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Is income proof mandatory for education loan?
Applicants who are working at any private/public concern or an MNC need to submit their latest salary slips as income proof. You can provide Aadhaar card, PAN card, Voter ID, etc. as your proof of identity to process the Study Loan. Address proof may include Passport, Driving License, PAN card, Aadhaar card, etc.
Do I need my parents for education loan?
As a standard practice, most financial institutions insist on a parent or guardian as the co-borrower/guarantor. The number of years of service of parents plays an important role here. For instance, Pune-based Shashank Shukla, 27, (see picture) was forced to pay 15\% interest on his education loan.
What amount no security required for education loan?
All banks and NBFCs require parents to be join-borrowers on an education loan. For loans up to Rs. 4 Lakh, no collateral is required.
What is mandatory for education loan?
Documents for Education Loan for salaried individuals: Bank Statement / Pass Book of last 6 months. Optional – Guarantor Form. Copy of admission letter of the Institute along with fees schedule. Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses.
Can I get education loan without ITR?
Banks generally ask for co-applicant details when you apply for a collateral free loan. Not only this, banks also ask for the income documents such as salary slips or income-tax returns (ITR) of the co-applicant before sanctioning the education loan. However, you can get an education loan without pledging any security.
Does student loan depend on parents income?
If you’re a dependant student, that means that the amount of student finance you receive will be determined by your gross taxable household income (basically what your parents make in a year). This means everyone who lives in your household’s income will be taken into account.
Can a parent take education loan?
Investment needed per month (Rs) However, despite starting early, one can still fall short of the required corpus. This is where Education Loans come in. As a parent, you should not baulk at the idea of taking this loan because not only does it help to upskill a child, it also comes with attractive tax benefits.
Which bank is better for education loan?
Compare Top Education Loan Offers 2021
| Name of Bank | Interest Rate (p.a.) | Processing Fees |
|---|---|---|
| Bank of India | 8.95\% to 9.75\% | Nil for courses in India Rs.5,000 + other fees for study abroad |
| Kotak Mahindra Bank | Up to 16\% | Contact the bank |
| ICICI Bank | 10.50\% onwards | Contact the bank |
| Federal Bank | 10.05\% onwards | Contact the bank |
What are the requirements to get a student loan in India?
The applicant must have completed his higher secondary level schooling. Some banks offer the loan even before one has secured admission into the university. As per the Reserve Bank of India (RBI) guidelines, there are no restrictions on the upper age limit, but some banks may have it.
What is the basic education loan eligibility?
Find Education Loan interest rate here. Since these loans are offered to brilliant students who are unable to meet the expenses of their higher education, the basic education loan eligibility is the academic excellence and achievements of the students.
Who is the man who took a 40 lakh education loan?
Mumbai-based K.R. Suresh, 61, (see picture) took an education loan of Rs 40 lakh in 2018 from Punjab National Bank to fund his daughter’s higher studies in the US. He put up his flat as collateral for the loan and is paying an interest of 10.25\%.
How to get an education loan document?
As told earlier, education loan documentation doesn’t involve any hard-core paperwork. The process is simple and can be conducted online without paying physical visits to the banks. However, the process might vary depending on the criteria set by various banks or lending organisations.