Education is an important aspect for your child’s development and growth. A school helps him be a better human being and choose a career path that suits his personality. However, with the cost of education increasing day by day, parents are finding it difficult to make ends meet.
The problem of educational expense becomes more acute when we enter higher education where there is fierce competition among students and few colleges and universities providing good education.
Therefore, the solution for educational cost is taking an educational loan to fulfill your dreams and desires. However, educational loans can be overwhelming to a student thinking about higher education either a MBA or post graduate studies abroad. To help budding students pick the correct educational loan, here are some pointers to guide you:
Covers the Cost of your Education- When you take an educational loan from a bank, it will not help you financially but cover 90 per cent of your educational expenses. They cover not only tuition fees and exam and library fees but other incidental costs like your hostel expenses, book charges and travelling expenses.
Parents are Relieved of the High Educational Cost- Higher education has become an expensive affair. For students opting for higher education like MBA in India, the expenses become a burden on the parents. Moreover, some parents may not have the capacity to sponsor their child’s education dreams. The solution to such problem lies in getting an educational loan.
Tax Benefits- Educational loans in India are eligible for tax benefits. Under section 80C, the interest payable on your educational loan can be claimed as tax deductions by the student taking the educational loan.
Happy Period- The educational loan that you have taken from the bank will start to add an interest rate once you get a job after your higher studies. The student is given a period of 6 months to 1 year depending on the bank to repay the loan amount after he or she has got a job. This period is termed as happy period.
Helps you More Responsible- An educational loan will make you more responsible as an adult and towards your finances. It makes you aware of monetary matters and makes you focus on your studies so that you get a good job and is able to repay your loan.
Female Advantage- There is a rule that states 0.05 per cent discount on educational loans for girls.
There are numerous educational loans for Indian students from various banking institutes.So, if you have been contemplating studying MBA or postgraduate study and are worried about finances, then an educational loan is the way to go.
The problem of educational expense becomes more acute when we enter higher education where there is fierce competition among students and few colleges and universities providing good education.
Therefore, the solution for educational cost is taking an educational loan to fulfill your dreams and desires. However, educational loans can be overwhelming to a student thinking about higher education either a MBA or post graduate studies abroad. To help budding students pick the correct educational loan, here are some pointers to guide you:
Covers the Cost of your Education- When you take an educational loan from a bank, it will not help you financially but cover 90 per cent of your educational expenses. They cover not only tuition fees and exam and library fees but other incidental costs like your hostel expenses, book charges and travelling expenses.
Parents are Relieved of the High Educational Cost- Higher education has become an expensive affair. For students opting for higher education like MBA in India, the expenses become a burden on the parents. Moreover, some parents may not have the capacity to sponsor their child’s education dreams. The solution to such problem lies in getting an educational loan.
Tax Benefits- Educational loans in India are eligible for tax benefits. Under section 80C, the interest payable on your educational loan can be claimed as tax deductions by the student taking the educational loan.
Happy Period- The educational loan that you have taken from the bank will start to add an interest rate once you get a job after your higher studies. The student is given a period of 6 months to 1 year depending on the bank to repay the loan amount after he or she has got a job. This period is termed as happy period.
Helps you More Responsible- An educational loan will make you more responsible as an adult and towards your finances. It makes you aware of monetary matters and makes you focus on your studies so that you get a good job and is able to repay your loan.
Female Advantage- There is a rule that states 0.05 per cent discount on educational loans for girls.
There are numerous educational loans for Indian students from various banking institutes.So, if you have been contemplating studying MBA or postgraduate study and are worried about finances, then an educational loan is the way to go.
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