#EducationLoan

[@WeMakeScholars]

Hi, everyone! You may watch the same topic discussed in other languages here: Hindi - kzbin.info/www/bejne/aIO4qH-Xp5ZjnK8 Telugu - kzbin.info/www/bejne/r2TSmWhmmtGtiqs Tamil - kzbin.info/www/bejne/eKvSe4qHhthobaM

[@kuchipudimanohar4256]

Very useful video....

[@WeMakeScholars]

Hi Kuchipudi! Thanks for reaching out to us to discuss the feedback on the video that we have shared. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@erss83]

Very informative videos, nice work

[@WeMakeScholars]

Hello there! We appreciate your input and we are glad that you have found our videos helpful. Stay connected for more informative videos ahead.

[@kuchipudimanohar4256]

Thanks for the video team We make. scholars. 🙏

[@WeMakeScholars]

Hi Kuchipudi! Glad that you found the video helpful. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@AnimeInsightEnglish]

Hi income tax return parents ka chalega education loan ke leye. I am student

[@WeMakeScholars]

Hi! Yes, the ITR of parents would be enough if they are co-applicants in your case. For further guidance on the same please connect to our loan team by requesting a callback on this link:bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.

[@sanjuktadas9602]

Thank you so much mam. 🙇🏻‍♀️ Your simplified answers made my day . It's really hard to understand all the financial guidelines , especially if you're from a financially illiterate background . Finding this channel was a gift . 🌈✌️🌼🙆

[@WeMakeScholars]

Hi, Sanjukta! Thanks a lot for your words of appreciation. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@ot7army45]

Hi WMS team, is the tax deduction available in new tax regime also?

[@WeMakeScholars]

Hey! The interest deduction is applicable for the new tax regime. However, only some banks are eligible for it. To know the eligible banks, request a callback bit.ly/48cTdcR. Our team will get in touch with you shortly.

[@dipakgond8181]

My family income is not much.. So it is not commung in income tax... So i get tax benefits or not

[@WeMakeScholars]

Hi, Dipak! If your income is not taxable, you will not be eligible for the exemption under Section 80E.

[@suryanshawasthi1815]

Can we claim savings from intrests on previous years of we had started paying this year

[@WeMakeScholars]

Hi, Suryansh! This exemption can be only claimed during your repayment i.e. once you start paying your EMIs. For further one-on-one guidance connect to our loan team by requesting a callback on this link:bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.

[@suryanshawasthi1815]

@@WeMakeScholars thanks for response it was helpful

[@gaurav_r13]

Is this valid if we take a full time course online? It's a regular full time course from US.

[@WeMakeScholars]

Hi Gaurav! Unfortunately, banks don't provide an education loan for an online course.

[@Beat_itttt......]

Hello Higher education loan taken by child and his parents paying this loan then they are able to take deduction benefit or not???

[@WeMakeScholars]

Hi Anup! No, either one of you can claim the tax benefit. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@ashishdeshpande6182]

Loan of 50 lakhs ....rate of interest 11.5 ....tax bracket 30 Percent for 5 years . How much saving ?

[@WeMakeScholars]

Hello Ashish, how much will you be disbursing? At what rate? Manu more factors must be taken to consideration than the information you provide. Please speak to our loan team here who can explain better: bit.ly/education-loan

[@amarmehal5241]

Hy Mam, In future i am going to get connect with you for the education loan.Great job mam.

[@WeMakeScholars]

Sure, always welcome! Pls share our episodes with your friends....

[@ashishmalik71]

Which would be more beneficial then paying interest in moratorium period or paying after moratorium period ?

[@WeMakeScholars]

Ashish, if you can pay, start paying during the moratorium itself. The faster you close the loan, the better it would be. Request a callback and get assistance from our team @ www.wemakescholars.com/study-abroad-education-loan There are many advantages to going via WeMakeScholars when compared to trying on your own. Also, as the initiative is funded by the IT Ministry, there are no charges to pay us.

[@ashishmalik71]

@@WeMakeScholars I have already applied through We make scholars and got loan sanctioned letter but SBI officials made so many mistakes in application . Hope you team will help me in this.

[@WeMakeScholars]

@@ashishmalik71 Hi Ashish, we are currently looking into the matter. Thanks for your response.

[@WeMakeScholars]

@@ashishmalik71 Seems like our team has already helped you get this problem resolved.

[@ajay3865]

Does this section 80e benfit, if we are paying simple intrest during Monotorium and grace period? Thanks to WMS , i got approval from incred and avanse , now i have applied for axis and icci banks through WMS. What your recommendation between NBFC and Private banks.? My coapplicant is fine with paying simple interest now rather than compound intrest later!

[@WeMakeScholars]

Hi Ajay! Please share your registered email address. Your Financial officer will be getting in touch you regarding this.

[@zenithmacwan]

Hello mam, I have one query, does 8 years of 80E starts counting if i start to pay only intrest during monotorium period.

[@WeMakeScholars]

Hi, Zenith! The deduction can be availed only for a period of eight years from the year when you start repaying or until you have fully repaid your interest, whichever happens earlier. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@zenithmacwan]

@@WeMakeScholars mam i guess u didn't understood my question i wanna know if that golden period of 8 years starts counting if i started to pay only intrest part during monotorium period.

[@WeMakeScholars]

@@zenithmacwan Yes, it does.

[@sagnikchakraborty6544]

Ma'am, in order to claim this deduction, we need the interest certificate from the bank as a statement proof. We receive this certificate in the month of April (e.g. the interest that I'll pay for FY 24-25 will be reflected in the interest certificate that we'll receive in Apr'25). For us employees, we need to submit the proofs of investment declaration in Jan'25, but we would not have received the interest certificate yet. So, will our claim of deduction be rejected by our company. But, when we file our ITR for FY 24-25 in Jun'25, we would have received the interest certificate and we can claim the deduction. So, we can claim during ITR filing, but not in our company for TDS forecast. Is this so?

[@WeMakeScholars]

Hi Sagnik, You are indeed correct. You can specify the interest amount as per interest certificate while filling your ITRs, even though it is not considered for TDS in your company. Speak with our team as they can provide detailed explanation and guidance on this matter. Simply request a callback at bit.ly/48cTdcR. Our team will respond to you shortly.

[@SuperPrerith]

I have a loan of 20 lakhs and the interest of interest is 7%. What's the max amount that I can save and in how many years and what's the emi?

[@WeMakeScholars]

Hi, Prerith! Please use this calculator to calculate your income tax benefits: www.wemakescholars.com/education-loan-tax-rebate-calculator

[@roshanshetty4856]

Co. applicant income slab rate = 10 percent. loan amount= 10 lakhs. Roi= 10 percent. period= 8 years. how much would I be saving? and how?

[@WeMakeScholars]

Hi, Roshan! Please use this calculator to calculate your benefits: www.wemakescholars.com/education-loan-tax-rebate-calculator

[@prahladreddyk5001]

Hi mam, Can we carry over the education loan interest ?

[@WeMakeScholars]

Hi Prahlad! Can you please elaborate.

[@prahladreddyk5001]

@@WeMakeScholars I mean can we claim interest the paid in FY21 in a different year?

[@WeMakeScholars]

@@prahladreddyk5001 Yes, You can but it depends upon the type of lender that you are going with. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@rutujajadhav9446]

Hi mam What if we are paying the entire simple interest from the first month can the tax benefit still be claimed?

[@WeMakeScholars]

Hi Rutuja, yes you can claim tax benefits under section 80E of the Income Tax Act on the interest paid from the first month on your education loan. If you are seeking one-on-one assistance in your education loan process, our team will definitely help you by checking your eligibility with 15+ public and private banks, and can secure an education loan that suits you best according to your profile. Please speak to your financial officer by requesting a callback using this link: bit.ly/48cTdcR or call 9889882090.

[@RakeshKumar-yz8kq]

Question - can the tax benefit be shared, like co applicant claims for 3 years by then coappkicant is retired and the student is back to India and student starts claiming tax benefit on education loan

[@WeMakeScholars]

Hi Rakesh! Yes, Co-applicant and applicant can claim Income Tax Exemption under 80(E) for up to 7 years. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@RakeshKumar-yz8kq]

@@WeMakeScholars thanks for your response. Tried using the link it did not work. Is there any other way to connect

[@WeMakeScholars]

You may try again with bit.ly/3KLb0zu

[@bt12jinitjani16]

For visa file ITR proof is asked so if we take loan do we need to attach ITR in that case

[@WeMakeScholars]

Hi, Jinit! Yes, you have to submit the co-applicant's ITR if you are taking an unsecured loan. For further guidance, please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.

[@ansaahmed4780]

Loan Amount ~ 11 Lakhs Loan started ~ Feb 2021 Loan repayment will start from August 2022, as I graduate. I lie in 30% tax bracket. Could you help? I also needed to know how much should I keep the EMI for this loan in order to take advantage of this benefit. Should I be repaying the loan as soon as possible or should I manage it with expenses and savings.

[@WeMakeScholars]

Hi Anha! You can claim this benefit once the EMI starts incase of public lenders but incase of private lenders you can claim it during your moratorium period. You may use this Education Loan Tax 80E Rebate Calculator to check the same on how much you save: wemakescholars.com/education-loan-tax-rebate-calculator. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@ishahooda7522]

My mother is the co-applicant in the loan. Instead of her can my father take the tax benefit?

[@WeMakeScholars]

Hi, Isha! Only the applicant or co-applicant can claim the deduction. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@vigneshhkumarr]

I have completed B.E in india this year. Took total of 4lakhs loan for 11.15% in sbi. I got a job and I'm planning to start repay the loan in 3 months. Am I eligible to tax deduction if studied in india?

[@WeMakeScholars]

Hi Vignesh, The tax exemption under section 80 E is also applicable to students who took their education loan to study in India. If you’ve processed your loan via Wemakescholars, please feel free to talk to your financial officer.

[@deepaktogloor]

I fall under 30% slab I am planning to take Rs. 1.00 Lac for 12 months for Graduation certificate course such as (eg. Upgrade or SimpliLearn any other) but xyz portal is mentioned Avail education loans at 0% interest rate* with our corporate financial partners zest, propelld. query here is: 1. Shall I still avail tax exemption under 80E if I go with their corporate financial partners? 2. As they mentioned 0% ROI, so can mention principal amount browed as an exemption? pls advise.

[@WeMakeScholars]

Hi Deepak! the corporate financial partner who is providing the loan must be authorized to get tax exemption then only you will be able to get it you can just get in touch with your lender directly and confirm. Only the interest component of the loan is eligible for a tax deduction and not the principal amount.

[@deepaktogloor]

@@WeMakeScholars Thank you Miss Mahajan for your quick response, suggestion, sure I will follow your above given advise

[@mahendrasharma3017]

Hi Ma’am Ma’am for which year we can avail the rebate under 80E….. For Current FY or Previous FY interest deduction????? 🙏 Please reply

[@WeMakeScholars]

Hi Mahendra! You can avail it for the Previous Financial Year. Please connect to our loan team by requesting a callback on this link bit.ly/48cTdcR. Once you fill out the form, they will get back to you to guide you further on any loan related queries.

[@vaibhavmore1598]

Is education loan available for architecture courses in UK.

[@WeMakeScholars]

Hi, Vaibhav! Yes, you can take an education loan for architecture courses in the UK. Please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you within 24 hours.

[@zamir6842]

Lone ammount is 400000, duration is for 4 years , interest rate is 7.5%,how much I will save.

[@WeMakeScholars]

Hi, Sikandar! You may use this calculator to calculate your education loan income tax benefits: www.wemakescholars.com/education-loan-tax-rebate-calculator

[@amritbhat3647]

Loan Amount: 45 Lakhs, time span: 4 years; Estimated tax bracket: 30%. What is the estimated saving?

[@WeMakeScholars]

Hi, Amrit! Please use this calculator to calculate your savings: www.wemakescholars.com/education-loan-tax-rebate-calculator If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@abhishantabhishant6134]

If I am paying partial interest during moratorium period then 8 yrs for 80E are calculated after moratorium period or with inclusion of moratorium period?

[@WeMakeScholars]

Hi Abhishant! That is including the moratorium period. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@santojoy5651]

Is it possible to claim tax refund of past financial year interest paid amount? E.g. Can I claim tax refund on the interest paid in the year 22-23 in my 24-25 A.Y. ITR?

[@WeMakeScholars]

Hi Santosh, Kindly check with your tax consultant. As of our understanding tax refunds for interest paid are claimed in the same assessment year

[@EUNIQLens]

I persuade MBA IN 2018 - 20, TOOK 630000 education loan and never paid any interest till i got the job, I got job in 2020 aug. With salary 500000. On this july 2021 somthing around 109000 intrest was there on my loan account and I paid it. Is there any way to get it back. I am not a tax payer because my salary is under 500000. Kindly please help me to know about this. Thanks

[@WeMakeScholars]

Hi! Please use this calculator: www.wemakescholars.com/education-loan-tax-rebate-calculator

[@apurbabanerjee92]

Can I get tax benefit on the principal amount or is it only for the interest?

[@WeMakeScholars]

Hi, Apurba! It is only on the interest. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@kowshikkumarreddymakireddy8110]

Hello mam, is this applicable for NBFC Avanse financial services also. Please tell me. How will I get tax exemption for this education loan.

[@WeMakeScholars]

Hi Kowshik! If you have the interest certificate form the lender then you can claim the tax benefit.

[@rameshrajendran977]

Mam Section 80E explained clearly. Covered all possibilities. Excellent.Great going. I got loan santioned through WMS. You doing great. I want to know the formalities after loan sanction and about how disbursement and validity of loan sanction letter etc.

[@WeMakeScholars]

Thanks Ramesh. Happy for you. You have to produce the university invoice for fee payment and living expenses you can request for 3-6 months approximate. Just approach the sanctioning office with these and they will release the university fee to the university directly and the living exp will be released to your account directly. Take assistance from the WeMakeScholars financial officer if needed. We're always with you to help :)

[@salilagrawal858]

Quite informative But I have one query. I graduated this year only and in this financial year, I have not paid anything yet but an interest amount of 40k has been levied on me. Now I want to repay the whole amount lump sum. Will I get those 40k as tax free?

[@WeMakeScholars]

Hi! Glad you found the video helpful, The interest you have been charged is simple interest and it can be exempted up to a certain amount. If your education loan was sanctioned via WeMakeScholars, kindly revert to your Financial Officer they can guide you with the process.

[@nadeemsiddiqui3908]

I had taken a HE loan in Oct 19. Completed my course in Jan 2021. During this period the simple interest got accumulated against my loan account. Now, I have a job & I plan to pay the accumulated simple interest and EMI from June 1 onwards. So in the investment declaration what amount can I claim against tax deduction....Only interest paid in current FY OR Interest paid in current FY + interest accumulated during course period?

[@WeMakeScholars]

Hi, Nadeem! Tax claiming is as per financial year. So, from 1st April to 31st March next year, whatever interest portion is paid, tax can be claimed on that.

[@sakshimalawaliya6451]

Hi Ma'am, I have taken education loan of 15 lacs to study abroad from NBFC at 10.5% interest per annum. The repayment tenure is 14 years. Right now, my father is paying the EMI. In future, I would atleast have 5,00,001-10,00,000 income. How much can I save up in that case under section 80E ?

[@WeMakeScholars]

Hi Sakshi! You can claim Income Tax Exemption under 80(E) for up to 8 years only. You can save 50,000-2,00,000 under section 80E if you repay your loan within 8 years. For more accurate value, you can check our 80E Income Tax Rebate Calculator: www.wemakescholars.com/education-loan/tax-rebate-calculator

[@deepakchaudhary385]

Helloo mam i have a query on this. I took an educational loan from BOI and my Father became Guaranter for this . Now I want to repay the loan but i am still unemployed. So my father will be paying the loan .So can my father claim 80E?

[@WeMakeScholars]

Hi Deepak, your father can surely claim 80E benefits. Please contact the bank about this.

[@gurkaur7313]

Hello mam, is income tax returns mandatory for educational. Loan?? As my father is a farmer we do not have any itr. How can i apply for educational loan without collateral and itr???

[@WeMakeScholars]

Hi Gur, In some cases, it is possible to get an education loan without ITR. To check your eligibility for the same please connect to our loan team by requesting a callback on this link:bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.

[@apoorvsingh7134]

Can we file for 80E tax benifits for paying simple interest with NBFC like Avanse?

[@WeMakeScholars]

Hi, Apoorv! Loans taken from this NBFC do not qualify for the deduction under Section 80E. However, you can try with the tax certificate you get from this NBFC. It may or may not get approved by the Income Tax Department. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@aradhyabindal5709]

Loan amount- 20,00,000 Interest rate- 6.75% Period- 15 years (180 installments) Average package as of today- 15 lacs per annum from my college. Am planning to give it back in 8 years as I can take benefit up till this time only (as advised by you).

[@WeMakeScholars]

Hi, Aradhya! Please use this calculator to calculate your income tax benefit: www.wemakescholars.com/education-loan-tax-rebate-calculator

[@knowledgeandentertainmenta5142]

Hi mam, hope you answer. Can I claim deduction for a particular year while filing return, on interest paid for 2 or 3 previous years? Suppose I deposited total 1 lac in the previous year, can I claim this as deduction even if I have paid 1 lac as interest in 2-3 previous? years

[@WeMakeScholars]

Hello, yearly deductions can be filed only for that particular year. Deductions will not be made for previous years.

[@sampadaranade864]

Hi Mam, please tell me the savings I can get from below sinario, Education loan- 3 lac ROI- 12.5% Loan drawn in year - 2015-2018 Tax bracket - 20%

[@WeMakeScholars]

Hi Sampada! You may use www.wemakescholars.com/education-loan-tax-rebate-calculator to calculate your tax savings. In the meantime If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@abhijeetsharma4709]

Mam, my brother is my guarantor in my education loan. Can he claim tax benefits under 80 E?

[@WeMakeScholars]

Hi Abhijeet! Yes, Co-applicant and applicant can claim Income Tax Exemption under 80(E) for up to 7 years. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@newyoutube-tc4fr]

Hi mam, one query . I did bachelor degree by taking education loan and now i am paying my loan. I working in a company.So can i claim it under income tax or only my father can claim it ?

[@WeMakeScholars]

Hi! Yes, you can claim your interest paid under 80E to your/your father's ITR for up to 7 years. You will need to obtain a certificate from your bank / financial institution or approved charitable institution from whom your education loan has been taken.

[@amanpathak3725]

Can I take loan from here is it good ?

[@WeMakeScholars]

Hi Aman! We will only connect you with the lenders depending on your profile but usually and ultimately the loan that you will be getting will be from the lenders and FYI WeMakeScholars is an organization which is funded and supported by the Ministry of IT, Govt of India. All the services of WeMakeScholars are completely free of cost.

[@prakashazad736]

What will happened if anyone has not given his interest bifurcation to his employer regarding 80E and in that year his total income exceed 5 lakh and he have to pay tax...is in filling ITR if he showed his interest bifurcation and can claim deduction u/s 80E

[@WeMakeScholars]

Hi, Prakash! Yes, you can do that. At the time of filing your ITR, you can specify the interest portion under section 80E and claim it as a deduction. But please note that as there will be a data mismatch between your form 16 and ITR filing, you will get an income tax notice asking for clarification. If you have all the proofs like the interest certificate and sanction letter, you will be easily able to revert to their notice and you will get the deduction.

[@mihirbirare5102]

What if our income is not taxable like 3 to 4 lakh per annum

[@WeMakeScholars]

Hi Mihir! You may file 0 ITR which most the people do so.

[@jayantjain6516]

Hello Mam, Please guide If we take non - colletral / unsecured loan, from NBFC banks, for Abroad Education for doing master, Do we get Tax exemption under 80E till 8 years , While repayment. Please do let me know. Thanks

[@WeMakeScholars]

Hi Jayant! This exemption can be only claimed during your repayment i.e. once you start paying your EMIs. For further one-on-one guidance connect to our loan team by requesting a callback on this link:bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.

[@ravimaxdigitals]

Madam if my spouse has taken education loan and i was repaying emi out of my income can i claim tax deduction?

[@WeMakeScholars]

Hi! If you are added in the education loan as a co-applicant, then you can claim the interest paid under 80E to your ITR for up to 7 years. You will need to obtain a certificate from your bank / financial institution or approved charitable institution from whom your education loan has been taken. If you have taken an edyucation loan from WeMakeScholars, kindly revert to your Financial Officer, They will guide you further.

[@naviwaraich3970]

Mam ITR sirf parents ka hi lgta hai Yan Fr.... Grandfather Ki bhi ITR lg skta hai? Plz rply as soon as possible

[@WeMakeScholars]

Hi, Navi! ITR has to be filed by the co-applicant which could be mother, father, sibling, parent's siblings, spouse, etc. For further guidance, please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.

[@SravanJogu]

Dear Mam, I am planning to take an education loan for my spouse and I am in the 30% tax bracket. Can the loan be issued in my name and can I claim the tax benefits by paying the EMI or is only my wife eligible for the tax benefits. Kindly reply. Thank you

[@WeMakeScholars]

Hi Sravan! Yes, you can claim the tax exemptions if you are added to the loan as a co-applicant. You can claim Income Tax Exemption under 80(E) for up to 7 years. We suggest you talk with our Financial Officer about the same so they can help you with all the doubts and help you throughout the entire Education loan process. Please connect to our loan team by requesting a callback on this link bit.ly/3KLb0zu Once you fill out the form, they will get back to you to guide you further.

[@varunkumar-cv9sr]

i am working in service based IT company and my salary is 3.6LPA .my education loan is 3.68 lacs. so i falls in 5% slab.how much i can save?

[@WeMakeScholars]

Hi Varun! You can use this calculator : www.wemakescholars.com/education-loan-tax-rebate-calculator and know how much you will be saving during your repayment. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@kartikthakur3259]

Mam do banks provide education loan for pilot training in india

[@WeMakeScholars]

Hi, Jayant! Yes, they do. We would have to evaluate your profile to help you further. Please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you within 24 hours.

[@vishalchoudhary8766]

Hi. In 2:17 if my income is 10 lacs and tax paid every year is 30% which is 3 lacs. Interest on the loan is 3.1 lac annually. And as whole interest amount can be claimed. Then shouldn't I pay 0 tax as 3.1 lac interest > 3 lac tax. Thanks

[@WeMakeScholars]

Hi, Vishal! Yes, It will become zero tax in case you are paying off your entire loan in 1 year, but as the loan repayment is generally spread over 5-10 years, the interest portion paid per year is not usually as high as 3 lacs, hence the tax benefit is also spread over years of repayment. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@accountingincometax2439]

Hello mam Entire interest paid is allowed as deduction or is there any limit ? And is this deduction over and above 80 c of 1.50 lakh right ?

[@WeMakeScholars]

Hi! Yes, the entire interest paid is allowed as a deduction. Yes, it is separate. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@accountingincometax2439]

@@WeMakeScholars thank u

[@erwinsmith3750]

Hi Thankyou for the video. I have a doubt. Do I need to provide each emi's monthly certificate from bank as proof to company or once in a year is fine?

[@WeMakeScholars]

Hi Erwin! You can show it all at once for a year. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@devicharan43]

Hi mam...even now also this tax deduction on education loan is there???....or removed

[@WeMakeScholars]

Hi! Yes, income tax deductions under Section 80E are still valid. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@sheikhrizwan5494]

I have one query should I have to summit the detail of education loan to employer. OR we can just put the Interest amount on deduction column.

[@WeMakeScholars]

Hi, Sheikh! If you are a salaried employee, you have to provide the proof of interest payment to your company before TDS. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@rohanyadav2174]

Loan amt:- 21,00,000 Period :- 15 years Tax bracket :- 30% Ma'am Can u also show the calculations please.

[@WeMakeScholars]

Hi, Rohan! Please use this calculator to calculate your income tax benefit: www.wemakescholars.com/education-loan-tax-rebate-calculator

[@mbbsstudent2]

Mam i am planning to take 60 lakhs loan of tution fee that is every year 12 lakhs for MBBS in India so how can my father save money in taxation if he starts paying the interest simultaneously

[@WeMakeScholars]

Hi Arshdeep! You may refer to this article: www.wemakescholars.com/blog/education-loan-income-tax-exemption-section-80-e which discusses the same. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@vivekmalikj]

Hi mam, I took loan in 2014 .can I claim interest deduction of previous year now?

[@WeMakeScholars]

Hi! You can claim the deduction under Section 80E right from the year you start repaying the loan. The deduction can be availed only for a period of eight years from the year when you start repaying or until you have fully repaid your interest, whichever happens, earlier. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@TheBudgetAviator]

Hi, I took a loan of 41L for 13 years, I will come under 30% bracket, I want to know how much will I save. Would really appreciate your response!

[@WeMakeScholars]

Hi, For accurate figures, you can utilize the following link: www.wemakescholars.com/education-loan/tax-rebate-calculator. Explore various combinations to check results. Additionally, I recommend connecting with our Financial Officer. They'll check your eligibility with 14+ leading banks in India and suggest the best deal to meet your requirements. Reach out to them for seamless loan guidance. Best of luck!

[@vaibhavmore1598]

Mam what are the chances of getting a abroad education loan approved if I don't have income tax return file

[@WeMakeScholars]

Hi, Vaibhav! Co-applicant's ITR is required if you want to take an unsecured loan from a private bank/NBFC. However, if you have collateral, you can take a secured loan from a government bank. ITR is not mandatory in this case. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@nandhu8706]

If I have a immovable property upto 10 lakhs Is it okay to get the 10 lakhs education loan sanction via we make scholars And if I'm eligible then the total amount will be disbursed once or twice in public banks

[@WeMakeScholars]

Hi, Nandhu! Yes, some banks can give you 100% on the collateral value. The tuition fee will be disbursed as per the fee payment requirement each semester. For further guidance, please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.

[@bt12jinitjani16]

If a co applicant does not have a tax payable income than what can be done in that case ??

[@WeMakeScholars]

Hi, you shouldn't be facing any problem if you are borrowing an education loan from a government bank. However, borrowing a loan from NBFCs will be difficult. To know about the right kind of education loan matching your profile, please drop a callback request on @bit.ly/wmscallback and our financial team will get back to you at the earliest. Thank you for writing to us.

[@vivekdoiphode2376]

15 lakhs loan for 4 year and 11 percent , partial interest is 2000 to 4000 ….

[@WeMakeScholars]

Hi Vivek! You may use this calculator for the same: www.wemakescholars.com/education-loan-tax-rebate-calculator. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@amarnidhi6338]

Hi Damini, is it possible to take collateral loan against a candidate's parents property registered jointly? I mean can the student, the mother and the father be co-applicants as the property is jointly owned by parents. If both parents are working, can they split 50:50 interest payment against jointly held collateral and claim u/s 80E?

[@WeMakeScholars]

Hi, Amar! Yes, it is possible to take an education loan against a joint property. However, the tax exemption under Section 80E can only be claimed by one person. For more details, please connect to our loan team by requesting a callback on this link: bit.ly/education-loan

[@AshokYadav-cd7tj]

Video on 80D pl

[@WeMakeScholars]

Hi, Ashok! Thanks for the suggestion but Section 80D is related to medical expenditure which is not our area of expertise.

[@manishaghosh732]

what documents needs to be submitted for tax exemption as it got rejected saying that my submitted proof didnt mention education loan!

[@WeMakeScholars]

Hi Manisha, we will have to check with the bank on this because may be they haven't updated your interest portion properly. Please email us the bank name and the concern to [e-mail] along with your WeMakeScholars registered email id.

[@lostsomewhere6492]

Can we put a car as a mortgage which is already on loan

[@WeMakeScholars]

Unfortunately, no. A home which is already on loan can be considered.

[@ramuramu5838]

I am postgraduate 2016 , i have taken educated loan in 2010 sir around 5 lack ..but i have got Central government job in the year 2019 , but back has put interest till today it becomes now 9lack now , i have paid 5lack till date ..i didn't clime any ITR , may i ellible clime last 6 years ITR ,which i have paid has tax .. please reply sir , that 6 years will include my unemployment years , but Bank has stated putting panelty since 2016 to a current year. Please help ma'am

[@WeMakeScholars]

Hi Ramu! Sorry we won't be able to help you.

[@saichandra684]

please help me with my savings calculation. Loan sanctioned: 3,35,000/- interest rate: 8.80% my tax slab: 20% Repayemt tenure given:15 years (however i want to pay it within 8 years only)

[@WeMakeScholars]

Hi, Please use this calculator to calculate your income tax benefit : www.wemakescholars.com/education-loan-tax-rebate-calculator

[@shivanikumari25496]

Hello ma'am I have one question Is there any percentage or maximum amount of deduction which can be claimed in a year? Or i can claim 100% of interest in a year ??

[@WeMakeScholars]

Hi Shivani! The deduction is allowed on the total interest amount of the EMI paid during the financial year. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@veminenivj4042]

Hi I have a educational loan , What proofs i need to submit to income tax department to get the tax benefit?

[@WeMakeScholars]

Hi, Vemineni! When you are submitting your tax deduction forms and documents you need to mention the amount of interest you have paid for the previous year for an education loan, which is usually paid in installments. The interest amount from the installments has to be summed up and reported.

[@shubhamkeshri6805]

I have a loan amount of 10 lakhs and my fathers tax slab is 30%. The bank has asked me to start the emi payment from next year may 2021. And I’m planning to repay in next 5 years the interest rate charged by bank is 8.16%

[@WeMakeScholars]

Hi, Shubham! You will be paying around Rs. 57,120 instead of Rs. 81,600 as interest annually. Your annual savings will be Rs. 24,480 and your effective rate of interest will be around 5.71% .

[@sanketjain8537]

Hello, Can you release a video on Padho Pradesh Scheme of Government of India? I'm confused about procedure and the eligibility for the scheme?

[@WeMakeScholars]

Hi, please check out the latest episode of Loanflix @ kzbin.info/www/bejne/e4enf2OIq7V5aZI

[@bhuvaneshbhuv8593]

Nice video. I got a loan for my BE from indian bank and started paying for it once I got the job. Now I am coming under the 5 to 10Lakh slab can I claim the interest in the monthly EMI of the repayment.

[@WeMakeScholars]

Hi Bhuvanesh! Yes, You can. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@saiyashodakrishna3642]

Education loan amount 7 lakhs Current ctc 7 lakhs Mam kindly let me know how to get approved from tax reduction!! Where to go and apply and the process of doing it. Either through pan card ,or organisation or can we do on own. Please help me in this regard

[@WeMakeScholars]

Hi Saiyashoda! We are a scholarship listing portal and help Indian students with education loans as well. Unfortunately, we do not have the expertise in the required field to help you out.

[@uppaljishares7001]

Mam I Himanshu uppal already talked about loan to you wanna go canada for post graduate diploma course. If it is possible without colletrole plz tell me

[@WeMakeScholars]

Hi Himanshu, it depends on various parameters. As I told earlier, pls request a callback from our team so that the financial officer will get back to you and assist you after checking your profile in detail. Check www.wemakescholars.com/study-abroad-education-loan

[@sampathkumarpatil6197]

am paying education loan in India, can I get tax exemption in USA.

[@WeMakeScholars]

Hi, Sampathkumar! Yes, NRIs can claim tax deductions under Section 80E.

[@sampathkumarpatil6197]

@@WeMakeScholars thank you for your reply. I know 80E but, I am asking can I claim ing in US if I am paying loan in India.

[@WeMakeScholars]

@@sampathkumarpatil6197 Sorry, we cannot guide you on US tax laws as that is not our area of expertise.

[@sampathkumarpatil6197]

@@WeMakeScholars thanks

[@anl9524]

Hi Mam, 1. I have got the bank statement where it shows the interest paid from last 2 years. Should I give this statement to my HR and ask them to include it in form 16? 2. Instead of declaring at last, can I declare this initially itself and reduce the TDS from getting deducted?

[@WeMakeScholars]

Hi Archana! You may get the interest certificate from the bank, in which the interest amount will be mentioned and Yes you can declare this initially itself and reduce the TDS from getting deducted. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@hariprakashak3506]

Hai My daughter 's education loan is cutting from her account. I am the coapplicant. Can I claim tax benifit?

[@WeMakeScholars]

Hi Hariprakash! Yes, you can claim the tax benefit benifit. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@kunald7732]

Hi Damini! it would be great if you can make a video on how the loan is disbursed, for tuition and living expenses :)

[@WeMakeScholars]

Hi Kunal, I think you have already requested this a few days ago. We've definitely noted this. the thing is, episodes are planned a few weeks before they actually go LIVE. Hence, it will be in the future upcoming episodes :)

[@kunald7732]

WeMakeScholars thanks

[@WeMakeScholars]

@@kunald7732 Hi Kunal, here you go. Check the latest video on Education loan Disbursement- kzbin.info/www/bejne/pnK3pap5n9uBhMU

[@wtc3301]

I wish to take a loan of 20 lacs and my co-applicants income is under 30%, would be repaid in 1 year, how much tax saving would I get?

[@WeMakeScholars]

Hi, Mayank! Please use this calculator to calculate income tax benefits: www.wemakescholars.com/education-loan-tax-rebate-calculator If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@happykrishna2907]

I had taken loan of 18 lakhs 4 yrs back for my higher education.. now remaining loan amount is 13 lakhs.. my pay is 1.3 lakh per annum.. how much benefit can I get

[@WeMakeScholars]

Hi, Krishna! You may use this Education Loan Tax 80E Rebate Calculator to calculate the benefit: www.wemakescholars.com/education-loan-tax-rebate-calculator

[@happykrishna2907]

@@WeMakeScholars thank you

[@SurajKumar-vi3ll]

Hello ma'am, can i get income tax rebate if i pay some amoun of my loan during moratorium?

[@WeMakeScholars]

Hi, Suraj! Yes, you can. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@abhishekpandey1855]

Suppose In the initial year of loan term,80E benefits are availed by applicant's father. Later on in future after getting the job, can an applicant avail 80E deduction if EMI is paid through his account. Is it Possible??

[@WeMakeScholars]

Hi, Abhishek! Only one of you can avail it at one point of time. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@suchit05]

What will be the correct time to apply for section 80E because I've taken 30 lacs loan and have only 1 year to get the job and start repaying the loan

[@WeMakeScholars]

Hi, Suchit! Tax claiming is as per financial year. So, from 1st April to 31st March, whatever interest portion is paid. Tax can be claimed on that.

[@skatiarrahaman5585]

Hello mam Sbi scholar loan - 20 lakhs Interest rate -7.65 Repayment- 8 years Taxable income - above 10 lakhs What will be my savings in income tax 80e ???

[@WeMakeScholars]

Hi, Atiar! You may use this calculator to calculate your savings: www.wemakescholars.com/education-loan-tax-rebate-calculator

[@Gurpreetsingh-ck5hp]

Mam, in Feb taking 10 lakh personal loan and used for daughter higher education in australia.... Is it Applicable in 87E?

[@WeMakeScholars]

Hello Mr. Gurpreet! That depends on which lending agency you are taking the loan from. Please have a free discussion with our loan team by requesting a callback here: bit.ly/education-loan They will explain all the criteria clearly to you

[@shubhamnayak9369]

Hello mam, i took education loan in the year of 2014 of amount 3lacs and that amount with interest has become 473000 in the current year. I paid 40k previous month and I am going to continue payment of 40k every month so that I will clear this total amount of 473000 in one year itself. Can u tell me is it a good move and how much tax can I save and when to file it... At the end of year or keep on filing every month.

[@WeMakeScholars]

Hi, Shubham! Please use this calculator to calculator your benefits under Section 80E: www.wemakescholars.com/education-loan-tax-rebate-calculator

[@bhavinsingh2530]

if i take a loan of 12L and my father annual gross income is 6L rate of interest =13% how much i can save under section 80e or can i reduce the interst rate under this section?

[@WeMakeScholars]

Hi, Bhavin! Please use this calculator to calculate your income tax benefits: www.wemakescholars.com/education-loan-tax-rebate-calculator If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@nidhidhawan8560]

Is there any education loan for diploma in abroad ?

[@WeMakeScholars]

Hi Nidhi, yes you can get for a diploma too. Pls check your eligibility @ www.wemakescholars.com/study-abroad-education-loan

[@srinupasupuleti7686]

Is it really need to file IT returns every year during the course of B.tech after approval of educational loan in first year of b.tech ? Please reply.

[@WeMakeScholars]

Hi, Srinu! Tax claiming is as per the financial year. So, from 1st April to 31st March, whatever interest portion is paid, tax can be claimed on that. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan

[@mustakimjakati725]

My application is already under process via WMS. Please tell me an estimate of how much tax benefit my Dad can Claim, If I take a 30 lakh loan from an NBFC and my dad pays annual tax of 2.5 lakhs.

[@WeMakeScholars]

Hi, Mustakim! The exemption under Section 80E can be claimed for loans taken from some NBFCs only. However, you can try with the tax certificate you get from these NBFCs. It may or may not get approved by the Income Tax Department.

[@mustakimjakati725]

@@WeMakeScholars Can I claim exemption if loan is taken from Avanse or Auxilio?

[@WeMakeScholars]

@@mustakimjakati725 No but you can try with the tax certificate you get from these NBFCs. It may or may not get approved by the Income Tax Department.

[@kavitbansal9476]

Hi ma'am... thanks for such detailed video.. really informative.. However you clearly mentioned that anyone can be co applicant and they can claim Tax benefits... Still, just to clarify as I am the co applicant in my brother's education loan and interest is getting deducted from my account. Can I claim tax benefit on that??

[@WeMakeScholars]

Hi Kavit! Yes you can claim the tax exemption and You need to obtain a certificate from your bank / financial institution or approved charitable institution from whom such an education loan has been taken, And this exemption can be only claimed during your repayment i.e. once you start paying your EMIs. If you have taken an education loan via WeMakeScholars, Feel free to get back to you Finacial Officer for further one-on-one discussion.