Who can be a co-applicant for an education loan?

Most lenders accept a parent, legal guardian, spouse or sibling. Some also accept other close relatives. The co-applicant should have a stable, documented income (salary slips or ITRs) and a good CIBIL score — typically 700 or more at banks, and 650–680 at some NBFCs.

What if my parents don't have income proof?

You still have options. NBFCs such as Avanse accept self-employed and informal-income co-applicants with bank statements, and HDFC Credila, Auxilo, Poonawalla and Tata Capital accept self-employed co-applicants with 2 years of ITRs (banks usually want 3). A sibling or spouse with salaried income can also be the co-applicant instead of a parent.

Can a working professional take an education loan without a co-applicant?

Your own salary strengthens the application — for example for an MBA or executive programme — but most Indian lenders still ask for a co-applicant. If you're studying abroad at a university supported by an international lender, you may be able to borrow in your own name without one.

Does the co-applicant's CIBIL score affect my loan?

Yes, a lot. A low score can mean a rejection, a smaller amount or a higher rate. Minimum scores vary by lender — from about 650 at the most flexible NBFCs to 720+ at some private banks. If your first-choice co-applicant has a weak score, consider another family member with a stronger one.

Is the co-applicant responsible for repaying the loan?

Yes. The co-applicant is jointly liable. If EMIs aren't paid, it affects their credit score as well as yours, and the lender can ask them to repay. Make sure your co-applicant understands this before signing.

Education Loan Without Co-Applicant

Almost every Indian lender asks for a co-applicant — but not all of them, and the rules differ a lot. Here's who needs one, who can be one, and your options if you don't have a suitable co-applicant.

Written by Deepak Agrawal, Founder & CEO, FundMyCampus · MBA, IIM BangaloreReviewed by Ashmita Agarwal, Senior Education Loan Counsellor, FundMyCampusUpdated on 30 Sept 2026

Quick answer

Indian banks and NBFCs: a co-applicant is required — usually a parent, guardian, spouse or sibling.
No co-signer: international lenders such as Prodigy Finance lend without an Indian co-signer for select universities abroad.
Weak co-applicant? Some NBFCs accept CIBIL scores from about 650 and self-employed or informal income.

Co-applicant requirements by lender

Whether each lender needs a co-applicant, who qualifies, and the minimum co-applicant CIBIL score they look for.

Co-applicant requirements by lender
Lender	Co-applicant needed?	Who can be co-applicant	Min. co-applicant CIBIL
SBI	Yes	Parent, guardian, or spouse	700+
Canara Bank	Yes	Parent, guardian, spouse, or sibling	700+
PNB	Yes	Parent, guardian, spouse, or sibling	700+
Bank of Baroda	Yes	Parent, guardian, spouse, or sibling	700+
Prodigy Finance	Not required	—	—
Union Bank	Yes	Parent, guardian, spouse, or sibling	700+
ICICI	Yes	Parent, guardian, spouse, or sibling	700+
Axis Bank	Yes	Parent, guardian, spouse, or sibling	700+
IDFC First Bank	Yes	Parent, guardian, spouse, or sibling	720+
Yes Bank	Yes	Parent, guardian, spouse, or sibling	720+
HDFC Credila	Yes	Parent, guardian, spouse, or close relative	650+
Poonawalla	Yes	Parent, guardian, spouse, or sibling	700+
Tata Capital	Yes	Parent, guardian, spouse, or sibling	700+
Avanse	Yes	Parent, guardian, spouse, or sibling	650+
Auxilo	Yes	Parent, guardian, spouse, or sibling	680+

From each lender's published eligibility criteria. Lenders may ask for more depending on the amount and your profile.

Your options without a co-applicant

International lenders (studying abroad): Prodigy Finance lends in USD or GBP with no Indian co-signer and no collateral, based on your university, course and expected salary. Rates are usually higher than Indian banks and it covers selected universities only.
A different family member: if a parent can't be the co-applicant, most lenders accept a sibling or spouse — and a salaried sibling with a strong CIBIL score can be a better co-applicant than a parent.
Flexible NBFCs: Avanse, HDFC Credila and Auxilo accept lower CIBIL scores and self-employed or informal income, which helps when the co-applicant's paperwork is weak.
Scholarships and a smaller loan: reducing the amount you need makes approval easier — see collateral-free limits by lender.

How to choose the best co-applicant

Income: stable, documented income — salary slips and Form 16, or 2–3 years of ITRs if self-employed.
Credit score: CIBIL 700+ opens most lenders; 750+ gets the best rates.
Existing loans: lenders check that the co-applicant's current EMIs leave room for yours.
Age and job stability: a co-applicant with many working years left is seen as lower risk.

See the full list of papers your co-applicant will need in our education loan documents checklist.

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