Can a friend sponsor me or it defnitely needs to be a blood relative?
If I have took a loan of 25Lakhs? But I have used only 10-15 Lakhs at present, the interest rate is applied on the amount that I have used or completely on 25 lakhs?
Sorry My CIBIL is 735 ,
Below was my old question
Hi , My Co-Applicant is having outdraft of 25 Lakhs from Tata Capital and Bajaj Finance. Now, i want to apply for Education Loan of 25 Lakhs for Studies in UK. Overdraft is not utilised. What are chances of getting unsecured loan?
Can student only be the co applicant ?
If I haven’t used the complete amount that I was sanctioned in the 2 years of study then can I use the remaining amount afterwards? Or only in that period?
If we have taken a loan of 25Lakhs. If We have only used 10-15 lakhs the interest rate is applied only on the money that I have used or completely on the 25 Lakhs??
What is the HDFC Credila policies… You didn’t mention anything about it? What are there interest rates ? And is it a NBFC?
Replying on behalf of the speaker -
I would recommend you to apply for a secured in this case. It’s not entirely impossible to get an unsecured education loan, however, in your case, a secured loan makes more sense. If you do take an unsecured education loan, you will have to get a second co-applicant, who will be your financial co-applicant. The second co-applicant can be your uncle/aunt/cousin. Your parents, in this case, would be primary co-applicants and your uncle/aunt/cousin will be your financial co-applicant.
I would still recommend you to go for a secured loan as the chances of approval will be higher.
Replying on behalf of the speaker -
If it’s new, then your CIBIL score will be -1 but it is not negative. It means that you don’t have any CIBIL score, which means that you have not taken any loan in the past. This is not taken negatively by the bank. It does not matter if you don’t have a CIBIL score and history.
There is a difference between no-CIBIL score and low CIBIL score. Your score should not be low, that is below 700.
Replying on behalf of the speaker -
We work with international players who give education loans without collateral and any co-applicant. However, they give these loans only for a few select colleges in US and Canada. So, if you are going to US/Canada and to one of the supported colleges, then you can get a loan. Otherwise, it would be difficult to get a loan.
If you can arrange a property, then your chances of approval will improve. The property can belong to any third-person who is willing to pledge it on your behalf. It can belong to a friend or a relative.
Replying on behalf of the speaker -
To get the best answer to your question, I would suggest you to use GyanDhan’s EMI calculator. You can customize it according to your needs and requirements, such as interest rate, loan tenure, disbursement time, grace period, etc.
As an example, if you take a loan of INR 55 lakhs at 8% (secured loan) for 15 years. So, in 15 years you’d be paying INR 1.7 crores. This is because the money will be due for a longer period of time. But if you repay it it 10 years, you save up to INR 70 lakhs.
You can try the same for an unsecured loan by keeping th interest rate as 11%.
This tool would help you decide the optimum loan tenure by showing you the total interest you would be paying. So, make use of this tool and determine your own repayment schedule.
Secured education loans are given based on the value of the property pledged. The employment of your brother is not a factor.
Replying on behalf of the speaker -
If a bank rejects your application, then it is highly unlikely that the same bank will approve your application. However, if you come to GyanDhan, we will find out the reason for your rejection and approach another bank.
Therefore, I would advice you to contact GyanDhan before you even approach the banks. Even before applying for the loan, we try to check all the red flags and help you solve those red flags.
Replying on behalf of the speaker -
Yes, he can. But his/her salary should be sufficient to bear another loan. For example, if the salary is INR 50,000 and the existing liability is of INR 40,000, then there is no scope of adding another liability.
It depends on the salary of the person you want as your co-applicant.
Replying on behalf of the speaker -
It includes everything. Even the flight tickets are including. However, you will have to be upfront to the bank and mention each and every expense you want covered under the loan amount. The bank needs to be aware about the expenses to disburse the loan amount accordingly.
Replying on behalf of the speaker -
The most common reason to reject a loan application is the low salary and a low CIBIL score. If either of the factors is not up to the mark, there are chances of rejection. the salary should be sufficient and the CIBIL score should be good.
Replying on behalf of the speaker -
The bank will reach out to you and they will be insistent. The result of not paying your monthly interest would be highly detrimental. So, if you are facing financial difficulty, get in touch with your loan counselor or directly to the bank. Explain your situation to them, and maybe they will give you a moratorium period of 2-3 months or they can reduce your EMI. There are things that can be done in terms of restructuring the loan. But if you don’t repay and pick up their calls, then they will be persistent in getting the money back. They will write to your employer, people who know you, and ultimately there will be a legal case.
Replying on behalf of the speaker -
Yes, there are more than 30 universities in the UK. The number of approved universities has increased after the announcement of GIR. You can get in touch with us and we will let you know if your target university is supported or not.
It’s not like you are applying to each bank. We inquire about the loan. Even if you are applying, it reduces your CIBIL score by 1 point or 2 points, which is insignificant. If your CIBIL score is 780 and it reduces to 770 or even 760, it won’t matter. But it should not reduce to 700 or below.
It depends on if you are repaying the money on time. You can reach us back and we will make a case to the lender on your behalf showcasing your perfect track record of repaying the loan on time.
the other way is Balance Transfer. For example, once you have a track record of repaying the money on time, the other bank can be interested in your profile. They may offer you a loan. It is a common practice that can be done to help you.
Yes, you can repay anytime you want. There is no prepayment penalty as well.
The sanction amount is different than disbursed amount. Sanctioned amount is the amount you are eligible for. You can choose to get the amount you need, which can be less than the sanctioned amount or equal to it. You pay interest only on the amount you use and not on the sanctioned amount.
You will have to return the money. They will not charge you anything extra. The processing fee may or may not get refunded, depending on the lender. However, I have not seen this happen often.
In most cases, you get the money disbursed after your visa is approved. But in some cases like UK, Australia, Canada, you need to have the money before the visa, there you might face this problem. Then also, you will have to return the money and the bank won’t charge you anything.