If I take a loan, is an Income Tax Return (ITR) mandatory and should it be in the student's name or can it be in a family member's name?

Yes, submitting an Income Tax Return (ITR) is typically mandatory when applying for an education loan to study abroad.

The ITR should be in the name of the co-applicant - usually a parent or guardian - who is financially supporting the loan. Lenders use the co-applicant’s ITR (often for the last 2 years) to assess income stability and repayment capacity.

Your own ITR is generally not required unless you have significant work experience and income, which could strengthen your application.