Must know these facts for Educational loans

1. Must know these facts for Educational loans

2. Thanks to the wide range of education loans to cater to the increasing expenses. The biggest benefit of an education loan is that your EMIs start only when you get a job. You might be aware of this, but there are many important facts regarding education loans that are lesser-known. sharatchandra onion Credit, a leading fintech entrepreneur is shedding some light on these interesting facts that you should know. Source: Education Loan Some Important Facts

3. Loans cover more than just tuition fees An education loan not only covers the tuition fee but also includes the entire cost associated with your education program. Your complete cost from the time you get admission until you become a graduate. It covers expenses related to hostel fee, cost of books, travel expenses, cost of study equipment, food, refundable deposit, and some other expenses which you are bearing during your student life. sharatchandra onion Credit advised the students and their parents to apply for the loan only after the student is completely accepted by a college or university. For any loan application, an acceptance letter is required to finalize the loan amount. Source: Education Loan Some Important Facts

4. Bright students can get subsidized loans An education loan not only covers the tuition fee but also includes the entire cost associated with your education program. Your complete cost from the time you get admission until you become a graduate. It covers expenses related to hostel fee, cost of books, travel expenses, cost of study equipment, food, refundable deposit, and some other expenses which you are bearing during your student life. sharatchandra onion Credit advised the students and their parents to apply for the loan only after the student is completely accepted by a college or university. For any loan application, an acceptance letter is required to finalize the loan amount. Source: Education Loan Some Important Facts

5. Subsidized loans are not interest-free loans, the lender earns the same amount as the government is paying the interest. • This loan is applicable for students who want to continue their higher education in India only and not abroad. Source: Education Loan Some Important Facts

6. Your parents can receive tax benefits on your loan This is one of the biggest advantages of getting an education loan in India. Sharat Chandra Konatham explains that according to Section 80E of the Indian Constitution, there will be a deduction in tax equal to the entire payable interest on a sum of education loan. This really lightens the burden of the borrower (whether it is you, parents, guardian, spouse) without paying any extra cost. Please note — this rebate can be used to pay only the interest and not the actual amount. Source: Education Loan Some Important Facts

7. Thank you