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How to Secure an Education Loan without Collateral: A Quick Guide to All Your Questions

 How to Secure an Education Loan without Collateral: A Quick Guide to All Your Questions

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Frequently Asked Questions

Can I apply for an education loan without a co-applicant?

A loan without the need for a co-applicant or collateral is termed an unsecured education loan. In this type of loan, the borrower isn't obligated to provide any collateral or guarantor to secure the loan amount. Aspiring students can avail themselves of this unsecured education loan from international lenders.

How much education loan can I get without collateral?

You can secure an education loan of up to 40 Lakhs without collateral.

Which are the best banks for education loans without collateral?

Below are the National Banks that offer education loan without collateral

​ State Bank of India (SBI)
​ Bank of Baroda
​ Axis Bank
​ International Banks:
​ Prodigy Finance
​ MPOWER Financing
​ Lendwise

Is it possible to secure a 20 lakh loan without collateral?

Yes, as an unsecured loan, you aren't required to offer any security for the Rs 20 lakh loan. The bank evaluates your eligibility based on factors such as your monthly income, credit score, and loan repayment history.

Why Was My Application for an Education Loan Without Collateral Rejected?

Several factors can contribute to the rejection of your application. Lenders often prefer funding postgraduate programs, and if you apply for an undergraduate program not on their approved list, it may lead to rejection.
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Nisha Menon

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Nisha Menon is our seasoned content writer with over 5 years of expertise in content marketing. Nisha combines her profound knowledge with skillful SEO practices to craft content that informs and engages. Beyond her writing prowess, she specializes in content related to Immigration and PR services, her commitment to continuous learning keeps her well-versed with the latest industry trends. In her leisure moments, she finds solace in creativity and embarks on travel adventures. Her unyielding commitment to seeking inspiration blends harmoniously with her love for exploring new horizons.

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