Student loans in India
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Student loans in India (popularly known as Education loans) have become a popular method of funding higher education in India with the cost of educational degrees going higher[citation needed]. The spread of self-financing institutions (which has less to no funding from the government) for higher education in fields of engineering, medical and management which has higher fees than their government aided counterparts have encouraged the trend in India. Most large public sector and private sector banks offer educational loans.
[edit] Income Tax benefits
Under section 80(e) of the Indian income tax act, a person can exempt the amount paid against the interest of the education loan - either for self or for his/her spouse or children - for eight years from the year (s)he starts to repay the loan or for the duration the loan is in effect, whichever is lesser. education loan is becoming popular day by day because of rising fee structure of higher education. It came into existence in 1995 started by SBI Bank and after that many banks started offering student loans.
[edit] References
education-loan-growth-in-public-sector-banks-dips 2011
Income tax benefit of an education or study loan – Section 80E
