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.
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