Table of Contents
- 1 Can I get education loan without income-tax return?
- 2 Is salary slip mandatory for education loan?
- 3 Which bank gives education loan without collateral for abroad?
- 4 Can I get loan on 1 year ITR?
- 5 Are original documents required for education loan?
- 6 Is GIC included in SBI education loan?
- 7 What are the features of SBI education loan for abroad studies?
- 8 How to get education loans for international students?
- 9 What is the procedure to apply for international loans?
Can I get education loan without income-tax return?
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.
Is salary slip mandatory for education loan?
In any case, the norms for an education loan indicate that an education loan will need a co-borrower whose income is to be validated. This is a credit policy requirement and hence, IT returns for a self employed co-borrower, or Form 16 and latest payslips for a salaried co-borrower is mandatory.
What are the documents required for overseas education loan?
What all documents required for applying for Education Loan for Study Abroad?
| Document type | Applicant |
|---|---|
| Date of Birth | Birth Certificate, Passport, Voter card with DOB, College Passing Certificate, PAN Card, Driving license, Aadhaar Card |
Which bank gives education loan without collateral for abroad?
Banks offering Education Loans and Collaterals Required
| Bank | Loan Amount and Collateral Required |
|---|---|
| HSBC | Loan up to Rs.5 lakhs do not require collateral |
| State Bank of India (SBI) | Domestic Education – Up to Rs.15 lakhs Foreign Education – Up to Rs.20 lakhs For loans up to Rs.7.5 lakhs no collateral is required |
Can I get loan on 1 year ITR?
Yes, if you have filed ITR for a minimum of 2-3 years, you can get a personal loan on ITR.
What is the process of getting education loan in SBI?
Checklist of Documents to be submitted along-with duly filled Loan Application Form
- Mark sheet of 10th, 12th, Graduation (if applicable), Entrance Exam Result.
- Proof of admission to course [ Offer Letter/ Admission Letter/ ID card if available]
- Schedule of expenses for course.
Are original documents required for education loan?
Graduation/3 year or 4 year degree marksheet/passing certificate (if applicable) Diploma passing certificate/record of marks/diploma certificate. Records of past scholarships/awards etc. Special education/ Professional courses/Certificate courses passing certificate.
Is GIC included in SBI education loan?
This is automatically included in the education loan. So while calculating the total expenses, students need to multiply this GIC amount by the total duration of their course and accordingly apply for an education loan.
Is GIC included in education loan?
Now that you have read about how Canada GIC accounts work, it must be clear that the GIC amount is nothing but students’ living expenses for a year. This is automatically included in the education loan.
What are the features of SBI education loan for abroad studies?
One of the key features of the bank is that it offers education loan for abroad studies without collateral up to 40 lakhs. Like any other lending institutions, the interest rates vary from 11\% to 13\% depending upon the applicant’s profile.
How to get education loans for international students?
You can also avail of Education loans from Foreign Lending institutions offered to international students. The procedure to apply for international loans is simple in some cases. However, here the borrower needs to have a co-signer as a guarantor who should be a permanent citizen of the respective country with a good credit record.
What is the maximum amount of Education loan available for students abroad?
As such, there is no limit set by the banks for offering education loans to the students abroad. It depends on the bank to bank. The majority of the banks offer loans maximum up to INR 20-30 lakhs. Also, if the loan amount is more than INR 20 lakhs then the interest rate also increases.
What is the procedure to apply for international loans?
The procedure to apply for international loans is simple in some cases. However, here the borrower needs to have a co-signer as a guarantor who should be a permanent citizen of the respective country with a good credit record. The Co-signer is obliged to repay the loan in the event of the borrower defaulting.