{"id":7183,"date":"2023-09-21T14:11:18","date_gmt":"2023-09-21T08:41:18","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=7183"},"modified":"2023-09-22T13:52:06","modified_gmt":"2023-09-22T08:22:06","slug":"how-do-banks-decide-on-education-loan-amounts","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/education-loan\/how-do-banks-decide-on-education-loan-amounts\/","title":{"rendered":"5 Tips on How do Banks Decide on Education Loan Amounts"},"content":{"rendered":"\n<p><strong>How do banks decide on education loan amounts:<\/strong> On Feb 16, 2023, the Ministry of Finance released data in regard to <a href=\"https:\/\/fly.finance\/blog\/education-loan\/study-abroad-loan-tips-from-fly-finance\/\"><strong>education loans<\/strong><\/a>. Over 4.60 lakh Indian students have benefited from education loans to study abroad in the last decade. With the soaring cost of quality education in India and abroad, the need and demand for education loans is increasing.\u00a0The data released clearly signifies that the country witnessed a steady rise in education loan availability in the last few years.\u00a0<\/p>\n\n\n\n<p>An educational loan also referred to as a <a href=\"https:\/\/fly.finance\/blog\/education-loan\/private-student-loans-for-study-abroad\/\"><strong>student loan<\/strong><\/a> is a loan that students apply to meet the financial requirements for their higher studies. There are several banks and government-registered financial institutions that grant loans to students to live their dreams. In this blog, we are going to explore various factors on which banks decide to grant loans to students.<\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2 id=\"table-of-contents\">Table of contents<\/h2><ul><li><a href=\"#h-the-purpose-of-the-loan\" data-level=\"2\">The Purpose of the Loan<\/a><\/li><li><a href=\"#h-collateral-and-security\" data-level=\"2\">Collateral and Security<\/a><\/li><li><a href=\"#h-cibil-score-or-credit-history\" data-level=\"2\">CIBIL Score or Credit History<\/a><\/li><li><a href=\"#h-income-source-and-stability\" data-level=\"2\">Income Source and Stability<\/a><\/li><li><a href=\"#h-eligibility-criteria-for-an-educational-loan\" data-level=\"2\">Eligibility Criteria for an Educational Loan<\/a><\/li><li><a href=\"#h-faqs\" data-level=\"2\">FAQs<\/a><\/li><\/ul><\/div>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/g0vzHzmpFvBkapkUIIy8n_9e7my8WmuwqEO67TLx7CGtsQ5Y9t3I86ftxXouuOVPyYtkEC8WFes1F5DU-4HHrq-7g_rKk66er5hWcDC5I1MbDVE8VskkzVL_KOaIpfd0DTknPwad6h7tVQC8pzsZXxY\" alt=\"\"\/><\/figure>\n<\/div>\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: <\/strong><a href=\"https:\/\/leverageedu.com\/blog\/types-of-education-loan\/\"><strong>Types of Education Loans for Indian Students<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-purpose-of-the-loan\"><span id=\"the-purpose-of-the-loan\">The Purpose of the Loan<\/span><\/h2>\n\n\n\n<p>The first and foremost factor considered by the banks to decide whether to grant a loan or not is the purpose of the loan. This is the factor on which the bank or financial institution decides the amount of the loan. The loan granted by the banks may cover tuition fees, cost of living, books, and other educational expenses.&nbsp;<\/p>\n\n\n\n<p>Also, the bank or the financial institution from which the loan is availed can ask for the receipts and required relevant documents. The amount of the loan can be decided with the help of the course and the university planned for higher studies. Generally, the banks provide education loans for the full duration of the course.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-collateral-and-security\"><span id=\"collateral-and-security\">Collateral and Security<\/span><\/h2>\n\n\n\n<p>The benefit of an education loan is that it can be availed without collateral as well. It depends on certain terms and conditions which may vary depending on the bank or financial institution chosen. Sometimes the amount of the loan also depends on the amount of the collateral. If an individual is availing loan on a collateral basis then he can use his property or fixed deposit or government securities as a collateral deposit. The amount of the loan may vary depending on the collateral or guarantor.<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: <\/strong><a href=\"https:\/\/leverageedu.com\/blog\/5-things-to-keep-in-mind-to-apply-for-an-education-loan\/\"><strong>5 Things to Keep in Mind to Apply for an Education Loan<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-cibil-score-or-credit-history\"><span id=\"cibil-score-or-credit-history\">CIBIL Score or Credit History<\/span><\/h2>\n\n\n\n<p>The CIBIL Score or Credit history is one of the most important things to consider before granting any kind of loan. The amount of the loan also depends on the credit history. To avail higher amount of loan, an individual must have a good credit history and CIBIL score.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/9DIwOe0TweMz1uZKa8irJ-TBJqtlCQFUiXB3MRiM8lgfnkufCZkrArTd1zPpfPnimH3RWQSHt86Y4f2H3j_vt3CzvVDEbiUJToT_cW0SsJVRhjoWSGTb_kjxkfOInqWQNf6X89vbAzJQVrI6uW79BNQ\" alt=\"\"\/><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"h-income-source-and-stability\"><span id=\"income-source-and-stability\">Income Source and Stability<\/span><\/h2>\n\n\n\n<p>Banks usually cross-verify the background and the source of income. An individual applying for a loan should have a stable income. Sometimes, a co-applicant with a stable source of income and a good CIBIL score is an added advantage. The amount of income may vary if the co-applicant is added in the process of availing the loan.<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: <\/strong><a href=\"https:\/\/leverageedu.com\/blog\/pay-off-student-loans\/\"><strong>How to Pay Off Student Loans?<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-eligibility-criteria-for-an-educational-loan\"><span id=\"eligibility-criteria-for-an-educational-loan\">Eligibility Criteria for an Educational Loan<\/span><\/h2>\n\n\n\n<p>There are several criteria on which the loan is disbursed and approved to an individual.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>An applicant should be a citizen of India.<\/li>\n\n\n\n<li>Admission confirmation from a recognised university.<\/li>\n\n\n\n<li>The minimum age should be 18 and the maximum age should be 35.<\/li>\n\n\n\n<li>The applicant should have applied either for UG or PG or PhD or Skill development program.<\/li>\n\n\n\n<li>Co-applicant should be either the parent, in-laws or spouse of the applicant.<\/li>\n\n\n\n<li>Academic excellence can impact the amount of the loan.<\/li>\n\n\n\n<li>The applicant or co-applicant should have a stable source of income.<\/li>\n\n\n\n<li>Complete documentation is required for the application approval.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: <\/strong><a href=\"https:\/\/leverageedu.com\/blog\/loans-to-study-abroad\/\"><strong>Loans to Study Abroad<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs\"><span id=\"faqs\">FAQs<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1695284754732\"><strong class=\"schema-faq-question\">What courses are covered under an education loan?<\/strong> <p class=\"schema-faq-answer\">The education loan covers the following courses:<br\/>&#8211; Undergraduate degrees and diplomas<br\/>&#8211; Postgraduate degrees and diplomas<br\/>&#8211; Vocational training and skill development courses<br\/>&#8211; Doctoral program<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1695285344894\"><strong class=\"schema-faq-question\">What percentage of expenses is covered by an educational loan?<\/strong> <p class=\"schema-faq-answer\">Generally, an Education loan covers 100% of expenses under certain limits. The amount may vary due to several factors including collateral amount, CIBIL score, or the purpose of the loan.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1695285353654\"><strong class=\"schema-faq-question\">In which currency loan is granted, in the case of overseas education?<\/strong> <p class=\"schema-faq-answer\">Loan is granted in the local currency i.e., Indian National Rupee.<\/p> <\/div> <\/div>\n\n\n\n<p>This was all about how do banks decide on education loan amounts. Making a decision to avail of an education loan for quality education is a crucial step. Always try to plan the finances before applying for a loan. Banks have the choice to consider various factors while granting the loan. If not satisfied with the eligibility conditions, the bank may reject the application for the loan. So, plan and execute wisely and brighten your child\u2019s future.<\/p>\n\n\n\n<p>To know more about the loan application process, and the best <a href=\"https:\/\/fly.finance\/blog\/student-account\/\"><strong>bank accounts for students<\/strong> <\/a>or <a href=\"https:\/\/fly.finance\/blog\/money-transfer\/\"><strong>international money transfers<\/strong><\/a>, subscribe to <a href=\"https:\/\/fly.finance\/\"><strong>Fly.Finance<\/strong><\/a> or reach out to our experts to help ease your <a href=\"https:\/\/leverageedu.com\/\"><strong>study abroad<\/strong><\/a> experience.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>How do banks decide on education loan amounts: On Feb 16, 2023, the Ministry of Finance released data in regard to education loans. Over 4.60 lakh Indian students have benefited from education loans to study abroad in the last decade. With the soaring cost of quality education in India and abroad, the need and demand &#8230; <a title=\"5 Tips on How do Banks Decide on Education Loan Amounts\" class=\"read-more\" href=\"https:\/\/fly.finance\/blog\/education-loan\/how-do-banks-decide-on-education-loan-amounts\/\" aria-label=\"Read more about 5 Tips on How do Banks Decide on Education Loan Amounts\">Read more<\/a><\/p>\n","protected":false},"author":25,"featured_media":7185,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-7183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>5 Tips on How do Banks Decide on Education Loan Amounts<\/title>\n<meta name=\"description\" content=\"This blog includes the details about How do Banks Decide on Education Loan Amounts. 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She carries over a decade of experience in Journalism and Mass Communication and worked with some renowned media organisations like Doordarshan and Zee Media. She performed numerous roles during her work tenure including reporting, anchoring, and heading output as well. Her passion for writing, combined with dedication in delivering high-quality content, drives her to excel in the dynamic field of content writing. From thought-provoking articles to SEO-friendly blog posts, or engaging website content, She is here to bring the ideas to life through words.","sameAs":["https:\/\/www.quora.com\/profile\/Farina-Khan-73","https:\/\/www.tumblr.com\/blog\/farinakhan"],"honorificPrefix":"Ms","gender":"female","knowsLanguage":["English","Hindi","Urdu","Arabic"],"jobTitle":"Senior Associate - Content Marketing","url":"https:\/\/fly.finance\/blog\/author\/farina\/"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/how-do-banks-decide-on-education-loan-amounts\/#faq-question-1695284754732","position":1,"url":"https:\/\/fly.finance\/blog\/education-loan\/how-do-banks-decide-on-education-loan-amounts\/#faq-question-1695284754732","name":"What courses are covered under an education loan?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The education loan covers the following courses:<br\/>- Undergraduate degrees and diplomas<br\/>- Postgraduate degrees and diplomas<br\/>- Vocational training and skill development courses<br\/>- Doctoral program","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/how-do-banks-decide-on-education-loan-amounts\/#faq-question-1695285344894","position":2,"url":"https:\/\/fly.finance\/blog\/education-loan\/how-do-banks-decide-on-education-loan-amounts\/#faq-question-1695285344894","name":"What percentage of expenses is covered by an educational loan?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Generally, an Education loan covers 100% of expenses under certain limits. The amount may vary due to several factors including collateral amount, CIBIL score, or the purpose of the loan.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/how-do-banks-decide-on-education-loan-amounts\/#faq-question-1695285353654","position":3,"url":"https:\/\/fly.finance\/blog\/education-loan\/how-do-banks-decide-on-education-loan-amounts\/#faq-question-1695285353654","name":"In which currency loan is granted, in the case of overseas education?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Loan is granted in the local currency i.e., Indian National Rupee.","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/7183","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/comments?post=7183"}],"version-history":[{"count":5,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/7183\/revisions"}],"predecessor-version":[{"id":7221,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/7183\/revisions\/7221"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media\/7185"}],"wp:attachment":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media?parent=7183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/categories?post=7183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/tags?post=7183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}