What is No Co-Applicant & No Collateral Loan?
This is an education loan where students are not required to provide a co-applicant (like a parent or guardian) or any collateral (like property or fixed deposits). It's perfect for students who wish to be financially independent.
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Features
- No need for a guarantor or co-signer.
- No asset pledge required.
- Loan approval based on your profile, university, course, and future earning potential.
- Disbursed directly in the currency of the study country (No Forex charges).
Eligibility
- Admission to a recognized university abroad.
- Solid academic background.
- Selected Universities/courses (mostly Master’s or higher studies).
- Credit History Consideration:
- Lenders may consider the student’s CIBIL score (Credit Information Bureau India Limited) or other credit reports to assess repayment ability.
- Even students without a Credit/CIBIL score are eligible, as lenders may assess loan eligibility based on other factors like university ranking, course, and future earning potential.
Suitable For:
- Students who do not want to involve their family financially.
- Students who do not wish to offer any assets as collateral.
- Students who want quick, hassle-free loan processing without forex charges.
Benefits
- Quick approval process.
- Complete financial independence for students.
- No foreign exchange (forex) charges as the loan is directly disbursed in the study country's currency.
- No need for co-applicant or 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 8.4% and depend on the lender and your eligibility.
Can I repay the loan before the scheduled time?
Yes, you can prepay the loan without any foreclosure charges.