An education loan without collateral is one of the most sought after sources of higher education funding in India. One of the biggest highlights of any unsecured education loan scheme is the fact that borrowers are not required to pledge collateral security in order to get an education loan without collateral. However, the absence of collateral security is one of the major factors behind why most NBFCs and private banks are stringent about the co applicant eligibility criteria for an education loan without collateral in India.
If you go through the policies of unsecured education loan services in India, you will find that most of them put a lot of stress on the co applicant eligibility criteria. It is common knowledge that unsecured education loans do not involve any collateral security. Hence, setting the certain co applicant eligibility criteria is the only way in which lenders providing unsecured education loan services can ensure the reliability of borrowers.
Co Applicant Eligibility Criteria of Private Banks
Private banks are considered to be one of the most reliable sources of an unsecured education loan for students who wish to fund their higher education abroad with the help of one. ICICI Bank and Axis Bank are two of the most prominent private banks which provide an education loan without collateral for abroad studies.
Co Applicant Eligibility Criteria of NBFCs
NBFCs or Non Banking Finance Companies are one of the second most prominent sources of a loan without collateral for education abroad. Some of the top NBFCs which offer a hassle free unsecured education loan experience to borrowers are Avanse, Auxilo and Incred. One of the mandatory requirements placed by all NBFCs for their borrowers is to adhere to the co applicant eligibility criteria set by them for this very same purpose.
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