Can one apply for an education loan at SBI without a co-applicant (up to 4 lakhs)?
For Educational loans up to 4 lakes no co-obligation is necessary.It is applicable to all banks.
Can a co-applicant of an education loan apply for a personal loan separately?
As long as the finances and the credit score of the applicant permit, he/she is eligible for a personal loan in addition to the availed education loan. When he/she applies for the personal loan from any bank or Non-Banking Financial Company (NBFC), the lender matches the profile of the applicant with their eligibility criteria. Among the primary factors that are assessed, lenders always check the CIBIL (or credit) score, current financial liabilities and income of the applicant.The fact that the applicant has jointly applied for an education loan and has EMIs (or credit card bills) to pay every month is assessed against the monthly income from all sources. If after making all deductions from the income, the applicant has enough money left to not only manage his/her monthly expenses but to also pay EMIs for an additional personal loan, the lender will easily grant the loan (provided other eligibility conditions like age and stable job are met).An easier way to assess if a person can qualify for a personal loan, is to use a free online tool called the eligibility calculator or checker. By providing a few details like age, income, current loan EMI/credit card bills, and employment information, the applicant can see the personal loan amount he/she is eligible to borrow.
Can I get education loan of around 15 lakhs without co-applicant in India?
Parents’coobligation is mandatory in any education loan irrespective of amount in India. This is due to the fact that after education the borrower may work or get married at a different station making recovery efforts by the bank difficult. If pàrents become guarantors in case of default of loan by the borrower, he can be traced out through the parents.
If a co-applicant of an education loan is abroad, can she send an authorization letter?
Yes, you can you can avail education loan if co-borrower is abroad. Only thing being he must possess a NRI account in India and if you are presenting collateral like property or precious item then the collateral should be in India...To know more.Visit : Financial Advice : Life, Health, Auto Insuranceor give us a missed call to learn more.or follow us on Quora, Facebook and twitter
Debt consolidation loan with a co applicant.?
I have a high income but bad credit. I am applying for a debt consolidation loan with a co-applicant who has good credit but relatively low income and not much in terms of assets. What are my chances of getting accepted and what can I do to improve these chances?