apply for Student Loan

How to Apply for A Student Loan In India?

Education is one of the greatest factors for the survival of a human being. Education shapes one’s personality and makes him capable enough to differentiate between right and wrong. 

A lot of families cannot afford the expenses of higher education. Therefore, they find a student’s loan preferable. Student loans are mostly taken by undergraduate and postgraduate students to complete their education. 

It helps the students in carrying out their education by supporting them financially. But there are certain criteria for applying for a student loan. A person who is in extreme need of money to excel in the educational field will be given this loan. 

They need to pay the money back after a certain period of time when they are established. Banks like SBI, IDBI Bank, and Bank of India support the provision of student loans. A portal named Vidya Lakshmi was launched then. 

Steps to apply for student’s loan. 

In order to apply for a student loan, one has to undergo certain procedures. Given below are the steps to apply for a student’s loan:-

  • Apply online: 

In today’s generation, everything is carried out online be it payment of electricity bills or phone recharge. Online is a very rapid and user-friendly mode. 

Therefore, it is desirable to apply for your student loan online. You just need to visit the respective page and fill up the application form with the required details. The information provided from your side should be a hundred percent correct. 

They need to be scanned and then uploaded. After you are done with uploading all the necessary information, you need to submit it. 

  • Respond to the confirmation: 

After submission, you will get a confirmation message or call from the representatives of the bank, most probably within a day or two. You are meant to respond to the call or message. This is the second step.

  • Receive Loan Approval Confirmation: 

You will then get notified by a call or mail. You need to confirm that you seriously are willing to take the loan. The approval might take 48 hours or more than that. You need to approve of your decision. 

  • Put forward your required documents: 

Once your student loan is approved, you need to put forward your documents to the respective person who is in charge. 

Documents include the following. 

  • Address proof
  • Aadhar card
  • Pan card
  • Last three months bank account statement and a Xerox copy of all the documents. 

Then, within four days or more, the loan will be transferred to your account. This is how the entire procedure is carried out. 

Eligibility criteria for student’s loan.

There are several criteria without which the bank will not be giving any loan to the particular candidate. The criteria are the following:-

  • Candidate needs to be Indian: 

It is important for the candidate applying for a student loan to be a citizen of India. If that is not the case, the process will get complicated and decayed. As a result, the whole process would slow down.

  • Candidate should maintain the age limit: 

The candidate’s age should be between 18-35 years. A person exceeding 35 will not get any such loan

  • Candidate should be academically strong: 

The candidate must possess a good result and needs to be strong in the educational field.

  • Candidate should come from a recognized institution: 

The candidate should come from a government authorized or self authorized school or college.

Terms and conditions of student’s loan. 

A candidate has to be aware of certain terms and conditions. He needs to abide by them. The terms and conditions of a student’s loan are the following:-

  • The documents provided need to be scanned and should contain real facts.
  • The candidate has to repay the whole amount of money within 7 to 8 years with interest. 
  • Nobody should violate the age criteria. If violated, strict actions will be taken.
  • Candidate’s academic certificates are a must in this case.
  • EMI is allowed to reduce the burden of a huge amount.


Without education, life will be tough. To ensure a smooth life, education is very important. Some families cannot afford to contribute a huge amount of money for educational purposes. That is the reason they apply and avail themselves an educational loan for higher studies. 

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