Tips To Get An Education Loan Even Without Parental Income.​

When applying for an education loan, your parent’s income forms the basis of the loan amount and its sanction.

But, what if you don’t have any?

Worry not!

There are ways to get an education loan for higher studies even without parental income. Check out four ways to go about it.

Secured loan

You can opt for a secured education loan with a lower default risk for lenders. Pledge an asset and get a loan against its value. 

Choose a financial co-applicant

Another individual who has a stable source of income can become a financial co-applicant for the loan to be sanctioned.

Have your own income

If you are employed and have a stable income, you can become a self-applicant for the loan and get the funds disbursed. 

Choose the right lender

Many lenders offer education loans without parental income. Look for such lenders and apply using any of the above-mentioned ways.

IDFC FIRST Bank Education Loans offer collateral-free funds up to Rs.50 lakhs at attractive interest rates. Apply for the loan and fulfil your education dreams.