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Summary: Before you apply, it is crucial to know about all education loan conditions. This includes the pros and cons of having a parent as an education loan co-applicant. Read on to know more about this key aspect of education loans.
Education loans are extremely useful in covering the costs associated with higher education. Since many students may not have a credit history, most lenders insist on having a loan co-applicant.
As per education loan conditions from most lenders, a parent can easily become a co-applicant for the child. In this case, their credit history will help determine their education loan eligibility. But becoming an education loan co-applicant carries certain risks in case of a default.
India's average education loan size is Rs 25 lakhs, which is a considerable financial commitment. Hence, it's vital to understand the risks and benefits of having a parent as an education loan co-applicant. Let's get started.
Having a parental loan co-applicant offers several noteworthy benefits. Some of the advantages are -
Having a parental education loan co-applicant carries certain risks. Some of them include -
Here are some key factors to consider when choosing a parent as an education loan co-applicant -
IDFC FIRST Bank Education Loan offers are curated to help you realise your dream of quality education. The hassle-free application process, competitive interest rates, quick approvals, and higher loan amounts make education loans from IDFC FIRST Bank the best option for you.
Click here to apply for your IDFC FIRST Bank Education Loan.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.