Yes, it is possible. However, it all depends on the person’s credit history, repaying ability, collateral and debt to income ratio. 

Not all banks have the same rule when it comes to the guarantor. Generally, the guarantor of an education loan should be either your family member or relative. If the education loan amount is huge, the guarantor should have a good credit history and enough collateral to get the loan. This is to ensure that the collateral can be used against defaults. 

If the guarantor is already having a home loan, the lenders usually calculate the debt to income ration of the guarantor. The chances of approval are highly possible if the debt to income ratio is below 50%. This is to ensure that the guarantor is not burdened with too much of debt.