Tax deduction under Section 80E is only available for loans taken for pursuing higher education
People usually explore banks for an education loan, but the rising non-performing assets (NPAs) in this segment have made banks wary.
The average amount disbursed to an applicant climbed to Rs 9.6 lakh this year from Rs 6.8 lakh last year.
Despite increasing number of students not paying back their loans spiking NPAs to over 10 percent, lending continues for higher education with the disbursals topping Rs 20,000 crore in fiscal 2017, according to a report.
"Our portfolio stands at over Rs 900 crore and we are looking at a growth of 35 per cent next year," a company spokesperson told PTI today.
Finance minister should listen to various demands of the tax payer and offer increased tax sops.
Education loan and home loan come with income tax benefit. Here are the rules that govern the tax benefits.
Loan against property can help you unlock the hidden value of your property by granting access to cheap and long term source of fund raising.
Handling credit is a task for many adults. It is better to educate kids so that they can handle credit better in their life.
Education loans come with tax benefits. However, one should be careful while ascertaining the quantum of benefit and the conditions that apply.
Bangalore-based NBFC-MFI Grameen Koota Financial Services Pvt Limited (Grameen Koota) on Thursday, slashed interest rate by 200 basis points (2 ...
Applying for an education loan is a cumbersome process, as banks have been too stringent with education loan applications. However, Vidyalakshmi helps in applying to three banks for education loan using one form.
Conservative approach surely favours banks when it comes to education loan. However, there will be some situations wherein the NBFC can be a better option to raise an education loan.
For some college education may mean education loan. However, if one plans his college days well, he can put in place a solid foundation for his money matters
Education loans do offer tax benefits and easy repayment norms, however they come with some limitations where a top-up loan scores.
If you have not crossed thirty, then you are in the early years of your career. You can buy insurance cheap, benefit from long term investing and go for home loans to buy a house of your choice.
If you do not pay your education loan on time, your credit score goes down. You are recorded as a defaulter as a result of which you are not eligible for a loan in future.
The education loans can fund your higher education. The process is simple and if followed can offer you access to funds to pay your fees and other expenses. One must pay off his education loan to remain creditworthy.
Not all courses are approved by authorities and hence may not be funded with an education loan. Loan against property can come to rescue in such a situation
Finance Minister paid utmost attention to the demands of the students and introduced new opportunities to them.
With education prices escalating with each year, many parents have been exploring the educational loan tool to make sure their children get the best and their financial status does not bring any hindrance to their goals.
Impulse purchase can be classified as an unplanned expenditure. Research states that feelings and emotions play a very important role in case of an impulse purchase, which gets triggered on seeing a promotional ad, offer etc.
Section 80E allows the entire interest paid on education loan as deduction from the assessment year relevant to the previous year in which the assessee begins paying interest and seven subsequent years.
Rajiv Raj of creditvidya.com stresses on the need to pay heed to the importance of education loan. He discusses on how efficiently should one manage this loan to maintain a good CIBIL credit score.
Pankaj Mathpal of Optima Money Managers suggests that education loan should be taken in the name of student. So that student can claim the benefit under Section 80E.