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Financial Planning

Making Your Investments

Once you shortlist investments, it's time to invest. 


You could either invest in your child's name or make investments in your own name.


For those who have started late or finding it difficult to manage your child’s investments due to other obligations – do not fret. 


There is the comfort of an ‘education loan’ for higher studies. Also, considering the rising cost of higher education over the years, many would find it hard to find the entire course expenses through their own resources. 


Stay away from taking a personal loan towards education purposes as personal loans are typically more expensive. 


Additionally, education loans are eligible for a tax deduction under Section 80E on the interest paid on loans taken for higher education for yourself, your spouse and children.


There is no limit on the amount of deduction you can claim. 


The only thing to keep in mind is that the course for which the loan is taken should be a graduate or post-graduate programme in engineering, medicine or management or a post-graduate course in the pure or applied sciences. 


However, banks have always maintained a lower approval ratio on education loans - so it is prudent to maintain a respectable credit history, and accumulate as much as possible through one’s own resources. 

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Units 29/35