Education Loan Guidance

Question

I have secured admission in IFMR Graduate School of Business, Krea University for MBA, but I am facing issues with education loan approval. Most banks are asking for co-applicant income proof such as salary slips or last 2 years’ ITR. My father is an auto driver and his income is mostly cash-based, so we have never filed ITR before.

Because of this, my loan process is getting delayed/rejected. My concern is that even if I prepare again for CAT and secure admission in IIMs or other good B-schools next year, I may still face the same issue due to lack of formal income proof from my co-applicant.

What should I do in this situation? How can students from such financial backgrounds manage education loans for MBA? Please guide me.

Praneeth Kumar · Accepted Answer

Speak Directly to IFMR/Krea Financial Aid Team or Admission  management
This is extremely important.

Rayna Khan · Answer

Which bank did you apply for the education loan from? Recently, I enquired at SBI regarding whether ITR is compulsory or not, and they said it’s not mandatory. However, they mentioned that both you and your father should already have SBI bank accounts, as they usually do not provide loans on newly opened accounts. So, if both of you have accounts in SBI, you can visit the branch and ask for further details.
I’m planning to take an education loan next year, so I’m enquiring from now itself to understand the complete process and keep all the required documents ready beforehand.

Education Loan Guidance

2 Answers