A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.
Eligible Courses
All courses having employment prospects are eligible.
- Graduation courses/ Post graduation courses/ Professional courses
- Other courses approved by UGC/Government/AICTE etc.
- Fees payable to college/school/hostel
- Examination/Library/Laboratory fees
- Purchase of Books/Equipment/Instruments/Uniforms
- Caution Deposit/Building Fund/Refundable Deposit
- Travel Expenses/Passage money for studies abroad
- Purchase of computers considered necessary for completion of course
- Cost of a Two-wheeler upto Rs. 50,000/-
Any other expenses required to complete the course like study tours, project work etc.
Amount of Loan
- For studies in India, maximum Rs. 10 lacs
- Studies abroad, maximum Rs. 20 lacs
For loans upto Rs.4 lacs - 12.75% p.a. Floating
For loans above Rs.4 lacs - 13.75% p.a. Floating
- No processing fee/ upfront charges
- Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money
1 comments:
The following queries may kindly be clarified.
(I)
An education loan was sanctioned for rupees one lakh sixty four thousand five hundred(Rs1.645lakh)
only to my son but only rupees one lakh thirtysix thousand
one hundred only was paid to the institution where my son is
studying. The balance amount of rupees twenty-eight thousand
four hundred only was not so far been released/paid inspite of
repeated request made by my son & also by me for purchase of
laptop which is very much essential for preparation/presentation
of project report for fulfilment of Engg Degree.
(II)
I have taken Education Loan from State Bank of India
for Rupees one lakh thirty six thousand
only(Rs136100)for my son for Engineering Degree course
Since August 2003.
An interest of Rs16008/-per annum
(@Rs1334/-per month )is being deducted from my saving Bank account each year.[I was not claiming any Tax-Rebate or any Tax-deduction from my salary income tilldate(FY2006-07)].
During last year(Financial year 2006-07)The Bank could deducted only Rs13340/-instead of Rs16008/-as part of interest due to his negligence and he added the balance amount of Rs2668/-{which was to be deducted last year(FY2006-07) as an interest},in principal loan of Rs136500/-totalling to
Rs139168/-.
When I reminded the bank about the fact, then he deducted Rs2668/-+ Rs16008/- = Rs18678/-[the balance
amount of interest of last year(FY-2006)+ the amount
of interest during Financial year 2007-08](THIS
YEAR)totaling to Rs18678.
But the Bank is not issuing the certificate of deducting Rs18678/-during the financial year 2007-08 (This year)and tells that the interest during financial year2007-08 becomes only Rs16008/-andRs2668/was the interest oflast year(Financialyear-2006-07)and because it was not deducted at that
time (F.Y-2006-07),the same converted into theprincipal-amount during this year(F.Y 2007-08) and
hence certificate of interest paid by me during this year(FY2007-08)will be issued only for Rs16008/-
instead of Rs18678/-.
1) Please guide me which amount is to be claimed as an interest
Rs16008/- or Rs18678/
2)Can I claim entire interest paid by me since AUGUST-2003 as I was not claiming any Tax- Rebate or any Tax-deduction from my salary income till date(FY2007-08)since AUGUST-2003.
This request may be taken /replied on an urgent basis.
Thanking you very much Sir for the same.
Yours Faith fully
(P.C.JHA)
Education LoanA/C
Account Number-10933264630
E Mail:- peeceejhaa@yahoo.co.in
peeceejhaa@gmail.com
***********************************
Post a Comment