Education and Career Forum

Hi,
I want an Education Loan of about Rs. 12 Lacs for study in Newzealand. My father don't have Income Tax File. Can I apply for Education Loan in Bank for my education?

No, it is not possible to apply for education loan or any kind of loan if there is no income tax file. Income tax filing is a mandatory duty for every citizen having income above the nil income tax bar and one needs to show it for taking loan. Most of the banks ask for the income tax certificate to get a clear idea of the income of the family or the co-borrower. So it is not possible to get education loan if your father does not have an income tax file. If he is below the bar of nil income tax, then there is no problem, you can approach bank for education loan of 12 lakhs to study in New Zealand.

Hi,

This criteria depends and varies from bank to bank. All you need to do is to approach your bank manager.
But i think this is not necessary as there are many people like farmers who dont have income tax file. As your amount required is a bit high the bank may ask for some property or guaranter.
Try to provide the other documents which the bank asks and your loan can be processed without IT file

You need to show your Bank that your father is below the nil Income Tax category and once you are able to show it there will be no problem for you.
You need to apply for the Loan to a Bank of your choice.
You must provide the Letter of Admission that will be provided to you by your University as a Document for the Bank for your Educational Loan.
You must also show a guarantor for the Loan that will be taken.
Once you do this your Loan will be sanctioned by the Bank where you are applying for the Loan.