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WHY EDUCATION LOAN ?

Education Loan is the money, a student or his parent borrows from a loan issuing authority for financing an educational course in India or abroad. It is granted for a multitude of academic, professional, vocational and technical courses.

EDUCATION LOAN COVERAGE

The maximum sum that can be loaned out can be up to 10 lakh for education in India and up to 20 lakh for education abroad. The interest rate may vary from 5 to 15% depending on both the borrower and the lender.

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FEATURES & BENEFITS

There’s more to education loans than just financing your child’s education. Here are a few unique benefits that Education Loans offer:

  • An education loan covers not just tuition fees but also examination fees, hostel fees, books, laptops and other resources, study tours, etc.
  • You get to enjoy deductible tax benefit on the interest you pay on your loan (as per Section 80E of the Indian Income Tax Act).
  • The repayment is not be made while pursuing the course or even immediately after the course is completed.
  • The repayment begins after 1 year of course completion or 6 months from the commencement of a job, whichever is earlier.
  • The repayment period is extendible up to 8 years.

CHECKLIST: BEFORE YOU GO FOR EDUCATION LOAN

The granting of education loan isn’t much time consuming it should be applied for only after the admission is confirmed.The eligibility requirements for education loan are:

  • Age limit for education loan varies from bank to bank. Generally it is from 16 to 35.
  • Students should have a good academic record.
  • Students should have a good academic record.
  • Parents should have a definite source of income

WHICH BANKS IN INDIA OFFER EDUCATION LOANS ?

Most nationalized banks, private banks, foreign banks and private lending institutions provide students loans. Some of the loans from the most popular banks are as follows:

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PROFESSIONAL TEACHER

20

NEWS COURSES EVERY YEARS

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NEWS COURSES EVERY YEARS

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REGISTERED STUDENTS