Education Loan For Study In India

By Author: Subhajit Roy
Total Articles: 1
Comment this article

Benefits of taking an education loan for study in India

To ensure growth in your career, it is very important to have a post-graduation degree. Most students pursue these degrees by taking an education loan, since affording education has become very expensive. Covering all the expenses including the university fees, and other additional expenses will obviously be a huge burden for the students.

Here is where an education loan comes in and helps the students by taking care of the expenses, and makes it possible for them to pursue further education. There are a lot of benefits that an education loan for study in india provides, listed below are how students can make good use of an education loan:

Wide array of options

When it comes to education loans, there is a bulk of options, as there are many students who look to pursue further education & require such finance solutions. Since students are on the look for such loans, the financial institutions have to keep coming out with better loan plans so as to attract the students into taking their loans.

The ...
... students can compare the different types of loans that are being provided by the various education loan lenders and then choose one that is most suitable to them. They should research thoroughly, as each lender will have their own policies, and will have different interest rates, repayment methods, loan amounts, etc. when it comes to their loan plans.

Various financial institutions

There are many education loan providers when it comes to giving out loans. Students are spoilt for choice while choosing their lender, as they can always go with any other lender in case they are not comfortable with a certain loan plan offered by their current lender.

Their options further increase when they realize that a bank is not the only financial institution they can fall back on. There are Non-Banking Financial Companies (NBFCs) coming up that give the banks a run for their money when it comes to providing education loans. They offer very attractive features while providing an education loan for study in india , and this is a worrying factor for the banks as they are losing a lot of their business to these NBFCs. This forces them to upgrade their loan plans, which creates a win-win situation for the students.

Income tax benefits

As per Section 80E of the Income Tax Act of 1961, the interest that the students pay on their education loans can be redeemed as tax deductions. This is not the only Act that is beneficial to the student, as Section 80C states that even the tuition fees that are paid for your education are tax-deductible.

After the 10th standard, students are eligible to claim these tax deductions. Moreover, they are not limited to just regular courses, students can even make claims for vocational courses as well, as long as you are taking an education loan from a certified financial institution or a charitable institution.

There are endless options when it comes to taking an education loan for study in india , so be sure to carefully analyze your options before choosing one that is suitable for your needs.

Hope this article has helped you, all the best!