Credila, an HDFC Ltd. Company, is India’s first education loan specialist. Availing a loan from Credila is a win-win offer; Your child fulfils his/her higher education while you make big savings on your Income Tax too!
Apply now for a simple, quick, hassle-free education loan and avail door-step service too!
|*1||Rate of Interest: The above calculation has been made assuming the rate of interest on Education loans is as 13.5%, tenure as 7 years (i.e. 2 years for the study plus grace period during which only interest would be serviced and thereafter the repayment towards principal would be done over 5 years thereafter). Further the installment calculation is derived without any moratorium.|
|*2||Total Interest Paid Per Year (A): This indicates the amount an individual would need to pay as interest on education loan on the loan amount indicated by you.|
|*3||Tax Saved (B): This indicates the amount of Income Tax an individual can save by taking an education loan from Credila and availing Income Tax benefits under Section 80E of Income Tax Act, 1961.|
|*4||Effective Interest Paid (C): This is the difference between total interest paid on education loan minus and the tax amount saved by availing the tax benefits under Section 80E of Income Tax Act, 1961 (C=A-B).|
|*5||Effective Rate of Interest on Education Loan: This indicates the rate of interest that an individual will effectively pay on the education loan if an individual avails the tax benefits under Section 80E of Income Tax Act, 1961.|