Study Abroad Loans: Is it Possible to Take Education Loan Without Income Proof?

Study Abroad Loans: Is it Possible to Take a Loan Without Income Proof?

Securing an international education loan without income proof can pose a challenge, as lenders typically require proof of income to ensure repayment capability. Nonetheless, there are options available for students aiming to study abroad. Companies like Prodigy Finance and MPOWER Financing, extend financial support to study abroad students. These companies operate in the microfinancing and fintech sectors.

Prodigy Finance extends loans to international students hailing from over 150 countries. Based in London, with additional branches in Chennai, Cape Town, and New York, the company offers education loans to graduate students enrolled in Engineering, Public Policy, Business, and Law across more than 800 educational institutions worldwide. These loans are granted without requiring income proof. The loans are determined by students’ projected future earnings, rather than the credit records of applicants or their co-signers.

Whereas, MPOWER Financing sanctions education loans to international students as well as those under Deferred Action for Childhood Arrivals (DACA) status. These loans are only for study in US and study in Canada students. Their focus lies in providing loans without the need for income verification. MPOWER caters to students who face obstacles in securing conventional funding due to immigration status or limited credit background. MPOWER’s assessment of applicants’ creditworthiness extends beyond standard credit or CIBIL scores. It’s assessment incl factors like academic achievements and future career prospects.

Education Loan without Income Proof

Education Loan Without Income Proof in India

Acquiring a loan without income verification can pose challenges in India, given that most banks and financial entities mandate income documentation as evidence of repayment capability. Nonetheless, several alternatives exist for those lacking income proof:

  • Secured or Collateral-backed loans: These loans are supported by assets like property or gold. Valuable assets can serve as collateral, enabling loan approval even in the absence of income proof.
  • Co-signer option: In addition, enlisting a family member or friend with a stable income to co-sign the loan is viable. This arrangement designates them as jointly accountable for loan repayment if the borrower encounters payment difficulties.
  • Fintech Companies: These organisations furnish minor loans to individuals underserved by conventional banking. Typically, income proof isn’t obligatory, and they might display greater leniency in their loan prerequisites.
  • Peer-to-peer lending: Platforms for peer-to-peer lending unite recipients with individual lenders amenable to extending funds. Such lenders may display a heightened willingness to assist borrowers lacking income proof, albeit potentially at higher interest rates.

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