Secure Your Master's
Abroad With EduFund Loans
EduFund: Setting A New Standard For Edu-Loans
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Frequently Asked Questions
What is the minimum percentage or CGPA that is applicable to apply for a masters loan abroad?
There are no minimum percentage requirements to get an education loan. You just need to pass 10th grade up to UG and clear any backlogs to qualify. Nationalized banks require a 60% cutoff for your 10+2 and UG.
Which programs are most-supported by lenders for an education loan?
STEM and Management programs are the most-supported by lenders.
Are non-STEM programs considered by lenders?
Lenders will consider your academic background and co-applicant financial income for non-STEM courses. Availability of collateral can serve as a bonus.
How does a program or university ranking affect an education loan?
Every lender has a list of approved programs and university rankings. Your eligibility depends on how your program/university ranks on this list.
How does the program duration affect an education loan?
Your program duration may be linked to your post-study work visa. Most lenders won’t fund certificate programs that last less than a year.
Who can I consider to be my co-applicant on the loan?
Blood relatives including parents, siblings and maternal/paternal relatives for which a proof of relationship can be established are accepted as co-applicants for an education loan.
I do not have a co-applicant. Am I eligible for an INR education loan?
Few lenders may be able to fund you, provided you have an admit from their list of approved programs/universities.
My co-applicant is a farmer, am I eligible for an education loan?
Yes, if your co-applicant can furnish an income certificate issued by competent authorities, for example Form J, Patadhar book.
Which documents do I need to submit for my co-applicant?
KYCs – Aadhar & PAN, Income proofs and collateral proof (if applicable)
What types of income proof are acceptable for my co-applicant?
Income proofs from competent authorities are accepted. Employer Salary Slips, Form-16 or ITRs for the latest 2 years, Business P&L account and Balance Sheet, Bank Statements for the last 6 months.
Can my co-applicant be a NRI?
Yes, you may however be requested to add on a non-financial co-applicant who resides in India.
Is there a minimum income eligibility criteria for the co-applicant?
Most lenders prefer a monthly income of at least INR 30,000. It’s possible to deviate if you’re accepted to a top-ranked school/program and your projected salary is high.
My co-applicant already has an ongoing loan. Are they eligible for another loan?
Yes, they are eligible so long as their net disposable income (NDI) and credit score requirements are met.
Do secured loans have lower interest rates?
Yes, they have lower interest rates due to perceived lower risks for the lender.
Under what circumstances will I be required to offer collateral for a loan approval?
- If you are considering a low-interest loan
- If your cosigner is a high risk profile (advocate, politician, etc.)
- If you are married and your spouse is the cosigner
- If you don’t meet the academic or financial income criteria of private lenders.
