Parents
The default choice. One parent with income is enough for most lenders; both can apply together to raise the amount.
Co-applicant rules
Is a Co-Applicant Mandatory for an Education Loan?
For almost every Indian bank and NBFC, yes. A co-applicant shares legal responsibility for the loan and gives the lender an Indian income to rely on while you study. The only common exceptions are international lenders that lend against your future earnings.
- Parent, guardian or spouse
- Income proof needed for unsecured loans
- CIBIL score matters
- Exceptions: international lenders
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Quick answer
Is a Co-Applicant Mandatory for an Education Loan?
Yes. Indian banks and NBFCs require a co-applicant (co-borrower) for education loans for abroad studies, usually a parent, guardian or spouse, and sometimes a sibling or in-law. For unsecured loans the co-applicant needs steady income and a good credit score. International lenders such as Prodigy Finance and MPOWER Financing do not require a co-applicant for supported universities. MPOWER says it has paused new loans for 2026, so line up Prodigy Finance or an Indian lender as well.
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Co-applicant basics
- Who can be one
- Parent or legal guardian; spouse; sometimes a sibling, in-law or close relative
- Income proof
- Salary slips and Form 16, or 2–3 years of ITRs for self-employed co-applicants
- Credit score
- Most lenders prefer a CIBIL score of about 700 or more
- Liability
- Jointly responsible for repayment until the loan is closed
- Without co-applicant
- Possible only with international lenders for supported schools
Who qualifies
Who can be your co-applicant
Spouse
Accepted by most lenders, especially for MBA and working-professional applicants.
Siblings and in-laws
Accepted case by case, usually when parents have no income or are retired.
Guardian
A legal guardian can stand in for parents with supporting documents.
By loan type
What the co-applicant must show
- PAN, Aadhaar and address proof
- Salaried: last 3–6 months' salary slips, Form 16, 6 months' bank statements
- Self-employed: last 2–3 years' ITRs with computation, P&L and balance sheet
- Business proof such as GST registration or shop licence
- Statement of existing loans (EMIs reduce eligibility)
FAQs
Frequently asked questions
Still have a question?
Ask a counsellor directly — we reply on WhatsApp during working hours (Mon–Sat, 9 AM–6 PM IST).
For a secured loan, often yes. For an unsecured loan the co-applicant needs provable income, so a working parent or other earning relative is usually needed.
Use a sibling or spouse with income, offer collateral, or look at international lenders. Pension income is accepted by some public banks.
Most Indian lenders want an Indian resident co-applicant. Some accept an NRI alongside a resident co-applicant — check with the lender.
Yes. A low score or missed EMIs can lead to rejection or a higher rate, even with collateral.
Explore
Keep exploring
Read next
Related pages
Loan guides
More education loan guides
- How Much Education Loan Can I Get to Study Abroad?
- Education Loan Without a Co-Applicant for Abroad Studies
- Education Loan Interest Rates for Abroad Studies
- Education Loan Tax Benefit: Section 80E and Section 129
- Education Loan Moratorium Period Explained
- Margin Money in Education Loans: How Much You Pay
- Education Loan Documents List for Abroad Studies
- Education Loan Process for Abroad Studies
- Education Loan Disbursement Process
- All loan guides
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