What is Co-Applicant & No Collateral Loan?
This is an education loan where the student has a co-applicant (like a parent, spouse, or guardian) but does not need to provide any collateral. The co-applicant’s income and credit history are considered.
Request a Quote
Features
- No asset pledge requireed.
- NCo-applicant's financial profile is essential for approval.
- Flexible repayment options.
- -.
Eligibility
- Admission to a recognized university abroad.
- Co-applicant with a stable income source
- Salaried
- Self Employed
- Fixed income such as rental income, pension, interest from FDs etc
- Credit History Consideration:
- Lenders may consider the student’s and co applicant's CIBIL score (Credit Information Bureau India Limited) or other credit reports to assess repayment ability.
- Even students or co applicants without a Credit/CIBIL score are eligible, as lenders may assess loan eligibility based on other factors like student's university ranking, course, and co applicant's income profle.
Suitable For:
- Students whose family members are willing to financially support them.
- Students who do not wish to offer any assets as collateral but has financially strong co-applicant/s.
- -
Benefits
- Quick approval process.
- Competitive interest rates.
- -
- No need for collateral.
- Flexible repayment terms with a moratorium period during the study.
Frequently Asked Questions (FAQs)
What is the maximum loan amount available?
The maximum loan amount varies based on the lender and your profile. It can cover both tuition fees and living expenses.
What is the interest rate?
Interest rates start from 10.25% and depend on the lender and your eligibility(based on student and co applicant profile).
Can I repay the loan before the scheduled time?
Yes, you can prepay the loan without any foreclosure charges.