Can education loan take without co applicant?

It is not possible to get a loan without a co-applicant. As far as the collateral goes, for loans above ₹7.5 lakh, the parent has to be a joint borrower. We need a tangible collateral security, along with assignment of future income of the student for payment of instalments.”

Can I get education loan without security?

Lenders you can approach for an education loan without collateral. Public banks – Public banks like SBI, BOB, etc according to their policies can only provide up to 7.5 lakhs student loan without collateral irrespective of the course and country.

What amount no security required for education loan?

All banks and NBFCs require parents to be join-borrowers on an education loan. For loans up to Rs. 4 Lakh, no collateral is required.

Does parents cibil affect education loan?

In such cases, when they apply for an education loan, the lender checks the credit history of the guarantors who usually are, their parents. Thus, if the parents have a poor CIBIL score, there are high chances that the loan can be denied.

Who is co-applicant in education loan?

A co-applicant is the only person to whom the banks may turn to if the loan applicant (student) fails to repay the education loan within the scheduled time period. Different lenders refer to co-applicants using different terminologies. A co-applicant or a co-borrower or a co-signer, all refer to the same person.

Who can be a co-applicant for education loan?

Who Can Be An Education Loan Co-applicant? Most lenders prefer either one of the parents to be named as co-applicant for an education loan. Students may name either one of the earning members as education loan co-applicant. There can only be one education loan co-applicant.

Is HDFC Credila part of HDFC?

HDFC Credila Financial Services Limited (Formerly known as HDFC Credila Financial Services Private Limited) is a part of the HDFC Group Companies, and itself gives education loans.