Can NRI students avail of education loans from Indian banks?

Yes, NRI students can avail of education loans from Indian banks if they meet the following criteria:

- The student must be an Indian passport holder

- The student must meet all eligibility criteria of the bank

- Documents such as security or any collateral which is enforceable in India can be handed over to the bank.

Banks’ basic eligibility criteria for providing education loans:

- Having a valid passport is a must

- The student shall have secured the admission in India or abroad through an entrance test or through merit-based selection process

- The applicant and co-applicant(s), who are usually parents or guardians, need to be over 18 years of age

- The student needs to have secured certain marks during SSC, HSC, and graduation

- Some banks even require the applicant to have cleared a certain national level entrance examination

- The co-applicant, i.e. parent(s) or guardian, needs to have a regular source of income

- A confirmed admission from a recognised college/education institution (as per bank’s list) is a must