Education Loan Benefits
Education has become one of the basic needs of today’s world. With increasing fees structures of universities, it has been very difficult for students belonging to middle class to afford international education. However, if lack of money is the hurdle between you and your dream education the best solution to your problem is education loan. Education loans are given to students purely for educational purpose. They are provided to students for pursuing educational programs like BE, ME, MBA, doctoral programmes, post-doctoral programmes, etc.
Education loan not only includes the expenses of all the tuition fees but also all the other expenses related to higher education like cost for telecommunication, rent, living expenses, expenses for entrance exams, etc. Education loan has become very popular in today’s society not only because of cash crunch but also because today’s young generation aspires to be a self-made. It gives an opportunity to students to be responsible for their financial requirements. Moreover this loan helps you to preserve your family assets.
Benefits of Education Loan
- An education loan has proved to be boon for the student society. The biggest benefit of this loan is that it enables the students to complete the education they desire without any financial hurdles, ultimately leading them to a successful life. Education loan for a dignified education can be a turning point in students’ lives as it directs them on the path to success.
- Education loan has become a very easy task now-a-days due to various financial institutions providing it in a few simple steps. Financial institutes like Credila are well known for their trustworthiness as education loan providing institution. Door step service is provided which helps you get detailed information about education loan right at your place. You can also apply by actually vising their office or applying through their websites.
- Education loan institutes provide you the loan approval certificate even before your admission is confirmed so that you can apply to the suitable college without any tension of financial requirement of college and dream about successful future.
- Another education loan benefit is the repayment of loan. Student does not have to repay the loan until they have completed their course and found a job. This gives students a sense of relief during their studies and they can concentrate on studies without worrying about loan installments and repayment.
- One of the major advantages of education loan is that it not only provides smooth financial support during education but also proves to be beneficial after the education. The repayment of loan starts six months to one year after the completion of the study course. This gives students ample time to search a suitable job and settle down.
- The repayment period of loans is also pretty long, i.e. around 5 – 10 years depending on the loan amount. Such a long repayment period helps to reduce the stress on students to repay. They can repay the loans in small sums, hence, reducing the tension of being hugely in debt.
- The best education loan benefit is it helps in saving income tax. Students and parents get income tax benefits under section 80E of the Income Tax Act.