Course, institute determine lender's willingness to offer an education loan

A co-borrower with a good credit score and adequate collateral can expedite approval

Sarthak Antal, 22, will pursue Masters in Electrical and Electronics Engineering from Purdue University in the United States (US). While the tuition fee for the two-year course is Rs 50 lakh, the living expenses will add upto another Rs 30 lakh. Antal has taken a loan for the entire Rs 80 lakh at an interest rate of 10.85 per cent from a private-sector bank. Reflecting on his experience, he says: “Having all the documents, a co-applicant with a good credit score, and the required collateral in place can speed up the sanction of a high-value loan.”

Rising costs, bigger loans