Here are 3 exclusive benefits of an educational loan.

The cost of education is rising quickly. This has made it extremely difficult for some students to pursue their higher education. The situation looks even more uphill in case you plan to study overseas. Fortunately, there are a number of finance solutions available today. You can opt for personal loans, mortgage loans and educational loans to bridge your financial gaps and achieve your dreams.

However, which one of these loans is best suited for you? If you ask your friends and family, they might all provide contrasting views. This can leave you confused and unsure how to proceed. Keeping this in mind, the following article will help you make an informed decision by highlighting 3 huge benefits that only education loans can provide you.
 
1. Tax benefits:

Between the 3 finance solutions mentioned in the introduction, only educational loan offer the student tax benefits. This means that, in addition to covering your course fees and all your other education-related expenses, these loans also help you put some money back in your pocket. They are, in essence, a double-sided sword that helps you cut through the cost barrier and achieve your dreams. This benefit is provided to you under Section 80E of the Indian Income Tax Act. It allows you to deflate your taxable income by an amount equal to the total interest you pay in a year.


2. Moratorium period.

This is another huge benefit that only educational loans offer. A moratorium is just a finance term for an EMI holiday. It is a period where you can bid farewell to your monthly instalments and focus on your education goals. Some moratorium period can extend until 6 months after you’ve found a job as well. This allows you to settle into your job, cover other expenses and then switch back to your EMIs when you are financially ready.

3. Preferential benefits.

Just like a personal loan or a mortgage loan, an educational loan will also reward you if you have a strong financial background. The same applies if you have a co-borrower with a good financial profile. In either case, you can get lowered rates or higher loan amounts. However, when it comes to educational loans, you have an added benefit. Most of the leading finance companies will offer additional benefits if the applicant has a good academic record or excellent entrance exam scores.

Besides these 3 exclusive benefits, you can even get an education loan without collateral. Some lenders will provide you with 100% finance without any upper limit on the loan amount. This ensures that you can cover the course, living expenses, purchase of a laptop, etc. with ease. You can also expect fastest sanctions with an education loan. Some lenders will also offer doorstep services to speed up the process.

So as you can see, an educational loan has plenty of benefits to offer students like you. Therefore, if you are looking for finance solutions to cover the cost of your studies, look no further than a student loan. 

Good luck and all the best!

Comments

Post a Comment

Popular posts from this blog

Here are 5 features to look for when comparing study loans for abroad.

Image
Opting to study abroad is one of the best decisions you’ll ever make. It will help you pole-vault your way into better paying jobs and a higher standard of living. The only hurdle you need to overcome is the cost of an overseas education. Well, this is where study loans for abroad can lend a financial helping hand. They will plug your financial gaps and ensure you can pursue your dreams without any monetary worries. However, there are several options available to you as far as lenders and loan options are concerned. While a wide spread of choices is always good, choosing one loan from all available options can be trickier than you expect. Keeping this in mind, the following article will list 4 important features to watch out for when looking for a good overseas education loan. 100% finance for course fees. This is one of the most important features you should look for when comparing study loans for abroad. Course fees in foreign universities can be extremely costly. They are also
Read more

3 tips to help you get a lower education loan interest rate

Image
Have you always dreamed of studying at one of the best universities in India or abroad? If yes, then what is stopping you from learning at those institutions? In most cases, money or to be more precise, the lack of it is what stops students like you from learning at those institutions. To solve this, there is one solution: education loan. And they come with interest rates just like any other type of loan. In this article, you will learn 3 tips to bag a lower education loan interest rate. Calculate the potential expenses carefully - The general rule in education loan: Higher the loan amount, higher the interest rate. Understand this and you can find ways to lower your education loan interest rate. Calculate the funds you would need to study at your choice of college—from the college tuition fees to travel expenses, accommodation expenses, library fees, canteen expenses, and stationery expenses. Once you have calculated all the necessary expenses to the last penny, you will be
Read more

5 terms of an education loan that you should know about

Image
Education loans help aspirants to learn the trades of their choice in good institutions in India or abroad, and thus, build an exemplary professional career. These loans have been helping students for quite a few decades now. Also, they are becoming accessible and fast due to the widespread acceptance of streamlined loan process practices. Today, all you need to do is simply go online and search for “education loans India”, and you are bound to get a huge list of financial institutions that offer loans. But before you go ahead and apply for an education loan, here are 5 terms that you should be familiar with:- 1.  Unsecured loan A lot of students wish to pursue their further education, but many do not wish to provide collateral to get an education loan. Now, banks mandatorily require collateral from students if the loan amount crosses Rs.7.5 lakhs. This is an amount that is quite likely to cross, especially if we are talking about pursuing an education abroad. This is why many stud
Read more