By offering a wide range of college loans, top Indian banks play a crucial role in assisting students in reaching their academic objectives. These loans, which have competitive interest rates starting at 8.10% annually and flexible payback terms of up to 20 years, are intended for both domestic and international students. The loans are intended to assist working people who are pursuing full-time or part-time education at a variety of educational levels, from preschool to college.
Loans are offered for approved undergraduate, graduate, and doctoral programs, as well as for six-month or longer diploma programs, job-oriented courses, technical/professional courses, and diploma programs.Candidates need to be enrolled in or get admission to government-run institutions, professional schools, international colleges, and universities.Candidates must have completed 10+2 (12th standard) for undergraduate studies, while a degree is necessary for postgraduate courses.
Section 80E of the Income Tax Act of 1961 allows you to deduct the interest you pay on your student loans. solely individual borrowers are eligible for this benefit, which is solely provided for higher education. All academic disciplines, both domestically and abroad, are eligible for the deduction. Both academic and vocational courses are included.Recall that the tax deduction only covers the interest component of the EMI—not the principle. However, there is no cap on the number of times you can use this benefit. To be eligible for this benefit, you must have a certificate from your bank or other financial organisation that distinguishes between the principle and interest components of your EMIs.
