Advantages of student loans
Are you considering sending your child to college in India or abroad?
In addition to delivering a number of other benefits that will ensure your child may study without worrying about money, education loans can help your child take a step toward their desired career.
Economic advantages
By choosing an education loan, you can avoid depleting your family’s assets and not having to sell bonds, mutual funds, or fixed-income investments. In addition, Section 80 E of the Income Tax Act of 1961 allows for a tax credit for interest paid on student loans.
Pay After Education
The EMI is payable only after the students complete their study schedule, so you don’t have to worry about making quick payments. What’s more, you can use the repayment schedule as a guideline while planning your family’s finances in the medium and long term.
A variety of costs are covered
Study abroad loans pay for tuition as well as living and travel costs, textbooks, a laptop for the student, and other costs. As a result, these non-fee charges won’t add to your financial burden.
Simple terms for repayment
For education loans, Many bank offers fair interest rates, with preferential rates available to institutions with a high ranking. Additionally, they provide flexible terms for co-borrowers and collateral so that you can repay your loan without worry.