You can obtain An unsecured education loan for your studies abroad by having a co-applicant with valid income proof. This co-applicant is usually a close blood relative (or spouse). They could either be doing a business or working as an employee. Such a co-applicant can get the student an educational loan up to Rs 20 lakhs easily (and more for certain courses) with an income proof of approx Rs. 30000 per month. To know more about availing an educational loan without collateral do visit

Criteria to have an NRI as your educational loan co-applicant

It’s interesting to note that the co-applicant need not necessarily reside in India to avail an educational loan. The following are the criteria to be met if the co-applicant is currently abroad:

  • The co-applicant should be able to produce valid proof of his/her income. These can include salary slips or appointment letters with the breakup of salary from their current employer
  • The co-applicant must have a sufficient balance amount as their monthly income after their existing EMI deductions (if any)
  • The co-applicant must provide their last 6 months bank statement from the bank where their salary is being credited.
  • In addition to that, the Co-applicant must also furnish bank statements of their Indian bank account
  • The Co-applicant must provide an agreement from a notary (can be from the embassy or any local notary from the country of residence) authorizing someone residing in India to act on their behalf to sign documents pertaining to the loan. Please note that this requirement is not as hard as it sounds out to be, and Cynapse will easily guide the person in obtaining the same with sample formats etc.
  • Co-applicant’s Aadhar, PAN and Passport also must be valid and available

And that’s it!  Cynapse allows co-applicants to process this loan digitally without having to travel to India. If you are looking for an educational loan to support your international study and have a close relative who is abroad, worry not as we will be able to guide you in achieving your dream of studying abroad. You can write to us at in case of any further queries.

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