An investment in knowledge pays the best interest! And if the knowledge is obtained at a top-notch, premium university, it will surely elevate your career to the next level. However, the unfortunate reality is that the cost of studying at a reputable university is often quite high. And studying at a good university abroad is an even more expensive proposition.Parents generally prepare for this by investing in various long-term investment plans, deposits & funds. Still with the steadily rising cost of education, a huge gap remains. Education loans help close that gap so that everyone, regardless of their financial situation, can make their dream of studying at one of the best universities in the world come true. Numerous banks and other financial institutions now provide education loans for students for their education. These lenders offer different educational loan schemes.
Benefits of Education Loan
- Tax Rebate: The interest paid on education loan is interest fee and you can exempt it from your ITR.
- Low Interest Rates: Usually the rate of interest for education loan is kept lower than other commercial loans.
- Cover Overhead Expenses: Along with the course/education fee, usually other expenses like accomodation fee, food, books etc. are also covered in education loan.
- Loan for Abroad Education: Many banks/NBFCs also offer education loan for courses offered abroad.
- Repayment Holiday/Moratorium Period: Education Loan is a type of loan where you don't have to start repayment of EMIs of the loan immediately. The borrowers are given with a moratorium or holiday for starting the repayment of their loan amount/EMIs during the course and for some time after the course completion.
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