Benefits of Getting an Overseas Education Loan over Self-funding
Parents often cringe at the thought of getting an overseas education loan. Many who cannot afford the expense of overseas education miss the opportunity due to the misconception about education loans. However, many who are financially sound prefer to self-finance the overseas education loans. This article points out why aspirants should go for education loans for abroad studies instead of self-funding. The assorted benefits of going for overseas education loans are given below: 1. Tax Benefits A significant advantage received by borrowers is Income Tax Benefit. Under section 80E of the Income Tax Act of India, Loan applicants will be eligible for deductions in rate of interest paid on the loan. It must be ensured that loans are taken only from gazetted financial institutions to be eligible for this benefit. Any Indian citizen may claim this benefit on education loans for self, married partner, children or for someone who is under the person’s lega