The basic idea behind extending tax concession to all streams has been to enable students from all economic walks of life to reap the benefits of the scheme.
The scheme would also be applicable for parents who have taken the loan for a child whom they have legally adopted.
Current rates of interest charged by banks for education loans
Up to Rs. 4 lakhs: For loans up to Rs. 4 lakh, Canara Bank offers an interest of 13.75% ( in terms of base rate). Syndicate Bank however offers 13% interest for the same loan amount.
Rs. 4 lakh to Rs 7.5 lakh: For loans in this range, Canara Bank offers an interest of 14.75% based on base rate.
Above Rs. 7.5 lakh: In this category Canara Bank charges the interest of 12.75% while Syndicate Bank offers 13.50%.
Reach out to the Education Loans page on RupeeTimes to access more information on educational loans.