They say that the funds you spend on your education is much more of an investment than expense. Quite truly, the money you spend on quality education can reward you with a brighter future and myriad opportunities for career growth. Education loans can help you in getting those educational opportunities, if lack of funds is the only thing stopping you!
There are several benefits that you get access to, when you go for an education loan. However, the most important benefit is that it is a long-term loan and the student availing it would get enough time to get settled in his/her career and then repay it. However, it can nevertheless be a liability on the student and hence it is important to evaluate whether the student actually needs an education loan or not.
Benefits of Education Loan
For loans availed to fund higher education, the applicant of the loan can claim tax deductions for the interest paid under Section 80E of the Income Tax Act. However, you should ensure that you avail the loan from a bank or a financier recognized by the Central Government of India.
Generally, in case of education loans, the student gets an option to have a holiday period or a moratorium period of 6 months to 1 year, before he/she has to start paying the EMIs. This would give time to the student to plan out the financials in a much more organized way. However, the student has the option to start paying the interest amount during this period which could motivate the bank or financial company to lower the overall education loan interest rate.
Cover for All Educational Expenses
The cover provided most banks and financial companies are such that the student would be able to take care of all the expenses, and not just the tuition fees. An education loan calculator can help you calculate the loan amount that you can avail based on the interest rates that are being offered. Based on your loan amount, you can expect to cover other expenses such as exam fees, library fees, travelling expenses as well as the hostel expenses.
Easy and Accessible Education Loans
Availing an education loan does not have to be a lengthy and cumbersome process, if you choose the right loan provider. With the PaySense app, you can instantly apply for and avail education loans at interest rates much lower than those offered by banks. With easy documentation and straightforward education loan eligibility criteria, you can stop worrying about funding your higher education and apply for a loan right away.
Apply for Loans of upto ₹5 Lakhs easily using your phone or laptop, and pay back on low EMIs