Is PAN card mandatory for loan?
PAN Card is mandatory to access any financial products including personal loans and if you don’t have it, you need to apply for one to get easier access to finance and a range of other financial products. The application for issuance of a PAN Card can be made both offline and online.
What are the documents required for education loan in India?
Documents required for Education Loan
- KYC documents.
- 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.
What are the proofs required for education loan?
ID Proof (any one of the following) : Passport, PAN card, Voter’s ID card, Driving License, Aadhaar card, etc. Address Proof (any one of the following) : Driving license, Ration card, Voter’s ID card, Passport, Aadhaar card, etc.
Can I open online bank account without PAN card?
Yes. PAN is not mandatory for opening a bank account. You can open a bank account without PAN Card. You can use either Aadhaar Card or Form 60 for this purpose.
Is ITR mandatory for education loan?
Also required are the income documents such as salary slips or income-tax returns (ITR) of the co-applicant. The banks can finance up to 100\% of the loan depending on the amount. For loans above Rs 4 lakh up to Rs 7.5 lakh, a third-party guarantee is required.
Is cibil score required for education loan?
One of the most prominent factors considered by NBFCs and private banks before approving any education loan application is an applicant and their co-applicants CIBIL score. Most of the NBFCs which function in India require loan applicants as well as their co-applicants to have a CIBIL score to be above 700.
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.
What is the price of PAN card?
The charges for applying for PAN is Rs. 93 (Excluding Goods and Services tax) for Indian communication address and Rs. 864 (Excluding Goods and Services tax) for foreign communication address. Payment of application fee can be made through credit/debit card, demand draft or net-banking.
Why is PAN card mandatory?
PAN Card is important for taxpayers as it is necessary for all financial transactions and is used to track the inflow and outflow of your money. It is important when paying income tax, receiving tax refunds, and receiving communication from the Income Tax Department. PAN Card also serves as a proof of identity.