Yes, it is possible to make both your father and mother co-applicants for an education loan, and you can combine their income for loan eligibility. Many banks and financial institutions in India allow multiple co-applicants for an education loan, particularly when their combined financial standing can meet the lender's requirements. Here's what you should know and consider:
1. Eligibility for Multiple Co-applicants
- Most banks and NBFCs (Non-Banking Financial Companies) allow multiple co-applicants, typically immediate family members such as parents, siblings, or a spouse.
- The combined income of your co-applicants will be considered to assess repayment capability.
2. Documents Needed
For both co-applicants, you will need:
- Income proof:
- For your father: Income certificate and/or agricultural income proof (since ITR is not available).
- For your mother: Salary slips, Form 16, or other income proof.
- Bank statements (Last 6 months).
- Identity proof (Aadhar, PAN, etc.).
- Address proof.
- Relationship proof (e.g., your birth certificate showing your parents' names).
3. Agricultural Income Acceptance
- Agricultural income is generally accepted by Indian lenders, but you may need to provide proof, such as land ownership documents, crop yield reports, and sale receipts.
Apply for an education loan or Check your Eligibility.
