With increasing fee structure, it has become difficult for an average pool of society to enroll themselves for higher education. The solution to this problem is availing education loan i.e. finance for studies. This loan offers required money to the applicant that helps his/her to complete the education without any hassle.
Education Loan is offered to students to help them to meet the costs of a professional program. This plan not only covers the tuition fees but also other expenses involved in pursuit of higher education. This plan is becoming very popular with extensive marketing of its advantages. The popularity is also an outcome of students wish to fetch high salaries at the end of their educational training and likely to be in a position to repay the loans comfortably over a period.
The student loans come with various advantages, but there are many cases where the borrower may end up being caught in a trap than what they had imagined.
Advantages of education loan
Education loan enables a person to meet the finances required for a professional course. The best thing about this loan is that when you have completed the course and achieve financial freedom, then you can easily repay the whole amount borrowed. Therefore, the commitment involved in such loans is very reasonable and appealing.
Today, there are lots of banks and financial institutions that offer education loan and has made it an easygoing task for the applicants. One can apply for this scheme by visiting the bank or through the website of the bank. There are many banks that offer application forms and detailed relevant information for applicants’ convenience.
It is a better alternative as compared to other loans offered in the market. It not only offers attractive interest rates but also have easy terms and conditions. Many banks do ask for a security and charge no margins for a loan amount up to 5 lakhs.
The other highlighting feature of this loan is the deferment of repayments. The borrower is not required to pay the loan amount while studying as the repayment process starts after the completion of the said course and attaining a job within a stipulated period of time. It also shows considerable flexibility towards the applicant in terms of repayment schedule.
This loan not only satisfies the financial need to proceed with higher studies but also offer tax benefits. Tax benefits of education loan end up reducing the overall cost of the loan.
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