Welcome to the viewing of the 39th episode of Loanflix. This episode will give you the complete information on the education loan co applicant requirements.
Loanflix is the most comprehensive web-series on abroad education loans. The motive is to empower students and their guardians so that they can take an informed decision about the education loan.
The role of the individual who co signs the education loan agreement along with the loan applicant is very important in the education loan process. Very few students who apply for an education loan are aware of the education loan co applicant requirements. This episode of Loanflix explains the following different terms which are to be fulfilled by a typical education loan co applicant profile.
The following points are considered to be one of the major deciding factors in the education loan co-applicant screening process.
Who Can Be Your Education Loan Co applicant?
In the abroad education loan process, education loan co applicants play a very important role. In the beginning of this episode, you get to know about all the individuals who are qualified to be named as education loan co applicants. The education loan co applicant profiles for both secured education loans, as well as unsecured education loans are discussed in this part.
When Do You Not Need a Co applicant For Education Loan?
There are certain banks which offer abroad education loans to students even without the presence of a co-applicant. Do watch this part of the episode to understand the different applicant profiles which qualify for such a provision. There are multiple such circumstances under which students don’t necessarily have to name an education loan co applicant.
Situation 1: When You Borrow Secured Education Loans
Are you surprised? Government banks do allow students to borrow secured education loans without an education loan co applicant under certain conditions only. Get to know all about these conditions by watching this part of the episode.
Situation 2: Education Loan Applicants Having Work Experience
To many of you who are unaware, having work experience does play a small role in determining the need for an education loan co applicant. Know how this can be done by watching this part of the episode.
Further down the line, you get to learn about the different education loan co applicant requirements that all co-applicants are required to meet in order to qualify. The following factors are discussed in detail, further in the episode.
Factor 1: CIBIL Score
Factor 2: Co-applicant’s ITR documents
Factor 3: Income proof/business proof
Factor 4: Total income amount
Get to know about the different ways in which the above-mentioned factors play crucial roles in determining a co-applicant’s eligibility in the abroad education loan process. These factors are relevant to both, secured education loans, as well as unsecured education loans. Once these points are explained sufficiently, the episode comes to an end. Do stay tuned for the 40th episode of Loanflix. The centre of discussion of the last episode of this season is the education loan eligibility criteria which loan applicants/students are required to fulfil.
Date And Time
Timezone : (GMT+05:30) Chennai
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Damini is the Cofounder & CEO of WeMakeScholars.com. It’s a BITS start up supported and funded under the IT Ministry, Govt. of India. The organisation’s motive is to offer unbiased collateral/non-collateral based education loan support to students who are planning for studying abroad. As this initiative is under the digital India campaign, it's at free of cost. WMS works with 14+ banks (public/pvt) in India and help you get the best edu loan matching your profile.
Prior to launching WeMakeScholars, Damini had done her masters from the University of Sheffield, UK. Her education was funded under the Developing Solutions Masters Scholarship which covered her full tuition fee ($ 38,000). Damini is also a gold medalist in her Bachelors and also won the outstanding student award from the Vice president of India.
She was the speaker at TiECon 2016 at Silicon valley, San Francisco in the social entrepreneurship segment. She was also covered in the Asian Entrepreneur magazine in the “Women on Top in Tech”, a global series of Women Founders, CEOs & Leaders in Tech.