My sister and jiju are in Usa and also hold canada pr and are working in usa .im in india. In my education loan for studying in Canada can my sister become my co-applicant?
Hi @Nidhi_Gupta,
If your sister holds an Indian passport and Aadhar Card, then she can become your co-applicant. However, in this case, you would need another co-applicant who is a permanent resident of India and can be a location guarantor.
You can get an education loan based on your sister’s financial standing. The other co-applicant will have to be a permanent resident of India and will be your non-financial location guarantor. It can be anyone - father, mother, or a relative.
Theoretically, every lender accepts an NRI co-applicant. But, practically, the chances of getting an education loan with an NRI co-applicant are higher from an NBFC.
Another type of lender that you can consider is an International lender. They give out education loans to international students without any collateral or co-applicant. It would be a more hassle-free education loan process, specially in your case.
But, to be eligible for a loan from them, the course and the college should be good. They generally have a list of eligible courses and colleges. To know if your target course and college is eligible for a loan from an international player, get in touch with a GyanDhan Education Loan Counselor.
I hope this helps you. Do post on this thread if you have any further queries.