Exams are going on across the country. Board examinations of different states are going on. CBSE examinations are also continuing. The student will go for higher education after the examination is over. Everyday education is costly, the biggest concern for the guardian of the family is about higher education for children. The concern for the guardian is where to bring money for children's studies. At a time when you are concerned about the education of children, education loans become a big prop. Some essential things should be taken care of before taking an education loan.
Education loan process
You can get this loan for post-graduation or professional study. You can talk to the bank in which you have an account for a loan. For an educational institute that is recognized by the government, you will not find it very difficult to take a loan for a professional course. Educational loans include your college fees, library, hostel expenses, and purchase of computers for studies.
Documents
You have to submit your last mark sheet, certificate of expenses during the course, bank statements for the previous six months, entrance and scholarship documents, and ITR proof of the last two years of the parents.
What are the terms
For education loan, the applicant must be Indian. Students aged 16 to 35 years can apply for the same.
Tax exemption on interest payment
Under section 80E of the Income Tax Act, a claim can be made for tax exemption on its interest payment.
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