Personal Loan for Education

511 views 5 replies

I have taken a Personal Loan from a co-operative bank by pledging my parents' property. This loan I took to fund my brother's education fees only. (He didn't get the education loan.) Now I am repaying the entire loan from my salary. Can I get a tax relief available under the Educational Loans for this case since I have taken the loan for education of my brother and I am paying the same on his behalf?

Replies (5)

No, the benefit is available only to self or parents....

 

The loan should be taken for the higher education of self, spouse or children.

You cant take tax benefit out of financing your brothers education
First eligibility conditions has to be fulfilled then tax benefit.

Since personal loan for education offers guaranteed returns, many individuals view them as reliable investments. The overall loan application process may seem intimidating to students and parents because it requires a lot of time and effort. When requesting loans, bear the following in mind: Verify your course's loan eligibility. There is a higher likelihood of securing an education loan for courses with a high employment likelihood. Give yourself plenty of time to research, assess, and compare different school loan options to avoid a last-minute rush and the associated inconveniences. Starting earlier is advised for a more pleasurable experience.

A personal loan for education can be a flexible financing option for covering various educational expenses, from tuition fees to study materials. Kotak Mahindra Bank offers personal loans tailored for educational purposes, providing competitive interest rates and easy repayment options. These loans do not require collateral and have a straightforward application process. With Kotak Mahindra Bank, students and parents can benefit from quick disbursal and customizable loan amounts, ensuring that financial constraints do not hinder educational aspirations. This makes Kotak Mahindra Bank a reliable choice for funding education through a personal loan.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
16 July 2026
Manager - Finance & Accounts

Aliens Group

Hyderabad

CA Final

View Details
Company
ARTICLESHIP 16 July 2026
Article Assistant

G A R U D & Associates

New Delhi

CA Inter

View Details
Company
06 July 2026
Senior Accountant

Arvindkumar Maniar & Co.

Rajkot

CA

View Details
Company
ARTICLESHIP 11 July 2026
Article

SNCO

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 30 June 2026
Taxation Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
22 July 2026
Senior Chartered Accountant

SKSS

Patna

CA

View Details
Company
ARTICLESHIP 14 July 2026
Article Assistants

R Shyam and Associates

New Delhi

CA Final

View Details
Company
23 July 2026
Senior Accountant

Felicity Adobe LLP

Bengaluru

CA Inter

View Details