Can I Receive A Student Loan For Study Abroad Without A Guarantor/Co-Borrower?
The guarantor must be an Indian citizen who earns enough to repay the loan. Rules of banking do not allow anyone outside the family to become a co-borrower or guarantor.
But with International lenders on certain platforms, you can get loan without a guarantor. That’s because the rules and standards of banking for these lenders aren’t the same as Indian banks.
When Is The Right Time To Apply For A Student Loan For Study Abroad?
Many banks can disburse loans within 72 hours if the application has been thoroughly reviewed beforehand. However, the scrutiny process itself may take at least a week, so it's advisable to address any issues in advance.
One option is to request the bank to place the funds in escrow, where they are released but cannot be accessed until the bank receives an admission letter. This arrangement ensures that the university can easily verify proof of funds, while also alleviating the bank's concerns about potential misuse.