Education loan

Education Loan

Education loan - A loan is taken to meet education fees, hostel charges, and other related costs for seeking after determined educational courses in an institution is called Education Loan. Banks offer student loans for pursuing pre-specific courses in India and abroad from specific institutions or universities. Banks free a list of allowed courses and institutions for which it will give education loans. In this way, the course you need to pursue is within the bank's lists alongside the institution or universities you wish to join, at that point you can apply for an education loan.

Interest rates online

Education loan is offered by leading banks in India to assist students with accomplishing their achieve dreams. Education Loan Interest rates start from 8.05% p.a. with loan residencies of as long as 15 years. Education loan is offered for higher education in both India and abroad.

Education loan in India

• Nursery to class 12. 
• Graduation and Post-Graduation courses (diploma, technical, professional) directed by approved colleges or schools under UGC/IMC/AICTE/government. 
• Normal degree/diploma courses managed via the self-sufficient institution, for example, IIM/IIT, and so forth. 
• Regular degree or diploma courses, for example, pilot preparing, aeronautical, delivery, and increasingly affirmed by the Director-General of Civil Aviation/Shipping/other administrative position. 
• Job oriented courses (technical or professional) for Graduation/Post Graduation/Diploma, for example, MBA/MCA/MS offered by reputed educational institutions, courses led by the Chartered Institute of Management Accountants (CIMA) – London or Certified Public Accountant (CPA) – USA. 
• Loan for skill development.

Tax benefits on Education loan

• Interest paid on education loan can be claimed as a derivation from the income of borrower according to Section 80E of the Income Tax Act, 1961 
• Refund is accessible for full-time courses, low maintenance courses and professional courses pursued after in India and abroad 
• The refund can be guaranteed inside eight years present ban period subject on the real installment of interest. 
• Discount is accessible for interest paid on loan for the education of self, life partner, youngsters or for the students of whom he/she is the legal guardian. 
• No discount is accessible for principal repayment.

Benefits and features of Education Loan

• Loan financing up to Rs.1 crore accessible. 
• Loan repayment residency as long as 15 years. 
• Get an Education loan for studies in India and abroad. 
• A few banks offer loan disbursals before applying for a Visa. 
• Door-steps services to collect required records. 
• Children of the bank's workers appreciate particular rates at a few banks. 
• Certain banks offer concessional loan rates to female students. 
• Enjoy a ban time of as long as 1 year after course fulfillment. During this period, you don't need to make installments on the loan. 
• Enjoy tax benefits as long as 8 years on the interest paid.

Documents required for Education loan

• Properly filled the application structure along with two passport size photos of the candidate and co-candidate. 
• Admission Letter from the Institute. It should have the institution's name and address on the letterhead. 
• The detailed cost separation of the course from the Institute, which indicates the education cost, the term of the course, year-wise charges, and costs. 
• The academic record of the candidate/students, which should include 12 Mark sheet, declaration of any subsequent education like graduation or post-graduation, mark sheet of the placement test and any grant report. 
• An affidavit or a statement that no loan has been profited from some other bank or financial organization.
• Any ID proof like PAN card, Aadhar card, Driving License, visa, and so forth. 
• Any address proof like Ration Card, Driving License, Passport, Aadhaar Card, and so forth 
• For age verification Birth Certificate or 10th Class certificate.