What is US Co-Applicant/Co-Signer Loan?
This is an education loan that requires a co-signer who is a US citizen or permanent resident.
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Features
- The co-signer can be anybody within\outside the family like relative/friends/collegue etc.
- The co-signer’s credit score is a critical factor for approval.
- Can get lower interest rates as the interest rates are based on US Central Bank rates.
- Available only for students who are planning to study in the US.
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Eligibility
- A US-based co-signer with a good credit score.
- Admission to a US university.
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Suitable For:
- Students with relatives or trusted contacts in the US willing to be co-signers.
- Students aiming for low-interest loans for US studies.
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Benefits
- Lower interest rates.
- Higher loan limits due to security.
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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 3.45% 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.