Expenses are covered by an education loan?
Education loans typically cover a wide range of expenses related to higher education, including tuition fees, books, equipment, accommodation, and living expenses.
The interest rate on education loans?
The interest rate on education loans varies depending on the lender, the loan amount, and your creditworthiness. Typically, interest rates for education loans in India range from 8% to 16% per annum.
The repayment period for education loans?
The repayment period for education loans can vary depending on the lender and the specific loan product. Generally, the repayment period for education loans in India ranges from 5 to 15 years.
Documents required to apply for an education loan?
The documents required to apply for an education loan may vary depending on the lender and the specific loan product. However, some common documents that may be required include proof of identity, proof of address, proof of income, and academic documents.
Tax benefits on an education loan?
Yes, you can claim tax benefits on the interest paid on education loans under Section 80E of the Income Tax Act, 1961.