5 reasons why education loans are amazing.
For
many, an Education Loan is a life saver! It has helped so many students realize
the future they’re always dreamt of, this is despite the ever increasing cost
of education in India & the world. However, many aspirants are still very
skeptical of these finance solutions. They are afraid of going into debt.
Keeping this in mind, the following article will highlight 5 reasons why these
loans are amazing and worth considering. Have a look!
1.
They provide 100% financing.
If
you’ve been wondering how to meet the cost of your education, just imagine
getting 100% finance! Wait, why stop at imagining? Just opt for a Best Education Loan and get it
for real! Most non-banking financial companies & some private banks will be
more than filling to foot the entire cost of your education. So if you were
worried about the ever increasing cost of education, just relax and start
looking for student loans, they are the answer you’ve been looking for.
2.
Cover education-related
expenses too!
More
than cover your entire course fee, most lenders will go a few steps further and
provide financial solutions for all your other education-related expenses as
well. From the cost of your entrance exams to the proof of funds required for a
visa (in case of overseas education), a Study Loan will have your back! You can even finance the purchase of a new
laptop, your study material & books, travel, and even living expenses.
3.
Don’t have to repay
immediately.
An
education loan is probably one of the only finance solutions that allow you to
start repaying the loan much after getting the disbursal. Most other loans will
require you to start making payments right from the first month after getting
the disbursal. However, with a student loan in India, you don’t have to pay
even a single installment until finishing your course or found a job. Some
lenders will give you 6 months after these events too!
4.
Tax benefits.
On
one hand, an Educational loan
helps you pursue your dreams; on the other hand, it helps you save an amazing
amount of taxes. This is made possible by section 80E of the Indian Income Tax
Act that states that any interest amount paid in a year towards an education
loan can be used to claim deductions against the borrower’s taxable income. The
quantum of deductions is exactly equal to the interest amount paid in the year
without any capping.
5.
Low interest rates.
If
you were to borrow a personal loan to cover the cost of your education, you’d
have to deal with interest rates as high as 10 or 22 percent. In comparison to
this, an education loan will be made available to you at rates as low as 10 to
16 percent. This can result in very affordable finance and loads of savings.
We
hope this has been informative and gives you the impetus needed to opt for an
education loan to cover the cost of your studies.
Good luck and all the best,
study hard!
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