Studying abroad or in a premiere institute is a dream that comes with a heavy price tag. It is a life-changing decision that requires a good financial back-up to be fulfilled.
What is an education loan?
An education loan is a way you can fund your education and pursue and achieve your educational goals. It comes with a special benefit, known as moratorium period that allows you to repay the loan after securing a job.
Why avail education loan?
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Bridge funding shortfalls: With an education loan, you can cover your child's education fees while keeping your savings intact.
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Low interest rate: Education loans typically come with lower interest rates compared to personal loans, making them more affordable for funding education expenses.
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Save on taxes: Education loans can provide tax benefits, helping you save money while investing in your child's education.
How to Get Education Loan?
To avail an education loan, you may apply in any public or private sector bank or an NBFC. It is a way to fund your education-related expenses without incurring massive debt or disturbing your family’s finances. Before availing an education loan, you must check the following factors to get the best possible offer:
- Determine the total cost and the amount you need to pay
- Compare education loans online and choose the one that offers the best interest rate
- Ensure the loan covers tuition fees and additional costs like hostel fees, mess fees, laboratory charges, and examination fees
- Review the loan documents and read the fine print once the loan is approved