An Axis Bank loan interest certificate provides the user with the credit and debit interest details of their savings, current or fixed deposit accounts. It also includes important information about the interest amount and principal amount paid on the loan (education, housing, personal or any other) from Axis Bank.
Presenting this information during the Income Tax Return filing can help them claim tax rebates on education loans under Section 80E of the Income Tax Act. Let’s learn all about Axis Bank’s interest certificate in this blog and uncover how you can claim it.
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Interest Certificate from Axis Bank
Axis Bank education loan interest certificate is one of the important documents that lists the amount of principal and interest paid. The certificate helps the borrowers of education loans to claim tax benefits under Section 80E. It means that the interest paid on Axis Bank education loan during the specified financial year can be claimed for deduction of tax.
It includes the following details-
- Loan account number
- Name of the borrower
- Total principal amount
- Amount of interest paid
- Amount of interest proposed to be paid
Also Read: Let’s compare the process of funds transfer with the help of HDFC Bank and Axis Bank international money transfer services.
Uses of Axis Bank Loan Interest Certificate
Axis Bank Interest Certificate is effective for you to gain tax benefits Under Section 80E. These deductions will be available in this section only if those education loans will have interest paid. This is done when an interest certificate is provided for the financial year while filing the ITR.
The fact that interest income from present accounts, savings accounts, and fixed deposit accounts is also taxed, interest certificates help file your taxable income for the financial year.
How to Obtain an Axis Bank Interest Certificate Online?
Axis Bank interest certificate can be obtained immediately. This can be generated online through the Axis Bank mobile app or internet banking, and offline by visiting the nearest bank branch. You can also call the toll-free number 18001035577. To download your interest certificate from Axis Bank, you simply need to follow the steps-
Through Axis Bank Mobile App-
- Log in to the Axis Bank Mobile App
- Click on ‘More’ and then ‘Services’
- Navigate to the ‘Loans’ section
- Click on ‘Interest Certificate’
- Now, click on ‘Download/ E-mail’ to obtain the interest certificate
Through Internet Banking
- Log in to Axis Bank internet banking
- Navigate to the ‘Loans’ section
- Click on ‘Interest Certificate’
- Now, click on ‘Download/ E-mail’ to obtain the interest certificate
Also Read: When taking an education loan, it is important to compare the education loan interest rates of different banks and NBFCs to know the best-suited loan scheme and the avail lowest interest rates on education loans.
Latest Axis Bank Education Loan Details
Axis Bank education loans are the most preferred option among aspiring international students with no upper limit. The financing of funds is based on the individual borrower’s needs. Unsecured education loans from Axis banks can be availed up to INR 75 lakhs with competitive interest rates, starting from 13.70% p.a onwards.
| Maximum Loan Amount | With collateral- No upper limit Without collateral– Up to INR 75 lakhs |
| Interest Rates | 13.70% onwards |
| Repayment Tenure | 12 – 240 months |
| Benefits | Pre-admission loan sanction 100% education loan financing Maximum loan repayment tenure |
Here’s why aspiring international students count on Axis Bank education loans to study abroad-
- Axis Bank education loan disbursement process is completely online and hassle-free. Students can stay worry-free about the quick, safe, secure and convenient transfer of funds.
- Axis Bank Forex cards for students allow them to manage money and other finances easily when embarking on their study-abroad journey.
FAQs on Axis Bank Interest Certificate
Axis Bank interest certificate is a document that provides Axis Bank customers with a detailed summary of interest credit and debits. It also shows the distribution of the amount paid as the principal amount and the interest amount against the education loan to claim income tax benefits.
Axis Bank interest certificate can be obtained immediately. This can be generated online through the Axis Bank mobile app or internet banking, and offline by visiting the nearest bank branch. You can also call the toll-free number 18001035577.
Interest certificates can be obtained online through the official Axis Bank app or by login to internet banking. Once done, you need to click on ‘More’ and then ‘Services’. Now, navigate to the ‘Loans’ section and click on ‘Interest Certificate’. Click on ‘Download/ E-mail’ to obtain the Axis Bank interest certificate online.
Interest certificate helps the borrowers of education loans in claiming tax benefits while filing for Income Tax Returns. The amount of interest paid as per the interest certificate can be claimed by the borrowers.
Download the Axis Bank app and log in. Now, click on ‘More’ and then ‘Services’. Navigate to the ‘Loans’ section and click on ‘Interest Certificate’. Now, click on ‘Download/ E-mail’ to obtain the interest certificate.
This was all about the Axis Bank interest certificate. Understanding how to obtain it is important as it helps the borrowers of education loans to claim income tax rebates under Section 80E of the Income Tax Act.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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