Educational Loan can turn out be a twisted issue which can later be an obligation if not handled with care and caution.
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Educational Loan can turn out be a twisted issue which can later be an obligation if
not handled with care and caution. Money in the modern times has perplexed
theories as the nature of money flow is somehow controlled and manipulative by
certain human authorities, so it becomes very important to know the crux of the
The student is the main borrower so this article is for the students. Students should
be aware that when you take a loan you don’t own that money so the journey of
complication and tribulation starts and not ends.
It is basically advised by the financial advisors to not go for such massive
educational loans for education as the field is dynamic and investment is a gamble
in the ever-changing market of technology. Count on personal skills before you
count the money in the bank. This would be the best use of such mammoth of risk.
Below given information will clarify your doubts and is intended to give you a
clear picture of what is a loan.
The loan offered
It is marketed to students who desire to study in India or pursue higher education
overseas. The maximum amount accessible for studies in India and abroad might
change from one bank to another as it is a scene that overseas colleges charge hefty
amount fees in comparison to India. The interest rates offered might be subject to
change due to personal interest and situation.
Types of courses
As the market of overseas education sector is increasing rapidly and the demand
has been created tremendously in the last 40 years. All sorts of courses might come
under it but chances are you better access the life cycle of the skill you are going
for as the industry is swinging all the time.
Vocational course and
Post-graduation in the fields of engineering, management, medical, hotel
management, architecture, etc.
Eligibility, documents required
It is simple that you need to be an Indian Citizen with proof. It is also essential to
complete your senior secondary schooling and obvious as well.
Educational Loan can be only milked if there is a farsighted approach. This means
the field or skills need to be executed with a purpose which needs to be higher.
While spreading over for a loan, one should reconnoiter for bank charges such as
those related to dispensing, pre-payment obligation, late payment of EMIs, etc.
Most mortgagees charge processing fee estimate to be 0.15 percent of the loan
There is a Section 80E of the I-T Act which provides for supposition on the interest
paid on the repayment. This deduction is accessible only for the individuals paying
interest on the loan for himself, spouse or children or for the student legal
This gets an opportunity to people to deduct the intact interest amount paid from
their taxable income. This inference is allowed for a maximum of 8 years. The
principal amount does not qualify for any tax deduction.
Taking an education Loan is a huge call and should be dealt with care and self-
More Information About Overseas Education Contact Us:- http://www.global-