How can I get an education loan if I already have a personal loan of twelve lakhs?
Yes, you can get an education loan in India even if you already have a personal loan of ₹12 lakhs, but lenders will closely review your total debt and repayment capacity.
- Debt-to-income ratio: Your total monthly loan repayments (including the new education loan) should not exceed 50-60% of your or your co-applicant’s net income.
- Income proof: Lenders require proof of steady income from you or your co-applicant, such as salary slips or IT returns.
- Co-applicant: A co-applicant with stable income and low existing debt can improve your chances.
- Collateral: For loans above ₹7.5 lakhs, collateral may be required.
- Credit history: A good credit record is essential; past defaults can reduce eligibility.
Will you qualify for an education loan?
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