Student loans in India (popularly known as Education loans) have become a popular method of funding higher education in India with the cost of educational degrees going higher. The spread of self-financing institutions(which has less to no funding from the government) for higher education in fields of engineering, medical and management which has higher fees than their government aided counterparts have encouraged the trend in India. Most large public sector and private sector banks offer educational loans.
Income Tax Benefits
Under section 80(e) of the Indian Income tax act, a person can exempt the amount paid against the interest of the education loan - either for self or for his/her spouse or children - for eight years from the year (s)he starts to repay the loan or for the duration the loan is in effect, whichever is lesser.]
Education loan is becoming popular day by day because of the rising fee structure of higher education. It came into existence in 1995 started first by SBI bank and after that many banks started offering study loan. If you looking for education loan then visit here first to check out the latest rates and then the general eligibility criteria of all major banks.
Thank you for sharing such great information. It has help me in finding out more detail about Study Loans in India!
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