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What are the tax benefits of Education Loans?

India is a major hub for education, both mainstream as well as new age careers. The career opportunities available today are many. The need of the hour however, is financial support that helps students pursue the careers of their choice, without having to compromise for want of it. Education loan is the most popular funding method for financing higher education in Indian and foreign university. To make higher education affordable, Government of India offers tax benefit on the financial assistance you get from banks and financial institution. The tax benefit is provided under Sec 80E of Income Tax Act. Several students seeking financial assistance for higher education are not aware of the tax benefits they get on the loan amount. The interest paid on the educational loan is fully deductible from your taxable income. However, there are some conditions to get the tax benefit such as the education loan should be taken by an individual and the financing body should be a bank or financial institution recognized by Government of India. Let’s take a detailed on look on the tax benefits on education loan in India.

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