What are the criteria for getting an education loan, such as parents' annual income or collateral requirements?

To get an education loan for studying abroad, you typically need:

- Confirmed admission from a recognized institution.
- Indian citizenship and usually age between 18 - 35.
- Strong academic record (minimum marks vary by lender).
- Co-applicant (usually a parent/guardian) with a stable income and good credit history.
- Income proof from the co-applicant; higher, stable income increases eligibility and loan amount.
- Collateral required for loans above ₹7.5 lakh (property, fixed deposit, or insurance policy). No collateral needed for loans up to ₹4 lakh; between ₹4 - 7.5 lakh, a co-applicant or third-party guarantee is usually enough.
- Recognized course and institution.
- Documentation (admission letter, academic records, co-applicant’s financials, collateral papers if needed).
- Good credit history for both applicant and co-applicant.

Requirements and thresholds can vary by lender and are subject to change.