Best Personal Loan And Added Benefits Of Getting Education Loan

Posted by Kritika Jose on July 25th, 2018

Education loans are the best way to fund your higher education without stressing your parents about the expense of another degree. When you graduate with a degree a lot of people take up a job first and leave their MBA or other masters’ degree aspirations for later. But as you work, you realise that the expenses of getting another degree are too high and that your salary may not cover it.

Instant personal loans can help you fund you higher education dreams easily. You can get these loans without having to keep any assets as collateral and they can get processed and sanctioned within just 24 hours. The interest rate for personal loans is a little higher than that of other loans, but that is due to the fact that these loans are unsecured.

If you’re someone who has kept their dream of getting an MBA degree on hold because of a financial crunch, the here are some benefits that an education loan can bring along with it and that will convince to go achieve your dream.

1. Get tax benefits with your loan: When you get an education loan you can also claim certain tax benefits from it under the Income tax act. You can claim a deduction for the entire interest part of the loan under Section 80 E of the Income Tax Act. But, these deductions can only be claimed if the personal loans have be taken from a scheduled commercial bank or from one of the two gazette financial institutions. If the education loan is taken from any other institution, this deduction cannot be claimed.
2. Pay for everything with personal loans: It’s not just the tuition that is expensive when you go to study further. It’s everything from your rent, your food, your supplies and so many other things. The best personal loans can help you pay for of that and more. 
3. Interest rates for personal loans are lesser for girl students: If you’re a girl you’re at an advantage. Lenders offer an additional 0.5% discount on the personal loan interest rate if the applying person is a girl.
4. Avail now, pay later: Education loans give you a holiday period after which you need to start paying back your loan. After you graduate you get a period of at least six months during which you can find a job and settle in before you start paying back your personal loans.