In today’s times, education is one of the most valuable assets you will possess. A post-graduation can go a long way in bringing job opportunities at reputed companies. Even the university you pursue your degree from has a major impact on attracting big firms towards your application.
With academic expenses soaring, students hesitate and think twice about pursuing their further studies. But this should not hamper your academic dreams. You can always take an education loan that will provide you the financial support for your studies.
Let us take a look at the key benefits than an education loan brings:
Without an education loan, many students have known to face difficulties in arranging the finances to pay their semester fees. Worrying about these expenses will ultimately affect their grades as they would not be able to entirely focus on their studies. But when you have taken an education loan, you do not have to worry about the financial burden. Your academic expenses are taken care of, leaving you with a clear mind to focus on your studies.
Your education loan is not just limited to cover your university’s tuition fees, but also other expenses like the library charges, laboratory fees, study material, hostel rent, travel expenses, and more. With these expenses covered, you do not have to worry about the financial burden of these expenses.
A lot of students worry that once they complete their graduation, it would be difficult to immediately start repaying the education loan. Financial institutions know this and hence provide a moratorium period. This period is like a grace period where students do not have to start repaying the loan until after a year of completing graduation or 6 months after they land a job, whichever comes first. The tenure of this period depends on the financial institution you have taken the loan from, so enquire about the moratorium period before you apply for a loan.
Every student will have a different preference on how to repay the loan. Some would choose a long-term loan repayment plan, while some would pick a short one to repay the loan as soon as they can. The financial institution will offer you multiple repayment plans that you can choose from based on your convenience.
Did you know that you are eligible for tax deductions when you take an education loan? According to Section 80E of the Income Tax Act, the interest rate that you pay for on your education loan can be claimed for tax deductions.
If you plan of taking an education loan after learning about the various benefits of one, you need not look any further. We at Avanse can provide you with a suitable education loan that will take care of your academic expenses, so please get in touch with us.
We hope this article has been useful to you, all the best!