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What are the expenses I can cover with an education loan?

An education loans is one of the best ways to cover the cost of your further education. Some financial experts will tell you it is better to take an education loan even if you have the required funds to cover your expenses. This is because you can invest these funds elsewhere to earn amazing returns while you claim tax benefits provided under section 80E of the Indian Income Tax Act.

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What are the expenses I can cover with an education loan?

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  1. What are the expenses I can cover with an education loan?

  2. An education loans is one of the best ways to cover the cost of your further education. Some financial experts will tell you it is better to take an education loan even if you have the required funds to cover your expenses. This is because you can invest these funds elsewhere to earn amazing returns while you claim tax benefits provided under section 80E of the Indian Income Tax Act.What makes this even better is the fact that education loans these days offer 100% financing. This ensures you do not have to worry about a down payment at all. Further, most non-banking financial companies will also cover all your education related expenses, so you can focus fully on finishing your studies and never stress about money. Here are just some of the expenses you can cover with an education loan:

  3. The course fee: It goes without saying that an education loan will cover your course fee. The best part lenders might cap the loan amount they provide you while other will have no limit on the loan amount. This helps you get 100% financing for the course. In most cases, the course fees are paid directly to the institute or university, this is another convenient feature of an education loans. Travel & living expense: If you are going abroad, you need to cover travel & living expenses as well. Flights can be very expenses and cost you many thousands of rupees. Living expenses can also add-up and they can be tough to handle until you find a part-time job. Luckily, with an education loan, you should get funds to cover these expenses with ease!Pre-admission expenses: There are several expenses that crop-up even before you have secured admission or start your studies. For example, you might have to give entrance exams, the registration fees of which are no joke. In case you are going abroad, you will have to give your IELTS or similar language exams – these are also known to cost over Rs. 10,000. Your education loan can help you cover these costs in just a snap!

  4. Proof of funds: Another thing students need money for is the proof of funds. This can be for you visa or for your admission as well. Often, large amounts of money are required to establish proof of funds. Thankfully, you can opt for an education loan and cover these expenses with ease!

  5. Miscellaneous expenses: There might be a number of miscellaneous expenses as well. We assume these to be small things we will cover on our own. However, they can turn out to be substantial expenses that leave us wondering how to arrange the money. Even if they are small, they can add-up to pose a big problem. Some of these expenses include the cost of study material, the purchase of a laptop, library deposits, etc. Again, with an education loan abroad you’ve got nothing to worry about. Most loans will cover these expenses to ensure you can give your 100% to your studies. Hope this article has been helpful, good luck and all the best with your studies!

  6. RELATED ARCTILE :- Important features to look for in an overseas education loan You can find more interesting things on these sites mentioned below :- Facebook : https://www.facebook.com/AuxiloFinserve/ Twitter : https://twitter.com/AuxiloFinserve Youtube:https://www.youtube.com/channel/UClc_BEIN262Fm5eY_8sPA5w?view_as=subscriber Instagram: https://www.instagram.com/auxilofinserve/ THANK YOU

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