Education loan is a boon if you want to pursue higher education. It obviously aids you in aiming for the highest level of education without having to worry about the funds. The education loan interest rate may not be as low as what you would want it to be, but still you cannot deny that allows you to attain your dreams. However, an education loan is very important to your career, not just in the manner that it aids your studies, but in many other ways. Let’s check out why an education loan is important to your career.
The importance of education loan in India is paramount. Considering that majority of the population cannot afford to pay outright for higher education, you cannot overstate its importance. Since higher education is increasingly becoming more expensive with every passing year, it makes more sense to avail a loan. Furthermore, you do not have to start paying back the loan immediately. Yes, there is a moratorium period for education loan that allows you to up to a year, depending on the lender. Thus, you can start saving early in your career. Additionally, you enjoy tax benefits on loan for education. Therefore, you can reduce your taxable income once you start working which will help you in saving more for your nest egg.
Another key important aspect of the loan is that it allows you to pursue foreign education. Foreign education is even more expensive than education in India. However, there a lot of universities and colleges abroad those are considered to be among the best in the world. Therefore, it is bound to give you an extra edge, especially considering that the competition for jobs is now on a global level.
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If you are looking for education loans that exceed the sum of Rs. 2 lakhs then banks would be perfect for you. However, banks fail to cover numerous aspects under education loan depending on the bank. Various expenses that are crucial to your education and career. So, in such cases you should go for PaySense. Not only will you get an instant loan for up to Rs. 2 lakhs but you can use the amount on the things that are not covered by the education loan in India. Additionally, the education loan interest rate will not be an issue to worry about as you have a moratorium period before you need to start paying it.
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