Can you explain the difference between co-applicant and collateral loans for funding my studies abroad?

The main difference is that co-applicant loans require a financially strong co-applicant but no asset pledge, while collateral loans require you to pledge an asset as security.

- Co-applicant loans: No collateral needed. Approval depends on your co-applicant’s income and credit history. Interest rates are typically higher (11 - 14%), and loan amounts are usually limited (around ₹40 - 50 lakh, subject to change). Processing is generally faster.
- Collateral loans: Require you to pledge an asset (like property or fixed deposit). This allows for lower interest rates (8.5 - 10.5%) and higher loan amounts (up to ₹1.5 crore or more, subject to change). Processing takes longer due to asset verification.

Choose based on your financial profile, asset availability, and how quickly you need the funds. For personalized guidance, connect with your LeapScholar counsellor.