Education Loan without Parent’s income or ITR

Education Loan without Parent’s income | Education Loan in India

A lot of students are denied in education loan just because their parents do not have any income and they do not have any official income source and they do not file ITR. This puts a full stop on the dreams of a lot of deserving students.

Education Loan without Parent’s income or ITR

Education Loan without Parent’s income or ITR

So in this article I’m going to help you understand that in which all scenarios you will still be able to get an education loan without any consideration of your parents’ income and I will also tell you it is even possible to get a non debt loan for some students without Even having any financial co applicant.

Let’s discuss that do watch the full article. Hello all this is Damini Cofounder of ixcallers India’s largest education finance platform so we started in year 2015 with funding and support from Ministry of IT Government of India and we Help Students Like You Find Scholarships And Education Loans For Your Higher Education.

Because Our articles Are The Most Trusted Source Of Information Than Watching Some Random Blogger Even Do We Communicate This Information Through These articles But If Any Bank Staff Denies Accepting Anything We Have Shared In These articles.

Then We Are Just A Call Away Call Us And We Will Talk To The Bank Staff And Solve It For You Loan Web Series Talks About Everything About Education Loans And This Particular article Is Going To Help You Understand Your Loan Options.

In Case Your Parents Do not have any income and in case they have unaccounted income as in they are not filing any ITR in certain cases it may not even be possible to get a loan without parents income.

I will help you understand these scenarios as well let’s start but before Before That Guys I Want To Tell You That It Makes Me Very Unhappy. That So Many People Watch These articles Get Information But Still 87 Percent Of Them Do Not Follow To The Websitel.

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So Before We Talk About The Loan Options Which Are Offered Without Considering Parents Income You Need To Understand The Basic Difference Between A Primary Co Applicant And A Financial Co Applicant.

So In India There Is No Banks and NDFCs Which Can Give a Loan Without Having Any Co Applicant Listen to This Again All Banks and NBFCs in India Require a Primary Co Applicant for Sure.

So When They Advertise Saying Loan Without Co Applicant They Mean Loan Without Financial Co Applicant Who is your father or mother and spouse if you are married has to sign along with you in any education loan.

so if none of these primary co applicants have any income source and any income proof banks may ask you to bring someone else as a financial Co Applicant.

So in this article I’m going to tell you all the options where the bank will not ask you to bring in any additional financial Co applicant.

Even do your primary Co applicant dozen have any income so let’s start talking about that but before that I Want To Add One More Thing That There Are Some Foreign Lenders. Who Can Give You A Loan Even Without Having Any Primary Co Applicant Indian Banks Do Not Give It.

But Foreign Options Can Give It, But they Are Not Very Great Options. I Will Tell You Why, In This article Towards the End But First We Will Talk About The Indian Options And Then We Will Talk About The Foreign Lenders So Firstly There Are Two Kinds Of Loans In India One Is Secured Where You Do Not Required To Put Any Collateral And Other Is Unsecured Were You Need to Mortgage a Lateral.

Now When You Go for a Secured Loan You Primer Choose Government Banks in this Scenario It is Possible to Get a Loan Without Any Financial Co Applicant Even Government Banks Will Ask You for a Financial Co Applicant.

But When You Show Them Rental Income Proof and You Show Them Income Certificate They Will Mostly Accept Your Profile Even Without ITR C That’s Why Go for Secured Loan.

Banks Are More Concerned About the Quality of the Clutter You Are Offering What I’m Telling You Here Is Not Official. If You Visit a Government Bank They will definitely say it is not possible to give a loan without a financial co applicant but when you apply through Vmax Colors it can be done not in 100% of the cases but at least in 90 of the cases.

Now if you Want to talk to our team you can request a call back via the link mentioned in the article description or by calling us on the number which is shown on the screen.

Now let’s go to the second option which is unsecured and non clutter loan so if you want a non clutter loan without consideration of your parents income you have to be in one of these two scenario.

Number one you should be going for masters to the US to A top rank university like top 150 so you are going for masters to any other country, but you have three years plus of work experience and your current salary is atleast 35000 monthly and your university has as a good global ranking.

So if you are in In any of these two scenarios you will be able to get a loan without any collateral and without any financial co applicant and the amount will be decent as well like 60 to 70 lakh for US and about 40 lakh for other countries.

But I am repeating again even For this category of students a primary co applicant is a must which means your father or mother and spouse will have to co sign the loan along side you.

Now if you are not in any of these two categories and you are in any other category like a Student going for Masters to an average rank university and a student going for Undergraduate to a top or an average rank university.

It is not possible to get you a non clutter loan without a financial co applicant so for these students where the parents income is low And There Is No Income At All Secured Loans And The Loans With Collateral Is The Only Option.

If You Are Confused About This Requirement Please Talk To Your Vmax Scholars Financial Officer They Will Be Able To Analyze Your Profile One On One And Give You Much Better Options.

If you haven’t been as a financial officer you can request a call back via the link mentioned in the article description or by calling us on the number shown on the screen.

Now there is something very important which you need to know even if I just Describe some of the scenarios where banks are ready to give loans without considering your parents’ income but CIBIL score and credit score of your applicant will be checked for sure.

Which means even if you are in one of two categories you are a meritorious student you can Get a Loan with Collateral and Without Collateral Without Your Parents Income Consideration But in case your parents or spouse who is ever going to be a primary co applicant has any possible default alone fault and a check bounce you will not be able to get a loan approved.

But In Some Scenario CIBIL Score May Be Low But There May Not Be Any Major Issues In CIBIL In Such Scenario We Can Talk To The Official Bodies And Get Your Score Rectified. Please Talk To Your Mom Calls Financial Officer To Know More About That Now Let’s Discuss The Scenario Were No One From Your Family Your Parents Or Spouse Is Not Willing To Co Sign The Loan Along With You.

Which Means You Do Not Even Have A Primary Co Applicant As I Mention None Of The Indian Banks And NBFCs Will Give A Loan Along With You. Having any primary co applicant which means the only option for you is to go for foreign lenders like Prazi Finance and Empower Finance even these lenders will only consider some universities and the list of two universities is available on their website.

But you should never prefer a foreign one Lender And You Should Always Try To Get A Loan From An Indian ABFC Or A Bank Because These Foreign Lenders Have A Lot Of Drawbacks And The Biggest One Is That They Offer Loan In US Dollars Not In Indian Rupees,

So As The US Dollar Keeps Increasing Over The years you end up paying a much higher amount than what you would have paid to an Indian bank or NBFC so I have made a detailed article on the drawback of these USD lenders do watch that article if you are considering foreign lenders the link.

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