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Raghuvamshi Kanukruthi
Jan 10, 2024

Looking to know the eligibility for education and student loans? Read to know all about education loan interest rates, eligibility, process, documents required.

Education Loan Eligibility in India

Are you standing at the crossroads of your educational aspirations and financial constraints? Does obtaining a student loan seem a good option but also a perplexing maze? Are you wondering where to start or what education loan eligibility is? How will the education loan process unfold for your specific course? If you could relate to any of these queries, you have landed on the right page that is certain to impart clarity to you on an education loan, its process, and its requirements.

Let’s illuminate the roadmap to financing your education while keeping a keen eye on the intricacies of eligibility, the application process, and more. 

How to Get Education Loan After 12th?

Basically, an education loan is the financial support provided by banks and NBFCs to students to meet their expenses related to education. These loans can be offered to students after completing 12th, and graduation who are willing to do a professional course.

The loan covers the expenses of the tuition fee in the institution, books, miscellaneous, cost of living, travelling and others. This kind of loan can be taken as funding, reward or scholarship. The students or the borrowers have to repay the loan amount along with the interest after the end of their course.

Unsecured Education Loan After 12th Class

Students can apply for an education loan to study in India or abroad after completing 12th class. You can get a maximum of 2 crores unsecured loan with an interest rate of 10.5 to 12.5%.

Click here for Higher Chances of Approval than Banks - Propelld Education Loan

Education Loan Eligibility for Students

The foremost question that needs to be answered before jumping onto anything else would be whether you qualify for a student loan. You will have to meet several prerequisites before financing your further education with an outside source. Some of the primary points for education loan eligibility in india are as follows.

Chosen Course

Though lenders nowadays strive to broaden the spectrum of their assistance to all prospective students, there can still be some restrictions around the type of course for which the loan is being sought. Your eligibility here could depend upon the academic pursuit itself. You will have to check with different lenders to see if they offer financing facilities or have any other particular criteria for your chosen course. 

This is categorized as undergraduate, graduate, postgraduate, doctoral, or other specialized programs. Henceforth, your education loan eligibility will begin with what you want to pursue.

Applicant’s Nationality

Different nations have varying rules and regulations to govern the loaning system for those studying or willing to study in their homeland. Sometimes, they liberalize the policies to attract overseas students; at other times, they only focus on providing student loans to citizens or permanent residents of their country. The eligibility criterion is thus dynamic and may be influenced by your citizenship and residency.

It is advised to always go through the requirements set by lenders, especially if you are planning to study abroad. In many cases, international students must put more effort into exploring suitable loan options curated for non-citizens.

Age and Co-Signer

The education loan eligibility also strictly considers the student or applicant's age. The financing provisions for minor or underage students usually differ from those of adult students, mandating the presence and assistance of a qualified co-signer. It is done to secure the loan repayment while ensuring that the minor student does not have to face financial or legal obligations in case of default.

Before proceeding, it will become utterly essential to look into the minimum or even the maximum age for which the applicant will hold their eligibility for the education loan. Co-signers will play a crucial role in these circumstances.

Academic Institute

There are good chances that the university you aim for has unique and favorable collaborations with lending institutes to facilitate easy, quick, and affordable education financing. Make the most of such partnerships and skim through the education loan criteria about your shortlisted colleges or universities. It usually demands that the applicant enroll in a recognized educational institution.

Ask your lender if they have a list of colleges or schools approved for compatible financing facilities. It can put forth lucrative loan terms and make you eligible for lesser rates, reimbursement, or more savings.

Academic Performance

While not a very strict or widely adopted eligibility criterion, several lenders may also consider the applicant's academic performance while accepting or rejecting a loan request. They may want the student to have secured a specific score, a satisfactory GPA, or a distinctive certification in other spheres. If required, meeting the academic standards laid by the lender can enhance the borrower’s credibility overall.

Academic achievements may henceforth contribute to your education loan eligibility if demanded by the financing institute. Do not forget to keep the relatable and relevant documents in original for the lender’s verification.

Financial Factors

Apart from the above-mentioned generic aspects, your request for an education loan will also be weighed on a few personal financial parameters. Lenders would want their loans to be paid back immediately without hassle. Thus, they follow the usual practice of checking the applicant’s financial background and other crucial factors that may influence their capability to repay without a miss.

Different lending institutes may have varying student loan eligibility under this head. A wise move here would be to compare diverse lenders' financial terms and pecuniary eligibility to choose the most suitable.

A few of such financial-based eligibilities are pointed out as follows:

  • Credit History- It is often essential to assess the applicant's creditworthiness, reflected by their credit score. Understandably, students may have limited or even no credit history, but it might still be a deciding factor for several lenders.  In such circumstances, a co-signer plays a crucial role as the lender may approve the loan request while keeping their credit history in view instead.
  • Income Prospects- The student loan eligibility also considers the applicant’s financial ability to repay the loan. For this, lending institutes evaluate your current financial position and ascertain your future income and job prospects. If not applicable, information about your present or projected income would call for the co-signer’s earning capacity to ensure your loan affordability.
  • Debt-to-Income Ratio- The debt-to-income ratio could be another significant consideration for lenders before passing your loan application. This is a crucial metric that helps the financing institutes assess the applicant’s ability to manage additional debt, if any. You can seek the help of professionals to understand the calculation and the thresholds of this ratio, making it to your education loan criteria.

Education Loan Eligibility Calculator

Propelld’s education loan EMI calculator is an online tool designed to help students calculate education loan EMI easily. It not only helps in determining the monthly payment amount after taking an abroad education loan but also provides an amortization schedule. This schedule breaks down the EMI into the monthly interest paid and the principal repaid. Moreover, it details the amount of the loan you have repaid to date and how much remains outstanding. The amortization schedule also offers insights into the total cost of an education loan, assisting in calculating the total interest amount to be paid over the loan's tenure.

Offering an unparalleled level of customization, Propelld’s education loan EMI Calculator, acting as an advanced education loan calculator, allows you to account for variables such as your grace period, flexible disbursals, and processing fees. It offers various EMI options based on full interest, partial interest, and full EMI. This education loan calculator also enables you to view and download the complete loan repayment schedule. Such detailed planning aids significantly in organizing your finances systematically and efficiently.

Education Loan Payment Calculation

You just need to input the education loan amount (Principal), the interest rate, and the loan tenure (number of months) in the student loan calculator, and it immediately calculates the education loan EMI using the mathematical equation:

EMI=𝑃×𝑅×(1+𝑅)𝑛(1+𝑅)𝑛−1EMI=(1+R)n−1P×R×(1+R)n

where P = Principal, R = Rate of Interest, and n = Tenure/duration in number of months.

The same online study loan calculator can be used as an education loan interest calculator to find out the interest payouts. By trying out different variable combinations, you can also arrive at a figure that you are comfortable repaying thus also acting as a student loan repayment calculator.

The education loan interest offered by all the banks and financial institutions are comparatively similar. However, since it is a long-term loan, even a slight difference in the interest will help you to save a substantial amount of money.

Education Loan Documents Required

List of Documents Required for Education Loan

The list of documents that must be submitted in case you are availing yourself of a loan from Bank are mentioned below:

1. Educational Certificates and Admission Documents:

  • It is essential to provide proof of your academic qualifications, such as passing certificates or mark sheets of exams like HSC, SSC, Graduation, or Post Graduation, depending on the level of education you're pursuing.
  • The admission letter issued by the educational institution confirms your acceptance into the program and provides details about the course and its duration.
  • The schedule of tuition and other fees outlines the cost of education, including tuition fees, hostel fees, and any other expenses.

2. Personal Identification/KYC Documents:

  • Proof of identity establishes your identity and may include documents like an Aadhaar card, PAN card, Voter card, Passport, or Driving licence.
  • Proof of address confirms your residential address and can be provided through documents like Voter ID, utility bills, rent/lease agreements, Aadhaar card, or Passport.

3. Proof of Income:

  • For salaried individuals, employment proof, such as an Employee ID Card or Salary Certificate, along with recent salary slips and income tax returns, demonstrate your income stability.
  • Self-employed individuals need to provide proof of turnover, balance sheets, business ownership proof, and income tax returns to verify their financial status.

4. Banking Documents:

  • Recent bank statements, usually for the past 6 months, or salary credit statements validate your banking history and financial transactions.
  • NRI applicants may need to provide additional statements for NRE/NRO accounts to demonstrate their financial standing.

5. Documents Required from Students:

  • In addition to personal identification and academic records, students must provide entrance exam results and proof of admission to the educational institution.
  • A statement detailing the cost of study and expenses, along with the college/course prospectus, helps the bank assess the financial requirements accurately.

6. Documents Required from Co-applicants/Guarantors:

  • Co-applicants or guarantors, if required, must also provide personal identification and residence proof.
  • They need to furnish income proof, such as salary slips, income tax returns, or business financial statements, to support the loan application.
  • Property or other security documents may be necessary if the collateral is involved in the loan agreement.

7. Vidya Lakshmi Portal Details and Cheque:

  • Details related to the Vidya Lakshmi Portal, if applicable, should be provided as per the bank's requirements.
  • A cheque may be required for processing the loan application or for any initial payments or fees.

Education Loan Application Process

Having gained details about the eligibility criteria for securing a student loan, the next question needing a comprehensive answer would be the relevant steps to obtain a loan. The traditional process of applying for an education loan with banks in India is carried out offline; the step-wise information is below.

Delve into your financial needs.

Assess a rough figure of your loan amount by thinking about the course fee and tuition fees, cost of books, living expenses, and sundry educational expenditures. So, your education loan procedure will begin with a deep understanding of your financial requirements. 

Put along relevant documents.

Next, documentation is one of the most crucial steps of the education loan process. Any lack or error here can lead to rejection of the application; thus, pay close attention to what is demanded by the lender and what you submit. Non-availability and rectifications often lead to delayed approvals. 

Fill out the application form.

After discussing the rate of interest, loan amount, repayment method, and EMI approach, filling out the loan request form will finally set your education loan procedure in motion. Submit necessary personal details like name, age, address, course, and other loaning columns. 

Cross-check the crucial details.

Go through your application carefully before the final submission. Look for mistakenly fed information for academic choices, identity details, financial standing, contact information, interest rates, co-signer details, and everything else in the loan agreement. Do not miss out on reading the terms and conditions. 

Education loan by Government

The Government of India offer support to Indian students who want to pursue higher education abroad.  Students can get either a government education loan or help with the interest on loans they take from banks. Here are 5 popular government loan schemes for students who are planning to study out of India.

  1. Vidya Lakshmi Portal Education Loan
  2. Gujarat Government Education Loan for Studying Abroad
  3. Education Loan Scheme of the NBCFDC
  4. Padho Pardesh Scheme
  5. Dr Ambedkar Central Sector Scheme

Apart from these popular student loans, you can explore the official websites of your state government. There you can get information about financial aid for students to study abroad.

 Propelld: Offering Digital Solutions for Education Loans 

Students usually face problems like not having a credit history, cumbersome procedural formalities, and delayed approvals in the offline loaning system. However, you can brush aside such botherations with the education loan process at Propelld, which is 100% digital and quicker than the conventional methods.

  • Begin the process instantly by visiting our Apply for loan page. Register yourself within a few seconds and proceed on the online portal by providing essential personal and financial information. This facility will help you track your loan application 24 by 7.
  • Next, review your eligibility comprehensively by submitting the relevant documents. Keep your academic and identity documents handy, which usually include address proof, ID, proof of enrollment with the intended study institute, and other finance-related documents listed in the application form at Propelld.
  • The submitted information undergoes a thorough credit check and verification process quicker than expected. Upon verification of the application and thorough reading of the terms and conditions of the loan agreement, you can go ahead with the digital signatures, which are made available securely and efficiently. 

With everything done and dusted, all you will have to do is to wait for a concise duration to receive the update that “Your loan request is approved with Propelld.” And, soon, you will be able to turn your educational aspirations into career achievements, well-equipped with financial resources. 

Education Loan Eligibility And The Application Process

Raghuvamshi Kanukruthi
January 10, 2024
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Shivam Bhardwaj
March 15th 2022

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Education Loan Eligibility in India

Are you standing at the crossroads of your educational aspirations and financial constraints? Does obtaining a student loan seem a good option but also a perplexing maze? Are you wondering where to start or what education loan eligibility is? How will the education loan process unfold for your specific course? If you could relate to any of these queries, you have landed on the right page that is certain to impart clarity to you on an education loan, its process, and its requirements.

Let’s illuminate the roadmap to financing your education while keeping a keen eye on the intricacies of eligibility, the application process, and more. 

How to Get Education Loan After 12th?

Basically, an education loan is the financial support provided by banks and NBFCs to students to meet their expenses related to education. These loans can be offered to students after completing 12th, and graduation who are willing to do a professional course.

The loan covers the expenses of the tuition fee in the institution, books, miscellaneous, cost of living, travelling and others. This kind of loan can be taken as funding, reward or scholarship. The students or the borrowers have to repay the loan amount along with the interest after the end of their course.

Unsecured Education Loan After 12th Class

Students can apply for an education loan to study in India or abroad after completing 12th class. You can get a maximum of 2 crores unsecured loan with an interest rate of 10.5 to 12.5%.

Click here for Higher Chances of Approval than Banks - Propelld Education Loan

Education Loan Eligibility for Students

The foremost question that needs to be answered before jumping onto anything else would be whether you qualify for a student loan. You will have to meet several prerequisites before financing your further education with an outside source. Some of the primary points for education loan eligibility in india are as follows.

Chosen Course

Though lenders nowadays strive to broaden the spectrum of their assistance to all prospective students, there can still be some restrictions around the type of course for which the loan is being sought. Your eligibility here could depend upon the academic pursuit itself. You will have to check with different lenders to see if they offer financing facilities or have any other particular criteria for your chosen course. 

This is categorized as undergraduate, graduate, postgraduate, doctoral, or other specialized programs. Henceforth, your education loan eligibility will begin with what you want to pursue.

Applicant’s Nationality

Different nations have varying rules and regulations to govern the loaning system for those studying or willing to study in their homeland. Sometimes, they liberalize the policies to attract overseas students; at other times, they only focus on providing student loans to citizens or permanent residents of their country. The eligibility criterion is thus dynamic and may be influenced by your citizenship and residency.

It is advised to always go through the requirements set by lenders, especially if you are planning to study abroad. In many cases, international students must put more effort into exploring suitable loan options curated for non-citizens.

Age and Co-Signer

The education loan eligibility also strictly considers the student or applicant's age. The financing provisions for minor or underage students usually differ from those of adult students, mandating the presence and assistance of a qualified co-signer. It is done to secure the loan repayment while ensuring that the minor student does not have to face financial or legal obligations in case of default.

Before proceeding, it will become utterly essential to look into the minimum or even the maximum age for which the applicant will hold their eligibility for the education loan. Co-signers will play a crucial role in these circumstances.

Academic Institute

There are good chances that the university you aim for has unique and favorable collaborations with lending institutes to facilitate easy, quick, and affordable education financing. Make the most of such partnerships and skim through the education loan criteria about your shortlisted colleges or universities. It usually demands that the applicant enroll in a recognized educational institution.

Ask your lender if they have a list of colleges or schools approved for compatible financing facilities. It can put forth lucrative loan terms and make you eligible for lesser rates, reimbursement, or more savings.

Academic Performance

While not a very strict or widely adopted eligibility criterion, several lenders may also consider the applicant's academic performance while accepting or rejecting a loan request. They may want the student to have secured a specific score, a satisfactory GPA, or a distinctive certification in other spheres. If required, meeting the academic standards laid by the lender can enhance the borrower’s credibility overall.

Academic achievements may henceforth contribute to your education loan eligibility if demanded by the financing institute. Do not forget to keep the relatable and relevant documents in original for the lender’s verification.

Financial Factors

Apart from the above-mentioned generic aspects, your request for an education loan will also be weighed on a few personal financial parameters. Lenders would want their loans to be paid back immediately without hassle. Thus, they follow the usual practice of checking the applicant’s financial background and other crucial factors that may influence their capability to repay without a miss.

Different lending institutes may have varying student loan eligibility under this head. A wise move here would be to compare diverse lenders' financial terms and pecuniary eligibility to choose the most suitable.

A few of such financial-based eligibilities are pointed out as follows:

  • Credit History- It is often essential to assess the applicant's creditworthiness, reflected by their credit score. Understandably, students may have limited or even no credit history, but it might still be a deciding factor for several lenders.  In such circumstances, a co-signer plays a crucial role as the lender may approve the loan request while keeping their credit history in view instead.
  • Income Prospects- The student loan eligibility also considers the applicant’s financial ability to repay the loan. For this, lending institutes evaluate your current financial position and ascertain your future income and job prospects. If not applicable, information about your present or projected income would call for the co-signer’s earning capacity to ensure your loan affordability.
  • Debt-to-Income Ratio- The debt-to-income ratio could be another significant consideration for lenders before passing your loan application. This is a crucial metric that helps the financing institutes assess the applicant’s ability to manage additional debt, if any. You can seek the help of professionals to understand the calculation and the thresholds of this ratio, making it to your education loan criteria.

Education Loan Eligibility Calculator

Propelld’s education loan EMI calculator is an online tool designed to help students calculate education loan EMI easily. It not only helps in determining the monthly payment amount after taking an abroad education loan but also provides an amortization schedule. This schedule breaks down the EMI into the monthly interest paid and the principal repaid. Moreover, it details the amount of the loan you have repaid to date and how much remains outstanding. The amortization schedule also offers insights into the total cost of an education loan, assisting in calculating the total interest amount to be paid over the loan's tenure.

Offering an unparalleled level of customization, Propelld’s education loan EMI Calculator, acting as an advanced education loan calculator, allows you to account for variables such as your grace period, flexible disbursals, and processing fees. It offers various EMI options based on full interest, partial interest, and full EMI. This education loan calculator also enables you to view and download the complete loan repayment schedule. Such detailed planning aids significantly in organizing your finances systematically and efficiently.

Education Loan Payment Calculation

You just need to input the education loan amount (Principal), the interest rate, and the loan tenure (number of months) in the student loan calculator, and it immediately calculates the education loan EMI using the mathematical equation:

EMI=𝑃×𝑅×(1+𝑅)𝑛(1+𝑅)𝑛−1EMI=(1+R)n−1P×R×(1+R)n

where P = Principal, R = Rate of Interest, and n = Tenure/duration in number of months.

The same online study loan calculator can be used as an education loan interest calculator to find out the interest payouts. By trying out different variable combinations, you can also arrive at a figure that you are comfortable repaying thus also acting as a student loan repayment calculator.

The education loan interest offered by all the banks and financial institutions are comparatively similar. However, since it is a long-term loan, even a slight difference in the interest will help you to save a substantial amount of money.

Education Loan Documents Required

List of Documents Required for Education Loan

The list of documents that must be submitted in case you are availing yourself of a loan from Bank are mentioned below:

1. Educational Certificates and Admission Documents:

  • It is essential to provide proof of your academic qualifications, such as passing certificates or mark sheets of exams like HSC, SSC, Graduation, or Post Graduation, depending on the level of education you're pursuing.
  • The admission letter issued by the educational institution confirms your acceptance into the program and provides details about the course and its duration.
  • The schedule of tuition and other fees outlines the cost of education, including tuition fees, hostel fees, and any other expenses.

2. Personal Identification/KYC Documents:

  • Proof of identity establishes your identity and may include documents like an Aadhaar card, PAN card, Voter card, Passport, or Driving licence.
  • Proof of address confirms your residential address and can be provided through documents like Voter ID, utility bills, rent/lease agreements, Aadhaar card, or Passport.

3. Proof of Income:

  • For salaried individuals, employment proof, such as an Employee ID Card or Salary Certificate, along with recent salary slips and income tax returns, demonstrate your income stability.
  • Self-employed individuals need to provide proof of turnover, balance sheets, business ownership proof, and income tax returns to verify their financial status.

4. Banking Documents:

  • Recent bank statements, usually for the past 6 months, or salary credit statements validate your banking history and financial transactions.
  • NRI applicants may need to provide additional statements for NRE/NRO accounts to demonstrate their financial standing.

5. Documents Required from Students:

  • In addition to personal identification and academic records, students must provide entrance exam results and proof of admission to the educational institution.
  • A statement detailing the cost of study and expenses, along with the college/course prospectus, helps the bank assess the financial requirements accurately.

6. Documents Required from Co-applicants/Guarantors:

  • Co-applicants or guarantors, if required, must also provide personal identification and residence proof.
  • They need to furnish income proof, such as salary slips, income tax returns, or business financial statements, to support the loan application.
  • Property or other security documents may be necessary if the collateral is involved in the loan agreement.

7. Vidya Lakshmi Portal Details and Cheque:

  • Details related to the Vidya Lakshmi Portal, if applicable, should be provided as per the bank's requirements.
  • A cheque may be required for processing the loan application or for any initial payments or fees.

Education Loan Application Process

Having gained details about the eligibility criteria for securing a student loan, the next question needing a comprehensive answer would be the relevant steps to obtain a loan. The traditional process of applying for an education loan with banks in India is carried out offline; the step-wise information is below.

Delve into your financial needs.

Assess a rough figure of your loan amount by thinking about the course fee and tuition fees, cost of books, living expenses, and sundry educational expenditures. So, your education loan procedure will begin with a deep understanding of your financial requirements. 

Put along relevant documents.

Next, documentation is one of the most crucial steps of the education loan process. Any lack or error here can lead to rejection of the application; thus, pay close attention to what is demanded by the lender and what you submit. Non-availability and rectifications often lead to delayed approvals. 

Fill out the application form.

After discussing the rate of interest, loan amount, repayment method, and EMI approach, filling out the loan request form will finally set your education loan procedure in motion. Submit necessary personal details like name, age, address, course, and other loaning columns. 

Cross-check the crucial details.

Go through your application carefully before the final submission. Look for mistakenly fed information for academic choices, identity details, financial standing, contact information, interest rates, co-signer details, and everything else in the loan agreement. Do not miss out on reading the terms and conditions. 

Education loan by Government

The Government of India offer support to Indian students who want to pursue higher education abroad.  Students can get either a government education loan or help with the interest on loans they take from banks. Here are 5 popular government loan schemes for students who are planning to study out of India.

  1. Vidya Lakshmi Portal Education Loan
  2. Gujarat Government Education Loan for Studying Abroad
  3. Education Loan Scheme of the NBCFDC
  4. Padho Pardesh Scheme
  5. Dr Ambedkar Central Sector Scheme

Apart from these popular student loans, you can explore the official websites of your state government. There you can get information about financial aid for students to study abroad.

 Propelld: Offering Digital Solutions for Education Loans 

Students usually face problems like not having a credit history, cumbersome procedural formalities, and delayed approvals in the offline loaning system. However, you can brush aside such botherations with the education loan process at Propelld, which is 100% digital and quicker than the conventional methods.

  • Begin the process instantly by visiting our Apply for loan page. Register yourself within a few seconds and proceed on the online portal by providing essential personal and financial information. This facility will help you track your loan application 24 by 7.
  • Next, review your eligibility comprehensively by submitting the relevant documents. Keep your academic and identity documents handy, which usually include address proof, ID, proof of enrollment with the intended study institute, and other finance-related documents listed in the application form at Propelld.
  • The submitted information undergoes a thorough credit check and verification process quicker than expected. Upon verification of the application and thorough reading of the terms and conditions of the loan agreement, you can go ahead with the digital signatures, which are made available securely and efficiently. 

With everything done and dusted, all you will have to do is to wait for a concise duration to receive the update that “Your loan request is approved with Propelld.” And, soon, you will be able to turn your educational aspirations into career achievements, well-equipped with financial resources. 

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FAQs About Education Loan Eligibility

Can I get a 20 lakhs education loan without collateral?

Private banks and NBFCs like Propelld may offer up to 20 Lakhs in education loans without requiring collateral, depending on the course and applicant's eligibility.

Can I get an education loan with 50% marks?

Yes, some banks do provide education loans for students who have secured at least 50% marks in their higher secondary and graduation exams.

What is the minimum salary for parents for education loan?

Individuals earning at least INR 30,000 per month are considered eligible to be named as education loan co-applicants. Lenders do consider individuals who earn lesser monthly salaries as co-applicants. However, INR 30,000 is the recommended minimum monthly salary.

Who can reject education loan?

If the bank is not satisfied with the applicant's academic performance, they will reject the loan application. Age Limit is an important criterion for both the applicant and the co-applicant. For unsecured education loans applicant's maximum age limit can be up to 28 years.

Who is eligible for education loan?

A graduate, postgraduate, or post-graduate credential must be the aspirant's goal. A strong academic record enables quicker loan approval. Full-time students must have a co-applicant, who may be either a parent, a guardian, a spouse, or a parent-in-law (in case of married candidates).

Is taking education loan risky?

Missed payments, student loan defaults, and taking on more debt than you can manage after graduation can all have a significant negative impact on your credit score or the credit score of your co-borrower. The worst case situation is defaulting since it means you could not pay back the lender for the loan you took out.

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