12th July 2016, 08:52 PM
Posts: n/a

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?

Related Questions:
  1. Will my assistantship included in Loan margin under Education Loan scheme of Allahabad Bank?
  2. Is there any penalty on failing to pay EMI on time under Allahabad Bank Education Loan scheme? How much penalty has to be paid? -- [Most Discussed]
  3. Detailed information about tax under Bank Education Loan policy?
  4. Procedure and documents required to apply for education loan? What will be the interest rate and what kind of EMI will be deducted?
  5. How much EMI will be charged against Loan amount of Rs. 5 Lacs under Bank of India Star Education Loan scheme? Details of repayment period? -- [Most Discussed]
  6. Education Loan scheme of Allahabad Bank to study MS in Germany? -- [Most Discussed]
  7. Repayment mode under Education Loan scheme of Federal Bank? -- [Most Discussed]
  8. Whether assistantship includes in margin of Bank of Baroda Education Loan scheme?
  9. Subsidy scheme under Allahabad Bank Education Loan scheme?
  10. Details of State Bank of India EMI scheme against Education Loan for study MBA?
  11. How margin can be included in Education Loan of Rs. 7 Lacs in Dena Bank?
  12. Can I apply for an education loan along with extra money for Laptop? -- [New]
  13. How can I get tax benefits in Bank Education Loan?
  14. Benefits and drawbacks of Allahabad Bank Education Loan scheme?
  15. How much monthly EMI will be paid against Education Loan amount of Rs. 8.75 Lacs in Indian Overseas Bank? How many months of EMI is available in this Bank?
  16. Need information about Tax Rebate provided against Education Loan? -- [Most Discussed]
  17. Can I claim tax rebate if education loan was taken by my father from Union Bank?
  18. How can I claim Tax Rebate on Education Loan taken by my father for my brother’s education?
15th July 2016, 08:13 PM
Senior Member+++++
Join Date: Mar 2012
Location: New Delhi
Posts: 20,580
Default 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.
15th July 2016, 09:52 PM
Senior Member+++++
Join Date: Dec 2013
Location: India
Posts: 8,583
Default 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.
Do you have any question? or have anything to say?

Related Topics:

Thread Replies Last Post
What is the cost for B.Tech course at Lovely Professional University? Is there any scholarship programme? 1 13th March 2017 05:15 PM
When Job Fair of Aryans Group of College will be held? For how many days job fair will be available? 2 30th January 2016 03:34 AM
Can I get scholarship to study B.Tech in Lovely Professional University being a 12th IGCSE student from Kenya?o 0 13th September 2015 05:27 PM

Powered by vBulletin® Version 3.8.3
Copyright ©2000 - 2022, Jelsoft Enterprises Ltd.
Search Engine Optimization by vBSEO 3.3.0
vBulletin Optimisation by vB Optimise.
Please also check: