Can I get an education loan for my studies abroad and who can be a co-applicant for the loan?

Yes, education loans can be used to finance your studies abroad. Most Indian banks and financial institutions offer loans specifically for international education.

- Secured loans require collateral and usually offer higher amounts with lower interest rates.
- Unsecured loans do not need collateral but may have higher interest rates and lower limits, based on your academic profile.

Banks and NBFCs (non-banking financial companies) commonly accepted for study abroad loans include major public and private sector banks. Typical loans cover tuition, living expenses, travel, and related costs. Loan terms, amounts, and interest rates are subject to change.

For guidance on choosing the right loan and lender, connect with your LeapScholar counsellor.

Yes, you can apply for an education loan to study abroad, and a co-signer (co-applicant) is usually required.

- Secured loans: Require collateral (like property), offer higher amounts and lower interest rates.
- Unsecured loans: No collateral needed, but come with higher interest rates and lower maximum amounts.

Most Indian lenders require a co-applicant - typically a parent or close relative - with a stable income and good credit score. The co-applicant’s financial profile is crucial for approval.

Loans generally cover tuition, living expenses, travel, and related costs. Repayment usually starts after your course plus a 6-12 month grace period. Terms and eligibility are subject to change.

For personalized guidance on your loan and co-signer options, connect with your LeapScholar counsellor.

Yes, you can take an education loan to fund your studies abroad. Indian banks and financial institutions typically require a co-applicant for international education loans.

Common co-applicants include:
- Parents
- Legal guardians
- Spouse
- Siblings
- Parents-in-law

Key requirements for co-applicants:
- Must be an Indian citizen
- Usually aged 21 - 65 years
- Should have a stable income and good credit history
- Must provide proof of identity, address, income documents, and have a bank account in India

A co-applicant with a strong financial profile can improve your loan approval chances and terms. Criteria may vary by lender.