So I applied to the icici bank for an education loan of 40L for my MSc in NUIG. My co-applicant was my dad. The bank is saying now that I am eligible because my dad's name has an existing loan.
I really want to do my Masters.
Bank rejected education loan due to existing loan
byu/HelpMassive9766 inStudentLoans
Posted by HelpMassive9766
1 Comment
This usually happens because your dad’s existing loan increases the combined debt burden, so the bank sees higher risk. You could try a different co-applicant or another lender, or restructure how the loan is applied for. It also helps to map out income vs EMIs clearly before reapplying, simple tracking templates (like ones from spreadsheet point) can make that easier. Make sure the numbers look stronger before your next application.