The cost of education is increasing gradually every year and is becoming tough for students to fund their education. Instead of compromising on their dreams of pursuing higher studies, students can avail an education loan to fund their education in India or abroad. Education loans cover all the basic requirements of the student such as living expenses, food expenses, flight tickets (to and fro), college fees, laptop expenses, book expenses, and miscellaneous. So, students opt for an education loan as it is the best option to fund their studies at renowned institutes in India or abroad. Most students do not know the eligibility criteria and the eligible courses for a student loan, but students must understand the fact that even if students meet the eligibility criteria, they have to opt for courses eligible for education loans. There are a few eligible courses for education loans that are only applicable if you take an education loan in India. This article will cover all the eligible courses for education loans.

Eligible Courses for Education Loan

A broad range of courses is applicable while taking an education loan as the motive of education loans is to assist meritorious students and provide funds to deserving students in India. One of the foremost eligibility conditions for most banks is the course a student opts for. Banks mostly rely on students who seek to pursue courses that may lead to anticipated employment and career growth in the future. These courses can either be STEM courses (Science, Technology, Engineering, Mathematics) or Non-STEM courses like Public Policy, Aviation, etc. The detailed list of the courses eligible for education loans in India is as follows:-

• Undergraduate Degrees and Diploma courses - B.A, B.Com, B.E, B.Ed., B.Sc., B.B.A, M.B.B.S, B.Tech., L.L.B, and others
• Postgraduate Degrees and Diplomas - M.A, M.Com, M.Sc., M.Res., LLM, M.F.A, M.Ed., M.Phil., M.B.A, M.D., and others
• Ph.D., Ph.D. Courses and others related to Doctoral Programmes
• Specialised Training Courses
• Certified courses in computers, Nursing, Teaching, job-oriented course, etc
• The loan applicants who are willing to pursue full-time courses need to have a co- applicant
• Any job-oriented courses like Diplomas in Engineering, Agriculture, Veterinary courses, and others
• Degree / Diploma in Army, Navy, or Air Force Training courses
• Degree / Diploma in Aeronautics or any other relevant Pilot Training courses
• Drone Training in renowned institutes
• Miscellaneous other courses run by the State Skill Mission or National Skill Development Corporation

These are a few eligible courses for education loans. For the above-mentioned courses, banks grant education loans to students who wish to study in India keeping their earning potential and career prospects in mind. Many other courses are not mentioned in the list above, for which you may connect with our team at Global Star who will assist you throughout the entire loan process in India. Students whose courses fall under the above-mentioned list may connect with our team to seek professional guidance and assistance throughout their loan process in India.

Education loan eligibility based on institutions

There are a few Institution eligibility criteria for getting an education loan, they are:

• Applicants are only eligible if the university is recognized by the University Grants Commission (UGC)/Government/All India Council for Technical Education (AICTE), AIB Merchant Services (AIBMS), Indian Council of Medical Research (ICMS), etc.
• Postgraduate Degrees and Diplomas - M.A, M.Com, M.Sc., M.Res., LLM, M.F.A, M.Ed., M.Phil., M.B.A, M.D., and others
• Applicants are only eligible if institutional courses are recognised by the Government of India like ICWA, CFA, CA, etc
• Colleges offering degree or diploma courses like Aeronautical, shipping, pilot training, nursing, or any other discipline which is further approved by the Director General of Civil Aviation/Shipping/Indian Nursing Council

Therefore, these are the education loan eligibility based on institutions accepted for an education loan to study in India. Apart from these courses if a student is facing trouble knowing the eligibility of their course, connect with our processing officers at Global star as they will explain the eligibility criterion accepted by banks and will guide you through the entire loan process in India.