Are you paying education loan; here’s how you can avail tax benefit

Are you paying education loan; here’s how you can avail tax benefit

Among many categories of debt, education loan is one of them which helps students to accomplish their studies either in India or in foreign country. With this financial support, provided at low-interest rates, youngsters have been facilitated by the government to pursue their dreams. Here are key benefits of education loan, as per PolicyBazaar. Anyone can opt for Education loan to study in India for graduate, post-graduate, professional and/or doctoral courses/degrees.  Loan cannot be assigned to the student alone, the parent or guardian needs to be co-signor for the loan….

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7 Types of Student Loans Offered By the Department of Education

7 Types of Student Loans Offered By the Department of Education

Paying for school can feel like a huge burden, especially as the cost of college continues to increase. Even public universities — typically a much cheaper option than private schools — saw a 7.2 percent price hike during the 2015-2016 school year. With a higher education costing more than ever, finding affordable financing options is essential. One of the best places to start is the federal government. Department of Education student loans tend to have lower interest rates and more generous repayment terms than private loans, making them a smart way…

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India’s engineering graduates have loans to pay but no jobs – so who is clearing their debt?

India’s engineering graduates have loans to pay but no jobs – so who is clearing their debt?

  Four years after receiving his bachelor of technology degree in electronics and communication, B Jeyachandiran was forced to concede defeat. He had graduated in 2011 from the private Periyar Maniammai Institute of Science and Technology in Thanjavur, Tamil Nadu. He applied for engineering jobs but with no success. Between 2012 and 2013, he sold insurance in Chennai. The following year, he became a data-entry operator with a construction company in Thanjavur. But this job did not satisfy him and his salary was not enough to repay his education loan….

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Auxilo Finservice targets ₹50-crore education loans in 3 months

Auxilo Finservice targets ₹50-crore education loans in 3 months

HYDERABAD, DEC 22:   Mumbai-based Auxilo Finservice Private Ltd, a new NBFC on the block, is all set to begin disbursal of education loans. “We are now commencing loan disburals from Hyderabad and Mumbai. Before March 31, 2018, we will expand to Bengaluru, Chennai, Delhi and Pune,’’ Neeraj Saxena, Chief Executive Officer, told newspersons here. Target In the next three months, Auxilo hopes to disburse ₹50 crore and is targeting to lend ₹350 crore by the end of the next financial year. During the financial year 2016-17, eduction loans totalling ₹20,000…

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Rising NPAs in education loan add to banks stress

Rising NPAs in education loan add to banks stress

Education loans too have started bleeding the banking sector with the default in repayment rising to 7.67 per cent of the outstanding amount at March- end, 2017 from 5.7 per cent two years ago. As per the data compiled by the Indian Banks Association (IBA), the total outstanding education loan at end of the fiscal 2016-17 was Rs 67,678.5 crore, of which Rs 5,191.72 crore was NPA. The government is already struggling to deal with the problem of mounting NPA in the public sector banks and has drawn a mega…

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Rising NPAs in education loan add to banks stress

Rising NPAs in education loan add to banks stress

Education loans too have started bleeding the banking sector with the default in repayment rising to 7.67 per cent of the outstanding amount at March- end, 2017 from 5.7 per cent two years ago. As per the data compiled by the Indian Banks Association (IBA), the total outstanding education loan at end of the fiscal 2016-17 was Rs 67,678.5 crore, of which Rs 5,191.72 crore was NPA. The government is already struggling to deal with the problem of mounting NPA in the public sector banks and has drawn a mega…

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Google pledges $1 billion to fund non-profit education

Google pledges $1 billion to fund non-profit education

Google CEO Sundar Pichai also unveiled a programme called ‘Grow with Google’ aimed at training Americans how to get jobs or grow their businesses. Photo: Reuters Pittsburgh: Google says over the next five years it will spend $1 billion on non-profit organizations helping to raise education levels around the world and commit its employees to a million hours of volunteer work doing the same. CEO Sundar Pichai announced the goal Thursday morning in Pittsburgh, the city where he arrived in the US from India 24 years ago. Pichai also unveiled a…

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Bank credit growth to priority sector slows drastically

Bank credit growth to priority sector slows drastically

Most of priority sector loans are supposed to serve a social purpose and they are meant to ensure that credit flows to those sections of society whom the banks may otherwise neglect. Photo: AFP It’s not just lending to the beleaguered corporate sector that has slowed—bank credit growth to the priority sector too has fallen considerably in recent months. The priority sector includes lending to agriculture, lending to micro and small enterprises in the manufacturing and services sectors, education and low-cost housing loans, loans to the weaker sections of the…

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Prince Charles backs $10 million new education bond for marginalised children in India

Prince Charles backs $10 million new education bond for marginalised children in India

Britain’s Prince Charles and his wife Camilla attend a cultural event at the British Council in New Delhi on Wednesday. Photo: AFP London: Britain’s Prince Charles, on a two-day visit to India, has given his backing to a new development bond for India to provide education to marginalised children in the country. The $10 million education development impact bond (DIB) has been created by the British Asian Trust, founded by the Prince of Wales to fight poverty in south Asia, and is designed to improve learning outcomes for thousands of marginalised…

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TeamLease acquires 40% stake in Schoolguru for Rs13 crore

TeamLease acquires 40% stake in Schoolguru for Rs13 crore

The purchase of additional stake by TeamLease is linked to Schoolguru’s future performance and meeting its milestones. New Delhi: Staffing services firm TeamLease Services on Wednesday said it has acquired 40% stake in online learning company Schoolguru Eduserve Pvt Ltd for Rs13.53 crore, a move that will accelerate TeamLease’s employability strategy. Both the companies have signed a definitive agreement to this effect. “TeamLease’s infusion of Rs13.53 crore into the company (Schoolguru) will be primarily used to expand its business into new geographies, strengthen existing technology and content library, and innovate in…

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