Please post your questions here. I will cover the same in the webinar.
Quick overview on what we will cover.
- When to pick Indian banks, when do you opt for NBFCs, and when is Prodigy Finance one of the better options
- Comparing loans in different currencies
- GyanDhan advantage
A couple of articles I had written quite some time back on the interest rate differential which might be of use:
A video on the same topic: https://www.youtube.com/watch?v=WwTS7sMBacE
Welcome to the session, We will start in a couple of minutes.
I want education loan. I don’t have a collateral and co-signer does not have good monthly income. I am targeting US, Germany for MBA fall 2020.
If the collateral is acquired through a loan which is still running, can it be used a collateral for the education loan. What on average is required co-applicant income.
Are educational loans in India dependent on borrower’s credit or they are mainly dependent on co-borrowers credit?
You can still apply for any education loan even if you don’t have collateral or co-applicant. GyanDhan can help you get the finances through Prodigy Finance without collateral or co-applicant. This education loan can cover your living expenses as well.
If you have taken loan on the same property, then you have to first transfer or pay the previous one. You can get one loan on one property. One can get a loan of 70% of the property value from one of our partner banks. Co-applicant income required can vary. To give you a rough idea, usually banks require the co-applicant income (in thousand) per month to be more than 1.5 times the required loan amount (in lacs). For instance, if the required loan amount is 40 lacs, the co-applicant income should be at least 60,000 per month.
Both the borrower’s and co-borrower’s credit play crucial role in getting the education loan sanctioned. The bank will refuse the loan application right away if the borrower’s credit is not up to the mark. As students applying for an education loan usually do not have previous credit history education loan specialized lenders have a credit scoring model. Co-borrower’s credit history plays an equally important role in getting a loan sanctioned.