Both my parents are retired govt employees, and my brother is working in Adani solar power in the strategy team for less than a year now, previously he worked in ICICI, so he does not have his ITR of 2 years to be my guarantor for my education loan, what is the solution for this case? Can my parents become co-guarantors, and will their ITR be enough to suffice the requirements?
I understand your concern regarding the need for a guarantor for an education loan, especially when your brother does not have two years’ worth of income tax returns (ITR) and your parents are retired government employees. Here are some potential solutions for you:
Brother as a loan guarantor: You can inquire with the lender if they would consider your brother’s existing ITR related to his previous job role in ICICI, which is a year old, as acceptable for the loan guarantor requirement.
Parents as loan guarantors: As retired government employees, your parents’ pension income can serve as proof for the education loan. Make sure to provide necessary documents such as payment statements and retirement benefits documents.
Please note that different lenders may have varying requirements for minimum income and maximum loan amounts. It is advisable to discuss your specific circumstances with the lender you choose, as their loan officer will provide guidance accordingly.
If you are yet to find out your lender, I recommend you get in touch with us by checking your education loan eligibility. We will analyze your profile and suggest the best possible lenders.
Hope the answer provides solutions to your concerns. If you have more queries, kindly raise them on the forum. Wish you good luck ahead.