Education and Career Forum

Respected Sir,
I want to take an Education Loan for studying MS in Abroad. I have 2 years of experience, working in an MNC after my B.Tech. I just want to confirm that if I want to take an Education Loan from any Bank then I have to show my payslips? Is it really necessary to submit that payslips?

Yes, you need to submit payslips as a Proof of Income to get an Education loan from Bank. If you leave the job for pursuing your higher studies then, your salary slips will not be accepted by bank and you need to submit your parents/ guardian/ co-borrower income slips as a Proof of Income to get an Education loan from Bank. Without submitting the Income Proof slips, no bank will offer an Education loan for you to pursue your higher studies.

No, there is no requirement of submitting pay-slips to opt for education loan. You need to submit income tax return certificate for education loan. You will also need to furnish bank other documents like admission letter, house tax/rent certificate, fee structure and prospectus of the concerned institute, etc. You need to comply with the terms and conditions of education loan and complete all formalities as per instructions from bank to get your loan sanctioned.