Educational Loan

I was in Jamshedpur last week to arrange the education loan. I could have paid the entire course fee from my personal funds but decided against the same after some contemplation. My decision to go for the education loan is not based upon financial reasons but to avail the tax advantage associated with the repayment of the loan. Section 80-E of the Income Tax Act contains a provision for availing deduction on the total income on account of educational loans for the purpose of computing taxable income, provided the loan is in the name of the assessee.
For anyone interested the details are as follows:
GMP Course Fee - Rs 6,26,000
Disbursing Bank - State Bank of India
Loan Sanctioned - Rs 5,94,000 (approx 95 %)
Rate of Interest (Floating) - 11.25 % per annum
Repayment - 84 EMI of Rs 10,249
Security/Third Party Guarantee - Waived