In these tough times, instead of looking for alternative college options, students can use education loan to fund the shortfall. There must be a co-applicant for an education loan. For loan amount between ₹4 lakh and ₹7.5 lakh, lenders can ask for collateral if it feels that the co-applicant's income is insufficient. For taking an education loan, you should have a letter confirming your admission to a course. The interest portion of the education loan for self, spouse or children is available for deduction under Section 80E.

Source: Mint May 08, 2021 07:18 UTC