How the New Tax on Foreign Remittance affects your Education Loan? All you need to know | Ep 04

Our team of Financial officers assist you with the entire education loan process until sanction, disbursement and beyond. All the services offered by WeMakeScholars are free of cost as this initiative is supported by the IT Ministry, Govt. of India

The Fourth episode is “New Tax on Foreign Remittance- All you need to know”, covering the below topics

00:00 - Introduction
02:26 - How much is the tax amount for education?
04:16 - Example calculation
05:13 - Other important points to note
06:09 - How to claim the tax refund?
7:21 - Conclusion

Hope this video would be insightful and you could get a general idea about education loans.
Loanflix is the most comprehensive web-series on abroad education loans. The motive is to empower students and their guardians so that they can take an informed decision about the education loan.
You will get a fresh episode of Season 2, on the 2nd and 4th Sunday of every month.

Here is the list of our must watch’s from Season 1 and LoanFlix inshorts:

EducationLoan Co-Applicant Requirements: Know the Complete List:

Documents for EducationLoan: Know the full list:

International StudentLoan: ProdigyFinance student loan & MPowerFinance

EducationLoan for abroad: PublicBanks vs PrivateBanks NBFCs:

The topics discussed in the Loanflix web-series covered some of the most crucial topics in the education loan process. So Do watch the entire series if you want to know about this topic end-to-end.

Please subscribe to our channel for more such informative videos. Also, do like and share with your friends. Good luck!

Script editor- Arjun R Krishna
Shot, Edited & Directed by Sreeman Reddy
Designs- Anandu Sreenivas

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#Loanflix #AbroadEducation #TaxCollection

[nandhatobby]

It's a wonderful and crystal clear explanation mam. I also gone through We Make Scholars.

[suhasgodse]

Madam does Avance Financial Services is registerd financial institute with IT dept in India?

Can I claim tax refund on TCS for Educational Loan availed by them. Also under section 80E of IT?

[vandemataram_]

Ma'am i paid my living expenses abroad from my hdfc education loan. But they deduct 5 percent tcs on it. What i do now.please explain me

[amangupta]

Out of total amount of 13 lakhs - 6 lakhs is paid by savings and 7 lakhs from education loan. So how to calculate TCS ??

[TheRohit]

I have taken education loan from IDBI bank and have a forex card issued by IndusInd Bank. I know all foreign remittance transactions (above 7 lac threshold) made through IDBI bank will attract 0.5% TCS but
1. how much tcs I have to pay if I If I load my forex card through IDBI bank savings account?
2. is tcs deducted at the time I load my forex card or at the time of spending through forex card?

[shrihariharan.r]

Mam, i am trying to move to canada i am funding my GIC amount. Through gold loan which will be 13 lakhs so do i have to pay tcs

[harmansinghkaushal]

Mam! I have to pay my Tuition fee and GIC. I have taken an education laon in which my father is my co-applicant. I have to pay tution by generating a portal through flywire.
- does flywire charge the 0.5% tax while paying tution fee or it will charge whole 5% and then reimburse 4.5% tax after verifying the source as education loan.
- can I put my father's details as payer when creating flywire portal?
- for GIC, I will use bank transfer and what %tax will they charge( it is included in education loan)

[jasrajcanada]

Mam website not working.Still I send details on wemakescholars contact no.When they will call back? I have no much time 😣 .My requirement is 15-16 lakh study loan on 2 Years PG diploma.I have property as security which cost around 40-45 lakhs.Only Problem is that my parents have no ITRs.But we have guarantor as well.I think I have to give up my dreams. We make scholars are my last hope. ❤️

[velmurugan]

But have doubt with respect to forex card transactions in USA used by International students for groceries etc. will the TCS 5% be charged for each Burger, items we buy? or only if the cumulative spend linked to that PAN crosses 7 lakhs foreign remittance? Any idea on this no one has made any content on this - would be helpful to many international students like me - Thanks!

[maryagnes]

Hi, I have got admission in a University in Canada and my loan has been sanctioned. However the loan disbursement would be done only after obtaining Visa. So I need to pay the initial fees and living expense myself and then get the reimbursement from bank after obtaining Visa. In this case what would be my rate of interest?? Would that be 0.5 or 5%

[karannjindal]

Nicely explained
Mam I have to pay total RS 11 lakhs. For foreign education so i had paid RS 5 lakhs from my saving account and another RS 6 lakhs will be from my brother saving account so will tcs be deducted or not ?

[zz]

At the time of disbursement when the currency value increase how we tackle it as our buget totally break. How we pay uni fees

[SDCT]

Thanks to we make scholars to provide crystal clear information
I have one question what should be the benifits to government to take taxes on amount we are sending for education purpuse

[ck-dmbt]

I want to self finance my masters 2 year education in Germany. I am self employed /freelancer, my work is location independent. So for the first year I will get the locked bank account right here in India and then for the next year, is it possible that I stay in Germany and the payment that I get from my clients (worldwide not from any German company) can still be sent to the existing Indian bank account and once the current locked account is exhausted, I get the locked account renewed using my Indian bank again for the 2nd year?

So, the most important part of this question is, am I allowed to work as a freelancer while staying in some other country say (Germany) but my clients who are paying me aren't from Germany hence the 20hrs work week doesn't apply on them? And the amount is credited as usual to my Indian account?

If it's a complicated question and needs much more discussion, I am up for a paid consultation.

[joyalfrancistj]

What if I had lended from an international lender like prodigy finance

[vigneshjothi]

Mam, for house as a collateral security in education loan, does the house need to be CMDA a approved? With only PATTA can a student get education loan for abroad studies mam?? pls clarify my doubts mam.

[Ankit-xihn]

for purpose of secured education loan with property as collateral, do we need to surrender the documents of property to the Bank？？What is the process for this？？

[Vignesh]

How about money coming from abroad to pay loan amount, will it incur tax?

[VirenderSingh-deft]

Hi mam this is virender I have question I also planning to go canada for study purpose but I have doubt my father working in SSB paramilitary forces but have two loan one is personal and second is home laon so I m eligible for study loan please reply me mam

[manmeetsingh]

My father is my co-applicant but he has also self paid my sister's fees for which was around 6 Lakhs. So I wanted to know how much tcs would he has to pay if i disburse an amount of Rs. 16 Lakhs including GIC and College fees from education loan. And if we have to pay tcs from our pocket or it will be paid from sanctioned amount by Bank?