A well-structured PNB education loan to study abroad can help you fulfil your global dreams. You can enjoy competitive interest rates and avail tax benefits on the interest paid during the financial year. A PNB interest certificate for education loans helps you claim tax deductions and maintain a record of your loan repayments and accrued interest. You can download the same offline and online in simple steps. Let’s find out all the major details in this blog-
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What is a PNB Interest Certificate?
A PNB interest certificate is an official document issued by the Punjab National Bank. It summarises the interest paid on loans, including education loans during a specific financial year. This certificate is essential for borrowers as it allows them to claim tax rebates on education loans under Section 80E of the Income Tax Act for the interest paid on education loans.
- The certificate includes information about the total interest paid, which can be used for tax filing purposes.
- You can obtain the certificate through the bank’s online banking portal or by visiting a branch.
Also Read: Is your loan application stuck? Learn all about PNB loan track status and explore various ways to keep track of your loan application form.
How to Download the PNB Interest Certificate?
To obtain your Interest Certificate, you can visit the nearest PNB branch from where you have obtained your education loan. Connect with the bank official and tell them your loan account number to collect the physical interest certificate. However, Punjab National Bank lets you download your interest certificate online for further convenience.
Online
Here’s how to download the interest certificate from Punjab National Bank online-
- Login to your PNB Internet Banking account.
- Click on ‘Manage Accounts’ and then ‘Loan Accounts’.
- Select the financial year and submit.
- Download the interest certificate in PDF format.
Alternatively, you can log in to your PNB One app and navigate to the Accounts/ Statements section. Now select your education loan account and download the PNB interest certificate.
Offline
You can visit your nearest bank branch and request the interest certificate from bank officials.
If you face any issues in any of the above-mentioned ways, you can also request an interest certificate by calling PNB customer support at 0800 849 9229 Monday-Friday between 0 am to 5 pm or by emailing [email protected].
Also Read: If you have not yet filled out the loan form, understand all about the PNB loan form-filling process in this step-by-step guide.
Information Included in a PNB Interest Certificate
The PNB Interest Certificate includes several key details that are important for borrowers, particularly for tax purposes. This information is essential for borrowers to claim deductions under Section 80E of the Income Tax Act when filing their income tax returns.
- It specifies the loan account number associated with the interest payments, helping you identify which loan the certificate pertains to.
- The applicable interest rate on your education loan is often mentioned, which can be useful for understanding your repayment terms.
- The certificate states the financial year for which the interest has been calculated, which is crucial for tax filing.
- Besides, it specifies the interest rate applicable to your education loan, interest paid, and outstanding principal amount on your loan.
This was all about the PNB 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 about education loans, the best bank accounts for students, and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
FAQs
A bank interest certificate is an official document issued by a bank that details the total interest paid on loans or earned on deposits during a specific financial year. For education loans, it helps borrowers claim tax deductions under Section 80E.
To obtain a PNB interest certificate online, log in to your PNB Internet Banking account or the PNB One app. Navigate to the loan section, select your education loan account, and download the certificate.
The PNB interest certificate includes details such as the loan account number, total interest paid and principal amount outstanding. It also specifies the applicable interest rate and the financial year for which the certificate is issued.
If you cannot download your PNB interest certificate, you can contact PNB customer support or visit your nearest branch for assistance.
No, PNB Form 16A and the Interest Certificate are not the same. Form 16A is a TDS certificate for non-salary income, while the Interest Certificate specifically details the interest paid on loans, such as education loans, for tax purposes.
