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  #1  
7th June 2016, 01:39 PM
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Is it mandatory to show an Income Tax Return to apply for an Education Loan of Rs. 20 Lacs to study MBA in Australia?


Sir/Mam, I want to take Rs. 20 Lacs under an Education Loan for studying MBA in Australia. Do, I have to show my Income Tax Return for the same? Is it mandatory?




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  #2  
7th June 2016, 08:26 PM
Saikiranreddy47475
Senior Member+++++
  
Join Date: Jul 2013
Posts: 14,288
Default Re: Is it mandatory to show an Income Tax Return to apply for an Education Loan of Rs. 20 Lacs to study MBA in Australia?

Yes, it is mandatory to show an Income Tax Return to apply for an Education Loan of Rs.20 lacs to study MBA in Australia. The bank will ask you to submit Proof of Income i.e,. Salary Certificate or latest 6 months salary slips for offering an education loan. If your parents are self-employed or business man then, it is mandatory to submit Income Tax Returns for getting an Education loan of Rs.20 lacs to study MBA in Australia.
  #3  
7th June 2016, 10:18 PM
SudeepKumarSaha
Senior Member+++++
  
Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: Is it mandatory to show an Income Tax Return to apply for an Education Loan of Rs. 20 Lacs to study MBA in Australia?

Yes, submission of income tax return certificate is mandatory to apply for education loan of 20 lakhs. If you are applying for education loan and you want to pursue higher studies with the education loan, then your income tax certificate is not a compulsion. However, income tax certificate is mandatory for the co-borrower of your education loan as well as the third party guarantor of your education loan.
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« Does bank charges late fine under Education Loan payment scheme? When to pay the loan amount to banks? | Between my father and mother who is eligible to become a co-applicant to apply an Education Loan if both are private teachers with earning of Rs. 20000 per month? »

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