Education loan for my brother?
I am looking for a education loan for my younger brother’s education (he is planning to take MBA in leading college in UK). He would be requiring around 25 lakhs education loan. As the amount is quite huge, I am looking to take joint education loan with my father. Please suggest me if this(joint education loan) is possible? If not what are other options available for me.
I am afraid that you would not get tax rebate under sec 80E. As per sec 80E - The person availing the loan gets the tax benefits, provided the loan is taken for:
• Self
• Spouse, or
• Children
- Check the retirement age of your father, if it is very near, say 2-3 year or less than this, than getting loan in his name is very hard.
- Check that the course and college, you are going for is in the list of bankers.
Hope this would help.
What do you mean by this?Check that the course and college, you are going for is in the list of bankers
Putting up from another thread -Originally Posted by Dhruvzz
Educational loans are available for higher education (full-time graduate or post-graduate course) in technology, engineering, architecture, medicine, management and applied or pure sciences, including mathematics and statistics.
It is best to check with the bank you are interested in getting the loan from, if the course you are going in for is covered under their educational loans.
Thanks for the info! I have checked and found out that the college is in the list and they have no problem in giving the loan.
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