Education is a pillar of development and growth. Every Indian family takes education as an essential factor to bring about change. Many are living in
Education is a pillar of development and growth. Every Indian family takes education as an essential factor to bring about change. Many are living in their cities and countries to take up higher education to grow and stabilize their lifestyle. Abroad institutions are offering huge opportunities to Indian students to use modern education as a platform to do better in life. However, education is no more an affordable affair with 18% GST attached to it. The reputed organization in the country charges fees that are not affordable for Indian families. This is when a personal loan education comes up and helps you realize your dreams. Money cannot come between an aspiring student and her degree. It is easy to get an education loan to take up admission in any reputed college. With a personal loan online for education, one can cover up the entire fee and other educational expenses with the fund. It is affordable and has huge tax benefits on it. This makes an education loan a favorite for every student that aspires to dream and turn it into a reality. If you are thinking of taking an education loan, read more.
What is an education loan?
An education loan is a specific loan that can be used only for educational purposes. It is not flexible like a personal loan online. It is taken up by students to go for a degree that is expensive to bear. Education loan is available by various banks, online loan providers and NBFC. It is affordable and has a lot of tax benefits. The best thing about an education loan is the repayment scheme. It does not demand payment just after the disbursement. One can start repaying once he or she has got a source of income after finishing the course. Meanwhile, the course is on, all you need to pay is the monthly rate of interest. Once you take up employment, you can start repaying the loan in easy EMI. This will help you study without any burden of EMI and you can be independent enough to pay your debt. It is affordable and does not need any collateral or security.
What are the tax benefits?
An education loan comes with huge tax benefits. These are the main lucrative features that make an education loan so popular. So, the fees that you pay from the loan amount, that entire fee is subject to the tax deduction for that particular year. You enjoy tax deductions and benefits on the amount that you have paid for the degree fees. This benefit helps you to save a lot of money as you don’t need to pay a huge amount of tax annually. Benefits on tax give you enough space to save a lot of money and you don’t need to worry about the taxation anymore. An education loan not only helps you realize your dream but also gives you perks on savings.
Who is eligible to get an education loan?
An education loan is available for anyone and everyone in the country. If you have the proof of admission in an organization where you will take admission, you can take an education loan. Your credit score or the credit score of your parents will be considered. If you do not earn, the income of your parents will be considered by the loan provider. This gives them a sense of stability and risks associated with the loan. If you are taking admission in the tier 1 colleges, you will have easy approval. Make sure you are offering all the right details about the organization to your loan provider. Also check the upcoming EMI with the help of a personal loan EMI calculator.
What are the documents needed?
For an education loan, you need a lot of documents that you need to offer to your loan provider in original and scanned copies. You need to offer all the identity proof, bank statement, income statement, College admission proof, mark sheet, education qualification proof, and residential proof. It will be needed and you cannot miss out on any of these. Make sure you are offering all the original copies, as without original ones the process will not be accepted.
What expenses are covered under an education loan?
An education loan is used to cover up all the education-related expenses. It will cover up all the expenses like fees, library, extracurricular activities, books, stationery, and whatever you need for the degree. If you need accommodation from your college, you can get it covered under your education loan. This makes your entire journey for the degree and hassle-free. An education loan is the best way to get admission to the most prestigious institutions in the country.
If you need a flexible loan for education, then go for a personal loan education. This will help you get funds in your account that you can use for anything while studying. There will be no restriction while using the loan amount for your education and personal purpose.