Eligibility Criteria for Credimax Education Loan

Education loan eligibility depends on academic profile, admission status and financial standing of the co-applicant (parent/guardian). Below are common eligibility requirements across Indian lenders.

Eligible Applicants

• Indian students pursuing studies in India or abroad
• Co-applicant (parent/guardian) with stable income
• Working professionals pursuing higher studies (where applicable)

Academic Requirements

• Confirmed admission to a recognized institution
• Good academic record increases approval chances
• Valid entrance exam score (if applicable)

Course Eligibility

• Degree and diploma programs in India
• Graduate & postgraduate studies abroad
• Professional courses like MBA, MBBS, MS, etc.
• Technical, vocational and skill-based courses (as per lender)

Financial Eligibility

• Co-applicant with stable income (salaried or self-employed)
• Repayment capacity evaluated through FOIR and banking history

Credit Score

• Co-applicant’s CIBIL score ideally 700+

Note: Higher loan amounts may require collateral security.

Documents Required for Credimax Education Loan

Education loans require academic, identity and financial documents from both student and co-applicant. Below is the standard list.

KYC Documents – Student & Co-applicant

• Aadhaar Card
• PAN Card
• Passport (mandatory for overseas education)
• Driving Licence / Voter ID (if applicable)

Academic Documents

• Mark sheets (Class 10, 12 and graduation if applicable)
• Entrance exam scores (if applicable)
• Admission letter from college/university
• Fee structure or estimated cost of study

Income Documents – Co-applicant (Salaried)

• Last 3–6 months’ salary slips
• Last 6 months’ bank statements
• Form 16 or ITR (if required)

Income Documents – Co-applicant (Self-Employed)

• ITR for last 2–3 years
• Balance Sheet & Profit & Loss statement
• GST returns (if applicable)
• Business registration proof

Collateral Documents (if required)

• Property documents (Sale Deed, Title Deed, EC, etc.)
• Valuation and legal documents (as needed by lender)

Other Documents

• Passport-size photographs
• Fee receipts or proof of initial payment (if any)

Education Loan Interest Rates & Charges

Interest rates for education loans depend on the course, country of study, academic record, co-applicant’s income and credit score. Below is a general guideline.

Interest Rate Range

• Competitive interest rates for domestic and international studies
• Preferential pricing for top universities and merit students
• Lower rates for secured (collateral-backed) education loans

Processing Fees

• Usually up to 1% of loan amount
• Some lenders waive fees during special offers
• 18% GST applicable

Moratorium Features

• Repayment starts after course completion + grace period
• Simple or partial interest may be payable during study period (based on lender)

Other Charges

• Documentation charges
• Legal/valuation charges (for secured loans)
• Cheque/NACH bounce charges
• Penal interest on late EMIs

Note: Credimax facilitates education loans through reputed lending partners. Final loan terms depend on institution, course and financial profile.