Education has become the most valuable asset in today's world. Education can help you get a job at reputed companies and even the university that you go to will have an impact on your ability to attract big firms to your application. However, education costs are skyrocketing these days which makes students hesitate about pursuing their academic dreams. But this should not stop you from following your dream of getting educated; there are loans for this too! Here is all the information about Education Loans - what they are, how they work, who qualifies for them, and more.
Education Loans can provide you with the financial support that will help you pursue your education. Education loans are available for both undergrad and graduate students, including pursuing advanced degrees like PhDs, or on our platform, you can also get funded for EdTech Courses. All Education loans have different rates of interest, repayment options, etc. It would be a smart investment to get an Education Loan as it helps in furthering your Education. Education loans are not all alike, they come with different features and options to choose from. Education Loans can be used for repaying your educational expenses like school fees, college tuition fees, etc.
Comes With Moratorium Period Education
Many students are concerned that after they complete their degree, it will be difficult to start repaying their education loans right away. As a result, financial institutions arrange a moratorium period. where they are essentially on a break from loan repayments. The Education Loan usually has a moratorium period of six to twelve months. So, you can start your job and begin paying off the Education Loan after gaining some work experience. Depending on the financial institution to which you took out a loan, this time period might be shorter or longer. Inquire about the moratorium period before applying for a loan so that you can plan ahead.
There are various Education Loans available in the market, which gives students a range of options to choose from.
Education Loans can Help you Realize your Dreams
Without an education loan, your dreams may be shattered. Education is a priority for everyone and getting support in financing should not be a hassle. Education loans also allow students to focus on their studies rather than worrying about paying off debts. It's no surprise that many students are having difficulties in arranging their finances to pay their semester fee expenses. Which may ultimately create a burden for the students and affect their studies. Education Loans can help students to manage their finances in a better way and focus on their studies.
The education loan has become one of the most popular forms of student finance available in the market, which gives students a range of options to choose from. Education loans usually have low-interest rates and deferred payment plans. This means that you don't have to start paying back your loan until after you complete your course or get a job. You also don't need to provide any collateral, such as your home or car, when you take out an education loan. So it's a great option for students who don't want to risk their property if they can't repay their loan.
It covers non-academic expenses as well
Your education loan covers not only your university's tuition fees, but also other costs such as library charges, laboratory fees, study materials, hostel rent, travel expenses, and more. You won't have to worry about the financial strain of these expenditures since they are covered.
Flexible repayment options
Most lenders offer flexible repayment options so that students don't face any difficulty in making payments. You can choose the option that best suits your monthly budget. So if you're earning a low salary initially, you can opt for a longer repayment tenure. And if you have surplus money, later on, you can reduce the number of years for which you're taking.
Refinancing your Loan
There are multiple options available but often at the time of taking an education loan, you may not qualify for the best rates. You can always refinance your loan after you start working and get a lower interest rate. This will reduce your monthly installments and make repayment easier for you.
You can also claim tax benefits on the education loan amount that you have borrowed. The government offers deductions on the interest paid on the loan under Section 80E of the Income TaxAct, 1961.
So these were some of the key benefits of taking an Education Loan. Go ahead and fulfill your academic dreams without any financial hurdles! Education Loans are one of the most subsidized loans in India with no collateral required. Students pursuing courses in recognized institutions can avail of these loans from banks, and non-banking finance companies (NBFCs).
If you're considering taking out an education loan after reading about the advantages, you won't find a better place. You will find more options with us for Education Loans and other loan products. We have a wide range of Education Loan products starting from Rs10,000 to Rs 1.5 Crore for studies in India or abroad.
We at EmpowerYouth.com understand the importance of education and want to help you finance your dreams by providing easy access to Education Loans. We even have options available for people who do not have ITRs or Banking Proof available with them.
So what are you waiting for? Apply now