All About Education Loan
Education makes the backbone of a society, and that’s why in today’s world, you need to spend a good amount to avail good education. An Education Loan is an offer that provides you with financial support to meet the educational expenses.
This loan can be obtained in secured and unsecured forms easily. If you have any valuable asset like home or a car, then you can provide it as security. However if you have nothing to place as security with the lender, then you can consider availing an unsecured education loan. If the amount required is small, then banks do not ask for a guarantor or security. In case of higher loan amount, there is a need to provide a guarantor to avail education loan.
You can avail an education loan for meeting various requirements related to education like to buy books, for computer fees, to pay hostel and food bills and in every aspect of an education life. It helps students to pursue their studies
The amount that you can borrow through this scheme depends upon the course that you want to pursue. You can borrow an amount according to the course fee. It offers flexibility to repay the Loan amount after completion of your course. It is offered at lower interest rates so that the students can pay the loan easily.
Under Section 80 E of the Income Tax Act, you can get a rebate on the interest you have paid on the loan. Moreover, the highlighting part is that there is no limit to this amount. This deduction is offered for 7 years, and the loan must be taken for higher education purposes only.
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