Education Loans Without Collateral or Co-Applicant in 2024

A webinar on Education Loans Without Collateral or Co-Applicant in 2024 was conducted on 15 March 2024 at 6:00 pm.

Summary Of Important Takeaways:

  • Education loans for studying abroad can be secured without collateral or a co-applicant through certain lenders.
  • Three main types of education loans are available: secured (requires collateral), unsecured with co-applicant (no collateral but requires a co-signer), and unsecured without co-applicant (no collateral or co-signer needed).
  • Interest rates for unsecured loans are generally higher due to the lack of collateral or co-signer.
  • Loans can be obtained in the currency of the country where the student plans to study, particularly for loans without collateral or co-applicant.
  • International lenders like Mpower Financing offer loans without collateral or co-applicant for students studying in the US and Canada, with the possibility of loans up to $100,000.
  • Private banks like ICICI Bank offer similar products with fast loan sanctioning, minimal paperwork, and direct disbursement to the college.
  • Loan eligibility may depend on the applicant’s financial profile, the chosen institution, and other criteria.
  • GyanDhan offers free assistance in finding and applying for education loans, leveraging partnerships with various lenders to secure the best loan products for students.
  • Students are advised to check their loan eligibility early in the process to understand their financing options better.


  • Q: Can loans be obtained in non-INR currencies?
    • A: Yes, loans for studying abroad can be given in the currency of the destination country, such as US dollars for students going to the US.
  • Q: Are loans available for countries other than the US and Canada?
    • A: While Mpower Financing specifically provides loans for the US and Canada, GyanDhan can assist with loans for other countries as well, including the UK and Italy.
  • Q: Can I get a loan for just the remaining years of my study?
    • A: Yes, it is possible to obtain a loan for just a portion of the course duration.
  • Q: Are there options for loans without collateral or a co-applicant for other countries?
    • A: Yes, there are options for such loans for various countries, and private banks like ICICI Bank may offer relevant products.
  • Q: What are the benefits of education loans without collateral or a co-applicant?
    • A: Key benefits include no requirement for collateral or a co-signer, faster loan sanctioning, minimal paperwork, direct disbursement to the college, and support for visa processes.
  • Q: Can agriculture land be considered as collateral?
    • A: It depends on the lender and the state’s policy, but generally, agriculture land is not favored as collateral.
  • Q: Is it possible to get loans from more than one bank for a single course?
    • A: While it’s generally not allowed to take loans from multiple Indian lenders for the same course, combining an Indian lender with an international lender is possible.
  • Q: Can a pensioner be a co-applicant?
    • A: Yes, if the pensioner has a steady pension income, they can be considered as a co-applicant.

Feel free to ask any queries down below…