Study Abroad Loans: New Alternatives: Education Loan Without Income Proof

Study Abroad Loans: Education Loan Without Income Proof

To reduce financial burden, a student can opt for an education loan without income proof provided by private lenders like Prodigy Finance and MPOWER Financing. Additionally, nationalised banks and private banks also offer student loans without proof of income. This development opens doors for study abroad students who might not have a steady income source. 

Traditionally, income proof has been a mandatory requirement for securing education loans. However, understanding the needs of students from different financial backgrounds, financial institutions and lending organizations have begun to explore alternative options. 

One viable option for students without income proof is to seek the assistance of a co-signer. A co-applicant, typically a parent, guardian, or close relative, with a stable income and good credit history, can join the loan application as a guarantor.

Another potential avenue is exploring collateral alternatives. In this scenario, students may pledge assets such as property, investments, or fixed deposits as collateral security against the loan. Collateral provides security to the lender, increasing the chances of loan approval. 

Education Loan Without Income Proof

Private Lenders of Education Loan Without Income Proof 

Here are some of the top private lenders of education loan without income proof:

MPOWER Financing

A financial technology firm called MPOWER Financing offers school loans to international and Deferred Action for Childhood Arrivals (DACA) students who are enrolled in universities in the US and Canada. They specialise in providing loans to students who may not be able to access conventional sources of funding due to their immigrant status or lack of credit history by providing loans without requiring proof of income. MPOWER evaluates applicants’ creditworthiness by taking into account elements other than typical credit/CIBIL scores, such as academic achievement and job potential.

MPOWER Financing Education Loan without Income Proof

Prodigy Finance

This fintech business provides loans to students abroad from more than 150 different countries. Prodigy Finance, a company with its headquarters in London and branch offices in Chennai (India), Cape Town (South Africa), and New York (USA), offers education loans to students pursuing graduate degrees in fields like public policy, engineering, law, and business at more than 800 universities, colleges, and schools without requesting proof of their income. The loans are determined by the student’s potential for employment rather than the applicant’s or co-signers credit histories. 

Prodigy Finance Education Loan without Income Proof

Stay in tune with Fly Finance Desk to get regular updates on study abroad loans and international money transfers

About Fly Finance News Desk

Leave a Comment

10 Best Banks in the USA for International Students Open an International Bank Account Online in 7 Steps 3 Best Student Bank Accounts to Open when Studying Abroad ICICI Bank Education Loan to Study Abroad Baroda Yoddha Education Loan to Study Abroad Top 5 Benefits of SBI Zero Balance Account for Students Eligibility Criteria for Aditya Birla Capital Education Loan to Study Abroad Auxilo Education Loan for Army Brats: Loan Details and Interest Rates Steps Involved In Canara Bank Education Loan Processing Time IBDI Education Loan Documents Required Checklist
×

Send Money Abroad in <15 mins

×

Request a callback

×

Get an education loan at the lowest interest rate

×

Thank you! Your call request has been submitted

Our team will connect with your shortly

aero Confused which education loan is the best for you?