Can I Get an Education Loan Without a Co-Applicant?

Yes, in a few specific ways. Most education loans need a co-applicant, but some lenders don't ask for one at listed universities, and others relax the rules when your co-applicant's income papers are the problem. Here's which route fits your situation.

Written by Deepak Agrawal, Founder & CEO, FundMyCampus · MBA, IIM BangaloreReviewed by Ashmita Agarwal, Director, FundMyCampusUpdated on 23 Oct 2026

Quick answer

No co-applicant at all: Avanse Global (162 listed universities, no collateral, from 12%) and Prodigy Finance (listed STEM and MBA programmes, from 9.25%).
Co-applicant with weak income proof: SBI at its 100 listed universities (with 15% margin money), or Yes Bank with any earning co-applicant.
Everywhere else: a co-applicant is required, usually a parent, guardian, spouse or sibling.

Which route is right for you?

Education loan routes when you don't have a suitable co-applicant
Your situation	Route to try
You want no co-applicant and no collateral	Avanse Global (162 listed universities) or Prodigy Finance (listed STEM and MBA programmes)
Your co-applicant's CIBIL is fine, but their income proof doesn't line up	SBI, if your university is on its list of 100, with 15% margin money
Your co-applicant's profile is borderline, but not disqualifying	Avanse Global's relaxed co-applicant route (1,447 universities)
You have a working co-applicant, but their income is low	Yes Bank, if your course is on its eligible list (UK, Australia, Ireland, France)
You need a large loan without collateral	Union Bank of India: up to ₹30 lakh, or ₹40 lakh for listed institutions

Want to see every option at once? Our lender comparison puts rates, collateral and co-applicant rules side by side.

The five routes, explained

1. Avanse Global: no co-applicant, no collateral

Avanse's collateral-free product, from 12%, has two tiers. At 162 listed universities (100 for STEM and 62 for Management, including London Business School) you need no co-applicant at all. At about 1,447 other universities a co-applicant is still needed, but with a much more relaxed income profile. It covers 8 countries: the USA, UK, Canada, Australia, Germany, France, Ireland and Singapore. The higher rate is the trade-off for not pledging collateral.

2. Prodigy Finance: no co-applicant, no collateral

Prodigy Finance lends in USD or GBP based on your university, programme and expected salary, no Indian co-applicant or collateral. It covers listed STEM and MBA programmes at about 670 schools in the USA, UK, Germany, Australia, Canada, France and a few other countries. Rates run from 9.25% to 13.5%.

3. SBI: when the co-applicant's income proof is the problem

If your co-applicant has a good credit score but their income doesn't show up neatly on paper, informal income or inconsistent ITRs: SBI Global Ed-Vantage can be flexible on income documents for its list of 100 select universities abroad (Oxford, Cambridge, MIT, Imperial, LSE and similar). The trade-off: your family pays 15% margin money. This route does not help if the co-applicant's CIBIL score is low, that's a credit problem, not a paperwork one.

4. Yes Bank: any earning co-applicant

Yes Bank still needs a co-applicant, but anyone with a working income qualifies, whatever the amount. And no collateral is needed. Rates start from 10.5%. Your course must be on its eligible list (about 808 courses in the UK, Australia, Ireland and France), and the co-applicant keeps an average bank balance of ₹5,000 or ₹25,000 depending on the course's category.

5. Union Bank of India: a high collateral-free limit

Union Bank of India needs a co-applicant, but lends without collateral in two categories: up to ₹30 lakh generally, and up to ₹40 lakh for listed institutions, high for a public sector bank.

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+
Credila	Yes	Parent, guardian, spouse, or close relative	650+
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+
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+
Avanse Global	Not at 162 listed universities. Relaxed elsewhere	Relaxed income profile where needed	-

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

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.
A different family member: if a parent can't be the co-applicant, most lenders accept a sibling or spouse. A salaried sibling with a strong score can be the better choice.

Co-applicant's credit score is the problem? See how to get a loan with a low-CIBIL co-applicant. Asked for a guarantor too? Here's the difference between a guarantor and a co-applicant. See the full list of papers your co-applicant will need in our education loan documents checklist, and how much you can borrow without security in our guide to education loans without collateral.

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Education Loan Without Co-Applicant FAQs

Straight answers to the questions students ask us most

Yes, for some universities abroad. Avanse Global needs no co-applicant (and no collateral) at 162 listed universities, and Prodigy Finance lends without a co-applicant or collateral for listed STEM and MBA programmes. Most other Indian banks and NBFCs still need a co-applicant, but some relax the rules. SBI is flexible on income proof at its 100 listed universities, and Yes Bank accepts any earning co-applicant whatever their income.

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

If your co-applicant's credit score is fine but their income papers don't line up (informal income, irregular ITRs), SBI can be flexible on income proof for its 100 listed universities, in exchange, the family puts in 15% margin money. Yes Bank accepts any co-applicant with a working income, whatever the amount, for courses on its list. NBFCs such as Avanse also accept self-employed and informal-income co-applicants with bank statements.

Your own salary strengthens the application, for example for an MBA, but most Indian lenders still ask for a co-applicant. If your university and programme are on Avanse Global's no-co-applicant list or Prodigy Finance's list, you can borrow in your own name.

Yes, a lot. A low score is a credit-risk problem, not a paperwork problem, so income-proof relaxations don't fix it. Options are a second family member with a stronger score, Avanse Global's relaxed co-applicant route, or a lender that needs no co-applicant at all (Avanse Global at its 162 listed universities, or Prodigy Finance).

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.

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