Unimoni is stepping forward as one of India’s leading education loan providers. It offers various education loans for students pursuing higher education abroad. Unimoni education loans are known for their competitive interest rates, flexible repayment options, and easy processing. Unimoni provides many value-added services to its international students, such as visa processing and foreign exchange assistance. If you are planning to study abroad, Unimoni is an excellent option for an education loan!
A customized education loan from Unimoni offers:
Quick and hassle-free process
Here are some of the additional benefits of Unimoni education loans:
Coverage for all expenses: Unimoni education loans can cover all your expenses, including tuition, living expenses, travel costs, and even books and supplies
Education loans can be a great way to finance your studies abroad. They offer many advantages, including affordability, lower interest rates, longer repayment terms, flexible repayment options, and tax benefits. If you go for self-finance, it will drain all your savings. And in the case of scholarships, it will only cover a part of your expenses. Scholarships are available only for a few, not everybody.
There are many advantages to opting for a student loan for your studies abroad, including:
Education loans can help you cover the high cost of studying abroad, including tuition, living expenses, and travel costs. It allows you to attend your dream school, even without financial resources. It will help you avoid taking out multiple loans or relying on other funding sources.
Suppose you are remitting your study abroad university fee through a bank or money transfer service in India. In that case, you may receive a TCS Exception message if the amount you send is below the TCS threshold.
The TCS threshold for foreign remittances for study abroad purposes is Rs. 7 lakh per financial year per person. If you remit less than Rs. 7 lakh, you are not required to pay TCS. However, you may still receive a TCS Exception message. Because the bank or money transfer service may need to verify that the remittance is for study abroad purposes before they can exempt you from TCS.
If you’re paying for overseas education through an education loan, a Tax Collected at Source (TCS) of 0.5% will be applicable if the amount exceeds Rs. 7 lakhs. On the other hand, if the remittance is made directly through the Liberalised Remittance Scheme (LRS) and not funded by an education loan, then a TCS of 5% will be applicable if the amount exceeds Rs. 7 lakhs in a financial year. It’s essential to be aware of these regulations to avoid unnecessary penalties or fees.
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Nature of Payments
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Rate of Collection for TCS
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LRS for education,Financed by loan from financial institution
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Nil upto RS 7 lakh 0.5% above Rs7 lakh
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LRS for educations,other than financial by loan
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Nil upto RS 7 lakh 5% above Rs7 lakh
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You can claim income tax exemption for the interest paid on your study abroad education loan under Section 80E of the Income Tax Act, 1961. This exemption is available to the borrower and the co-borrower, if any.
To be eligible for the deduction, the following conditions must be met:
The tax deduction for loan interest is available for a maximum of 8 years, starting when the borrower begins repaying the interest on the loan. The maximum deduction allowed is Rs. 1.5 lakh per fiscal year.
To claim the deduction, you will need to submit the following documents to your income tax officer:
A copy of the loan repayment statement.
Form 10E is a form that is required to be submitted to the Income Tax Department of India by individuals who are remitting foreign currency for study abroad purposes. The form is required to be submitted for remittances that are above the TCS threshold of Rs. 7 lakh per financial year per person. If you are claiming the deduction on behalf of your child, you must also submit a copy of their birth certificate or any other proof of relationship.
Here are some additional things to keep in mind about the income tax exemption for study abroad education loans:
If you have any questions about claiming the income tax exemption for study abroad education loans, consult a qualified tax professional.
The eligibility criteria for an education loan vary from bank to bank, but there are some general requirements that all borrowers must meet. These include:
In addition to these general requirements, some banks may also require borrowers to meet additional criteria, such as:
Here are some things to remember while taking an education loan for studies abroad:
Visit our website or apply online for an education loan today: https://remitforex.com/services/contact.html.
The decision to grant an education loan is at the sole discretion of Unimoni Financial Services Pvt. Ltd. (Unimoni). Unimoni reserves the right to decline an education loan application for any reason without providing any explanation. Unimoni may require additional information or documentation from the applicant before deciding on the loan application. The terms and conditions of the education loan, including the interest rate,
