higher education.
Additional Read: How To Apply For Education Loan On Property Online In 2019?
