5 Benefits Of Taking An Education Loan
Posted by HussainTambawala on February 19th, 2021
Education is a fundamental right every individual receives in India. Without literacy, a nation cannot prosper and succeed. After all, if people receive an education, they can help make the country stronger and technologically advanced. A rise in the literacy rate contributes to its development with lesser numbers of unemployed and dependent youth.
Education is the most fruitful investment. It makes children wiser and allows them to lead a successful life by fulfilling their desires and wants. Many families cannot bear their child’s education expenses and take an education loan from banks at an affordable interest rate. By doing so, they can help their children succeed in their ambitions without compromising on their expenses.
Here are five benefits that this loan offers to all its applicants in India:
Easy availability: Loans are available to the population with several sources, including banks and NBFCs. These offer an education loan in India with simplified processes and many other organisations who volunteer to complete their education.
Good payment terms: Another point to consider before taking a loan is the repayment plan. Most of the loans require immediate repayment. But in the case of a loan taken for education, many banks allow flexible repayment options, making it easier for students to repay it once employed.
Low rates of interest: Interest rates play a significant role in deciding the feasibility of the loan. A student loancharges a lower interest rate, mostly if the bank belongs to the public sector. Underprivileged sectors of society get a further reduction because of the subsidies they receive from the Indian government. The allowance is available until the first six months after getting employment.
Tax exemptions: The interest charged on these loans get a tax exemption under Section 80E of the Income Tax Act, 1961. These help students save money during the time of loan repayment.
Self-dependence: The most beneficial aspect of a student loan in India is that it teaches students to be self-reliant when paying for their studies. Their parents can save money and reduce their financial burden. These loans ensure students’ total investment and commitment to their studies and prepare them to manage their finances. Likewise, students learn to take responsibility and become independent.
By taking these loans, families can provide educational opportunities to their children and live a bright future. By securing a seat in a school, university or college, students can get the motivation to follow their dreams and achieve success. It is essential to acquire literacy and promote it for a better future.
About the AuthorHussainTambawala
Joined: February 19th, 2021
Articles Posted: 6
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