How does the loan process work for study abroad applications and does the loan provider require ITR documents?

Yes, most education loan providers require Income Tax Return (ITR) documents from your co-applicant as part of the study abroad loan process.

Here's how the process typically works:

- Eligibility: You need confirmed admission to a recognized foreign university and a co-applicant (parent/guardian) with stable income.
- Loan Application: Submit your application with required documents - this includes your academic records, admission letter, and your co-applicant’s financial documents.
- ITR Requirement: Lenders generally ask for your co-applicant’s ITRs for the last two years to assess repayment capacity. For salaried co-applicants, Form 16 and salary slips may also be needed.
- Loan Assessment: The lender reviews your documents, may conduct interviews, and then issues a sanction letter if approved.

Loan terms, required documents, and interest rates are subject to change.