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#1
12th July 2016, 08:52 PM
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Whether tax is included in EMI under Allahabad Bank Education Loan scheme? How much tax is included?
Hi Everyone,
I have taken an Education Loan from Allahabad Bank and studying B.Tech now. This is my 3rd year and they will start taking an EMI few months after completion of my B.Tech. I want to know that the EMI is also included tax? If yes, then how much? |
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#2
15th July 2016, 08:13 PM
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Re: Whether tax is included in EMI under Allahabad Bank Education Loan scheme? How much tax is included?
You have to pay EMI according to the rate of interest on education loan. I don't think there is any tax on education loans. In fact, those who take education loan get are exempted from tax.
You can claim income tax exemption under section 80E if you are paying interest on education loan. |
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#3
15th July 2016, 09:52 PM
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Re: Whether tax is included in EMI under Allahabad Bank Education Loan scheme? How much tax is included?
EMI for repayment of education loan does not involve any tax as such. You need to pay interest and some portion of your principal. The bank will pay income tax to the government based on its income in the form of interest from you. You can in turn, claim income tax rebate on the basis of your repayment of education loan. The EMI amount will be dependent on the amount of years you choose for repayment and the prevailing rate of interest.
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