If TCS is applicable based on the loan borrower’s PAN number, then yes.
Payments made via "Domestic Bank Transfer in INR" will be taxed 5.0%. However, payers who provide an education loan sanction letter will receive a 4.5% tax reimbursement from our banking partner Lulu Forex. After receiving the payment and verifying the loan sanction letter, Lulu Forex will contact you within 3 business days to inform you of the tax reimbursement.
If you do not submit a loan sanction letter to Lulu Forex, you may claim the excess tax amount from the tax authorities when filing your annual tax return.