Give wings to your Child’s Dreams and Aspirations With the best Education Loan in India. When it comes to parenthood, there’s nothing as gratifying as providing your children with the best education. Sadly, the cost of education has sky-rocketed within the last few years. Higher education, both in India and overseas, at premium institutions, now come with a hefty price tag, irrespective of the merits secured by the student.
This is where “Education Loans” come into the picture.
Unlike other loans, where the repayment starts as soon as the loan amount is disbursed, Education Loan come with a moratorium (or waiting) period, only after which EMI repayments start. This helps students complete their studies, land a job before they can begin repaying their education loan.
Education loans are now provided by all banks and several NBFCs. Additionally, unlike other loans that go through a lot of scrutinies, before being sanctioned, education loans are easy to avail.
For an education loan, lesser than 4lakhs, there is no need to submit any collateral or security. This is highly favourable for students and parents as the tuition fees of most colleges are within this range.
Instead of selling assets or dipping into the retirement savings, parents can avail an education loan for their children. Since interest rates are low, and EMI payments begin only after the completion of the course, it works in favour of both the children and parents.
The repayment of interest for an education loan is eligible for tax deduction under Section 80E. This tax rebate is available for all students, irrespective of whether they pursue their higher education in India or overseas.
Apart from the features listed here, different banks offer exclusive benefits and other features. Make sure to compare them, before zeroing in on a lender who meets your specific requirements.
While these are the default criteria, different lenders may have a different set of eligibility criteria. An excellent academic record by the student applicant and a good credit history by the co-applicant (the parent or guardian) help in quickening the approval process of your student education loan.
Are you ready to let your Child Soar high?
Compare and choose the best Education Loan and let them fly!