Do banks usually require a particular credit score from my co-applicant for an unsecured education loan for the USA?
For an unsecured education loan to study in the USA, government banks usually accept credit scores of 685 or more, though some ask for 700, while private banks and NBFCs typically accept 700 to 750. The score that counts is the co-applicant's, so check each lender's current criteria.
For an unsecured education loan, government banks usually accept credit scores of 685 or more, though some ask for 700 or higher, while private banks and NBFCs typically accept scores of 700 to 750. Lender rules vary, so check each lender's current criteria.
Typical Credit Score by Lender Type
| Lender type | Usual credit score accepted |
|---|---|
| Government banks | 685 or more |
| Private banks and NBFCs | 700 to 750 |
How Unsecured Loans Work
- An unsecured loan needs no collateral, so interest rates are generally higher than for secured loans.
- It needs a co-applicant, and the loan amount is approved based on the co-applicant's income and CIBIL score.
- A secured loan needs collateral such as property, fixed deposits or non-agricultural land.
My Advice
Check your co-applicant's credit score before you apply and fix any errors early. Ask two or three lenders for their written eligibility criteria and compare, as the figures above are typical, not guaranteed.
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