Need of PAN Card while applying for an Overseas Education Loan

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Submission of PAN card is mandatory while a student apply for study loan for abroad studies.

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Need of PAN Card while applying for an Overseas Education Loan:

Need of PAN Card while applying for an Overseas Education Loan

Slide2:

The PAN card is a unique 10 digit alpha numeric – number, that identifies you as an individual taxpayer, that is issued by the Indian Income Tax Department. This shows the card holder’s name, father’s name, date of birth, photograph and signature. This is helpful to apply for various loans, as the PAN card is linked to all your financial accounts. Therefore, it is used for proving your tax paying credit/history and application or planning for any finance and banking activities. Submission of PAN card is mandatory while a student apply for study loan for abroad studies .

Slide3:

The PAN card being highly important tool to understand the financial history of debts, repayment patterns of previous loans, income status or any financial activity of the individual can act positively and negatively while applying for any kind of loan.

The PAN card of the main applicant (student) is required to login the education loan case. For online loan application for abroad studies or by applying in person from the banks, the entire process would start from entering the PAN as your identification card itself, hence students cannot skip the PAN card. :

The PAN card of the main applicant (student) is required to login the education loan case. For online loan application for abroad studies or by applying in person from the banks, the entire process would start from entering the PAN as your identification card itself, hence students cannot skip the PAN card.

Slide5:

For any transaction of Rs. 50,000 and above, PAN Card submission is compulsory. Here, the amount of overseas education loan is definitely higher, PAN is anyway required. In case the student has a Minor PAN Card, it needs to be converted to an Adult PAN Card before applying for the loan.

Slide6:

The loan amount is transferred to the loan account opened on the name of the student only. (For any banking account, a PAN Card is required) Through PAN card only, the credit history is maintained and the same is reflected in your CIBIL/ credit score. It will help the student to avail better credit limits in future for any financial requirements in any aspects like car loan, home loan, business loan and even further educational loan for professional courses, without being dependant on parent/guardian again.

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