Is it necessary to have account in bank for education loan?

Bank account statement for last six months of the borrower, parents or guardian. Last 2 years’ Income Tax assessment of the borrower, parents or guardian. For loans with collateral, the details of security offered must be furnished.

Can a bank deny a student loan?

It is possible to be denied student loans, though the potential reasons depend on whether you’re applying for federal or private loans.

What happens if I don’t get approved for a student loan?

If you’re denied for student loans, try for federal loans, apply with a cosigner, or look for a bad credit loan. Being denied student loans can be frustrating—especially if you have no other way to pay for school.

Are you eligible for an educational loan?

But not everyone is eligible for an educational loan. Banks set certain criteria for applicants to meet before they loan money for any purpose. When banks receive an educational loan application, the main factors they would consider are:

How to get an education loan document?

As told earlier, education loan documentation doesn’t involve any hard-core paperwork. The process is simple and can be conducted online without paying physical visits to the banks. However, the process might vary depending on the criteria set by various banks or lending organisations.

What do banks look for in an educational loan application?

Banks set certain criteria for applicants to meet before they loan money for any purpose. When banks receive an educational loan application, the main factors they would consider are: The academic background and qualifications of the student. The track record of marks, credits and achievements will be considered.

How is the education loan eligibility determined by Axis Bank?

The education loan eligibility will be determined by Axis Bank as per the Bank’s policy prevailing at the time of loan application and disbursement. Axis Bank Education Loans helps you finance your tuition fees, hostel charges, study materials, etc.