Education and Career Forum

Hello sir, I have completed B.Tech in Civil Engineering from Hyderabad and want to do M.Tech from Germany. Pleas tell me procedure to apply for an education loan of 15 lakh from HDFC Bank? Can my father get tax benefit under Sec 80 E of IT act?

Yes, you are eligible to get the education loan of rupees 15 lac from HDFC bank. To avail the loan you need to submit certain necessary documents like The applicant should be an Indian national.
The student should not have any outstanding loan amount from any other bank.
The candidate must have secured admission in the recognized University in India or abroad.
Parents should sign up as the Co-Applicant.
The candidate needs to submit photo copy of Address proof, Income proof, Income details, Educational documents. The maximum loan amount to avail for abroad study is rupees 20 lac. You are taking the loan of rupees 15 lac then a collateral security is also required. Yes your father can avail benefit under section 80(E) of Income Tax act. This section states that the person who is taking loan for foreign studies can avail the benefit as the interest paid on education loan is allowed as deduction from the total income under section 80 E.