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  #1  
24th May 2016, 01:30 PM
Unregistered
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Can I get benefits on Interest against an Education Loan being a B.Tech(IT) 1st year student?


Hello,
I have taken an Education Loan in this year for my 1st Year B.Tech(IT) course.
Shall I get Interest benefit till my course completion? Please clarify.




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  #2  
25th May 2016, 11:42 PM
SudeepKumarSaha
Senior Member+++++
  
Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: Can I get benefits on Interest against an Education Loan being a B.Tech(IT) 1st year student?

Yes, you will get interest benefit till the completion of course. The interest will be calculated as simple interest for the entire study period. Apart from this, if you pay the interest every month , you will get 1% rebate in your interest rate quarterly.
  #3  
26th May 2016, 03:48 PM
bhushankumar398
Senior Member++
  
Join Date: Jun 2013
Posts: 1,303
Default Re: Can I get benefits on Interest against an Education Loan being a B.Tech(IT) 1st year student?

You have taken educational loan for your B.Tech course and want to know about the interest benefit till the completion of course.

>>Bank will provide interest benefit or interest subsidy if you belong to reserved category student such as OBC/ SC/ ST. For this you have to fill a form of interest subsidy which you got from the bank and submit it with your income certificate. Then you will get interest subsidy from the government which reduce your interest amount.

>>If you do not belong to any category, then you will not get any interest benefit from bank side or from govt. side. In this you have to pay full amount (loan amount plus interest) at the end of the course.
Do you have any question? or have anything to say?



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