Tax Benefit Calculator
Its easy to know that how much tax benefit you will be getting using this 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.
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