Tax Benefit Calculator
Income Tax benefits with ICICI Bank iSMART Education Loans
The above calculation has been presented considering the tenure of 8 years (Selected course type during which only interest would be paid and thereafter the repayment towards the principal for the remaining tenure till 8 years), for which tax benefits can be availed.
Total interest paid: The amount an individual needs to pay as interest on Education Loan; this will vary as per the interest rate and amount of loan availed by the individual.
Total tax rebate: The amount of Income Tax an individual can save by availing of iSMART Education Loan from ICICI Bank. The amount of rebate will vary for different tax slabs and can be availed as per Income Tax benefits under Section 80E of Income Tax Act, 1961.
Effective interest paid: The difference between the total interest an individual has to pay on Education Loan minus the total tax rebate an individual can avail on Education Loan under Section 80E of Income Tax Act, 1961.
Net rate of interest: The rate of interest that an individual will effectively pay on the Education Loan if an individual pledges his/her Fixed Deposit (FD) against Education Loan and utilises the FD interest to reduce the total interest on Education Loan.
All benefits mentioned herein are subject to the Income Tax Act, 1961 as amended from time to time. Nothing contained herein shall constitute or be deemed to constitute an advice, invitation or solicitation to purchase any products/ services of ICICI Bank / third party. ICICI Bank makes no representation about the quality, delivery, accuracy, usefulness or otherwise of these services.
The data generated herein is completely and solely based on the information/details provided by you in response to the questions specified by ICICI Bank Limited ("ICICI Bank"). These questions and the calculations thereon resulting in specific data are developed and based on certain tools and calculators that are made available to ICICI Bank and are based on pre-determined presumptions/assumptions. ICICI Bank, while providing and developing these tools, has relied upon and assumed, without independent verification, the accuracy and completeness of all information made available to it from public / private sources and vendors or which has otherwise been reviewed by ICICI Bank.
Such information and the resultant data is provided only for user's convenience and information purposes. ICICI Bank does not guarantee accuracy, completeness or correct sequence of any the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. The use of any information set out is entirely at the User's own risk. User should exercise due care and caution (including if necessary, obtaining of advise of tax/ legal/ accounting/ financial/ other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein. ICICI Bank does not undertake any liability or responsibility to update any data. No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against ICICI Bank. Neither ICICI Bank nor any of its agents or licensors or group companies shall be liable to user/ any third party, for any direct, indirect, incidental, special or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of these tools/ information contained / data generated herein.
Nothing contained herein shall amount to an offer, invitation, advertisement, promotion or sponsor of any product or services of ICICI Bank/third party and is not intended to create any rights or obligations. The use of this information is subject to the terms and conditions governing such products, services and offers as referred herein above and specified by ICICI Bank/third party from time to time and applicable laws .The information contained / data generated herein may be subject to change, updation, revision, verification and amendment without notice and such information/data generated may change materially. User cannot distribute, modify, transmit, reuse, report, or use the contents available for public or commercial purposes, including the text without ICICI Bank's written permission. The information and/ or intellectual property contained herein is strictly confidential, meant solely for the selected recipient, and may not be altered in any way, nor transmitted copied or distributed in part or in whole to any other person or to the media, or reproduced in any form without prior written consent of ICICI Bank or the relevant owner of the intellectual property as the case may be. "ICICI Bank" and "I-man" logos are the trademark and property of ICICI Bank Limited.
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