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Everything You Need To Know About Education Loans

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By Author: Neha Sharma
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Education loans are one of the most popular types of loan in India. With the education scenario a bit dicey, many children are not allowed to pursue higher education because of their families’ poor financial background. In such cases, taking an education loan is the best way of ensuring that you get to study as far as you want. Read on know everything about the various aspects of education loans in India.

Why should you go for an education loan?

There are a couple of reasons, why you should opt for an education loan:

• Specialized help- When you choose to go for an education course, you do not just have to pay for your classes but also for other expenses that are necessary. Some of the extra expenses include library fees, caution money, laboratory fees, building deposits etc. Sometimes these expenses can prove very expensive for you. However, if you take an education loan then that will help you cover all these expenses without any fear of running out of money.

• Education can be a pricey affair- If you are considering going to one of the best colleges or universities in the country, then you will have to shell out a substantial amount of money for that. Instead of emptying your bank account altogether, it is a more practical option to go for an education loan, which you can pay for later once you get a stable job.

• Convenient- An education loan in India is one of the easiest loans to get and every bank offers one. It is because of its easy accessibility that RBI considers them as part of the priority sector lending of banks. The only thing you need to do, in order to get an education loan is to fill out a few documents and prove to the bank that you will be able to pay off the loan later.

Benefits of getting an education loan
Just like every other loan, education loans also serve many benefits such as the following:

• Easy repayment- Compared to other loans, the repayment of an education loan is much easier. This is because you will have to pay the loan on a monthly basis once you get a stable job and not necessarily before that. Moreover, certain banks also provide a considerable amount of time to pay up even after your college or university education is complete.

• Tax exemptions- By taking an education loan in India, you can be eligible for tax exemptions. This is a convenient way for both students and parents to save money, which then they can utilize for something else.

• Low-interest rates- Education loans have considerably low rates of interest, which is one of the major reasons for its popularity. Moreover, the Govt. works towards the betterment of higher education in the country by providing subsidies.

• Higher education- Higher education is something that many students dream of but fail to pursue due to lack of funds. Since higher studies can be quite expensive, taking an education loan will help you cover all the expenses and you will not have to compromise on your education.

• Helps inculcate responsibility- By taking an education loan at a young age you tend to become more responsible for your studies, finance and everything in general. This is because you know that without a sense of responsibility, you will not be able to repay your loan.

Education is an integral part of life. Education is all-important if you are looking to make something out of your life, and nothing should stand in the way of that, least of all money. Hence, get an education loan and work towards fulfilling all your dreams.

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