12th Pass Education Loan Process, Document, Eligibility Criteria Full Details: A large section of middle class families are unable to pursue higher education due to financial constraints. In such a situation, you can take the help of educational loan (Educational Loan for 12th Pass Students) to bear the expenses of higher education . Higher education is not going to be hindered due to lack of money. Some students can take admission in a university, some in medical or engineering colleges.

In the last few years, education loans in the country have increased rapidly. According to the Reserve Bank, there has been a 12% increase in educational loans in the last twelve months. According to other information, in the last ten years, there has been an increase of about 215% in the number of students taking education loans for studying abroad.

Eligibility for Education Loan : How can you avail an Education Loan?

Educational loan reduces this problem of students to a great extent. However, there are many conditions for taking an education loan. Loan is available only after following these conditions. The following conditions should be met for taking an education loan-

• The student applying for education loan must be an Indian citizen.
• If the student applying for the loan is below 18 years of age, his/her parents will have to apply for the loan on his/her behalf.
• The applicant must have a strong educational record.
• The applicant student must have secured admission to a reputed foreign college, university or institute
• The course chosen by the applicant must be professional as banks prefer programs that prepare students for employment.

Documents for Education Loan: These documents are required

Let us tell you that the required documents of all the banks may be different, however there are some documents which are common almost everywhere. Let us know which are the documents that are necessary for education loan-

• It is necessary for the student to have any one identity card. PAN, passport, driver license or voter ID card and Aadhar card are necessary for this.
• Proof of residence address is necessary. For this, there should be latest copy of telephone bill, electricity bill, water bill, piped gas bill or copy of passport, driving license, Aadhar card.
• As educational records, there should be 10th result and 12th result.
• 2 passport size photographs
• If there is any previous loan from other banks/lenders, then loan account statement of last 1 year is required.

How to Apply for Education Loan: How to apply?

Education loans are offered by government and private banks. All banks have different rules for education loans. All have their own interest rates. In such a situation, you will get its details on the bank's website or at the nearest office.