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Tell me about education loans?
01-06-2012, 07:32 PM
Post: #1

Tell me about education loans?

Please give information about education loans in India?
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01-06-2012, 08:03 PM
Post: #2
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RE: Tell me about education loans?

(01-06-2012 07:32 PM)gagan Wrote:  Please give information about education loans in India?

It is true that these days education comes with a cost and higher education seems to be proving costlier day by day. So the Govt. of India has formulated Educational Loan Scheme, to fund the higher education, so that nobody would be left behind from the main league of education.

Two banking and financial Apex Bodies, the Reserve Bank of India (RBI) and Indian Bankers Association (IBA) have helped the government in preparing the plan and procedure for educational loans. The new scheme covers all types of courses including professional courses in schools and colleges in India and abroad. Anybody can approach a Nationalized Bank in India to avail the facility and get the details on different loan schemes available with them. Private bank and Cooperative banks also have such schemes and it may be very easy to get the education loan if one fulfills the criteria. There are some tax benefits also attached with the education loans which are also important to know.

Tax Benefit – The repayment of an educational loan is deductible under section 80E of the Income Tax Act. The annual limit for deduction is Rs. 40,000 (for both the principal and the interest). However, only the loans borrowed for higher education (full time studies in any graduate or post-graduate, professional, and pure and applied science courses) may claim deduction. The deduction will be available for a maximum of eight years starting from the day you start paying back.Smile
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