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Education loan benefits are numerous, as their primary aim is to provide the opportunity for the acquisition of the necessary knowledge and skills for every student, to excel in the chosen profession through optimum training courses.
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Known the Education loan benefits provided by NBFCs The inflation of the cost of education is increasing every year. With the costs ranging from a few thousand to a few lakhs in India, and almost over a crore for pursuing a degree abroad, the financial requirement for acquiring the education you desire is extremely tough to satisfy by many people. Earlier, most parents used to fund their children’s education by exhausting their current savings or by liquidating their assets like gold, property, etc. However, considering the importance of education for the growth and sustenance of an individual as well as the society, provisions have been made for students to avail loans to support their education. Education loan benefits are numerous, as their primary aim is to provide the opportunity for the acquisition of the necessary knowledge and skills for every student, to excel in the chosen profession through optimum training courses. According to finance experts, student loans are best availed from banks or NBFCs (non-Banking Financial Company) like our Eduvanz. Following are the benefits of education loans- Student-friendly policy As the loans are essentially taken by students, they come with very minimal interest rates and flexible repayment alternatives. A moratorium period is mandatory, which is like a holiday given to the borrower during the loan term where they don’t have to repay the loan. In education loan, the moratorium period is up to 6 months to 1 year from the completion date of the course, within which the students can easily find employment to start loan repayment. Tax Benefits Education loan benefits the students in tax payment. Under Section 80E of the Income Tax Act., the entire interest one pays on education loans qualify for a tax deduction, which can be claimed for up to 8 years. Coverage Education loans not only cover the tuition fees but also provides for hostel fees, lab fees, book fees and exam fees. Hence, it eliminates the need to seek money for any expense related to education. Savings protection Education loan benefits one by allowing them to leave their savings undisturbed for expenses that are unpredictable or cannot be loaned. It ensures that the student's family does not face financial vulnerability just to obtain an education.
