Need of PAN Card while applying for an Overseas Education Loan - PowerPoint PPT Presentation

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Need of PAN Card while applying for an Overseas Education Loan


Significance of PAN Card when students apply for a foreign education loan. – PowerPoint PPT presentation

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

Need of PAN Card while applying for an Overseas
Education Loan
  • 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 holders name,
    fathers 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
  • 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.

  • The PAN card being highly important tool to
    understand the financial history of debts,
    repayment patterns of
  • previous loans, income status or any financial
  • 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.
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.
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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