I will be going for my masters in fall of 2018 for which I will apply
for education loan in February’2018-march’2018.
I am working from 3.5 years and have a CIBIL score of 853.
I have a car-loan also on my name.
The problem here is that my dad has a low CIBIL score of 623 because of
some faulty payments and outstanding dues (some 5-6 lakhs).
Because we do not have any collateral for getting secured loans, I will
have to opt for unsecured-loan, for which my father will be the
co-applicant and because his CIBIL score currently is not so good, I
might face issues in getting the loan.
So, I was planning to take a personal loan on my name and clear off his debts? Will it help his credit profile?
And If I do so then at the time of applying for my education loan I will
be having two loans on my name, Personal Loan and Car Loan which my
dad will be paying (he will not have any outstanding dues If all
his debts are paid-off) once I stop working and resume my studies.
Can cibil score improve by 100 points in 3-4 months?
In case there is no chance of improvement in score what should I be doing
for getting the education loan ?
Any advice, tips will be much appreciated.