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Overseas Education loan
Student who wish to avail a higher education abroad has to be ready for several expenses. Higher education doesn’t mean only course fee, there are several expenses linked to it. The course or tuition fee, stay expense as it is also a big cost to be incurred and several other cost. The currency rate difference also impacts the overall cash flow for students.
Banks and NBFC are aware of the type of expense that student has to incur and they support by extending 100% loan of the total cost to be incurred. Student need to submit the cost sheet for approval and loan sanctioning. Student should calculate all possible expense before processing of loan for approval at one go.
Types of Study Abroad Education Loan
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Study Abroad Expenses
- Course Fees of the University / Institution, Travelling cost, Accommodation Expenses & Insurance premium cost (if opted)
- Asset Expense – Laptop, Computer, Equipment or instrument required in course & others
- Deposits paid / payable to Institute and which are supported by Receipts or Institute’s Bill
- Other expenses like Uniform/study tours/Project expenses as approved by respective Bank / NBFC
- Study Expenses – Books, Library fee, Examination fees, Laboratory fees and others
- Owner & Co-borrower both can claim up to ₹ 1.5 lakh each as principal deduction
- You can also claim the stamp duty & registration fees & charges under Income tax sec 80C
- If property sold within 5 yrs of possession, all benefits gets reversed & added to income