What is the criteria for a co-applicant for an education loan?
A co-applicant is usually required for an education loan to strengthen your application. Most lenders expect the co-applicant to meet these criteria:
- Indian citizen
- Age 21-70 years (at loan origination/maturity; subject to change)
- Stable income from job, business, pension, or rentals
- Good credit score (typically 650+)
- Required documents: ID/address proof, income proof, and bank statements
Exact requirements can vary by lender and are subject to change. For guidance specific to your situation, connect with your LeapScholar counsellor.
More expert answers
Most lenders require your co-applicant for an education loan to meet these criteria:
- Relationship: Must usually be a close family member like a parent, guardian, sibling, or spouse.
- Age: Typically 21 - 70 years at the time of loan application (subject to change).
- Income: Must have a regular, verifiable income from employment, business, or other sources.
- Credit score: A minimum 650 is often expected (subject to change); higher scores improve approval chances.
- Documentation: Must provide proof of identity, address, income, and bank statements.
Requirements can vary by lender and may change. For guidance on your specific situation, connect with your LeapScholar counsellor.
Will you qualify for an education loan?
Collateral, co-applicant income and repayment. Check your eligibility in minutes.
More Cost & living questions
- If I get an education loan, can I proceed with the application after the loan amount is clear?
- Is it better to spend 12 lakhs in India or go abroad for higher studies in Germany for a Master's?
- Does the agency provide end-to-end services including visa, loan guidance, and accommodation?
- Do I need to show living expenses in my bank account for visa purposes, and can I withdraw it after reaching Ireland?
- How do I get an education loan for an MBA abroad as an Indian student?
- What is the minimum budget required for studying abroad in Canada or Ireland for two years?
- Are you helping with educational loans or bank loans for studying abroad in UK/Ireland for a Master's?
- Can I apply for an education loan up to 30 to 35 lakhs or 30 to 40 lakhs budget?