1. You don’t need to be loan worthy.
Other financial solutions such as a personal loan or a home loan are provided to the applicant only if they have a suitable financial profile and if the lender finds that they are loan worthy. They will carefully scrutinize their financial data and only provide the loan after checking things like credit score, income, expenses, etc. However, as a student, you might have such a great financial profile; you might not even have a credit score. Keeping this in mind, most lenders consider the financial profile if your parents. Some will even provide the loan based on your academic record. This is a great feature for bright students who do not have a very strong financial backing.
2. 100% financing.
Another great thing about opting for an Education Loans in India is the fact that most lenders offer 100% financing. This means you do not have to worry about arranging a single penny towards your education costs – the loan will cover it all - starting with entrance exam fees, to the course fees, to the cost of books, a laptop, any mandatory deposits, any exams fees and even travel & living costs – leaving you to focus fully on your studies.
3. Collateral free funding.
Again, most mainstream finance options such as home loan & personal loan might require certain applicants to provide some sort of collateral to provide them a loan. This can present an obstacle to some borrowers who simply have nothing to offer as security. However, when you opt for a study loan in India, you will find a number of lenders who will offer as much as 40 or 50 lakhs without requiring you to submit any collateral – this is of course, if you are student of merit and have a promising future.
4. Moratorium period.
Getting a loan is fine, it’s repaying it that most borrowers find challenging. However, with a Study Loans in India, you can put your EMI in the backseat for years! Wondering how this is possible? Well, most student loans in India come with a feature known as moratorium period – during this window, you are not required to pay even a single rupee until 6 months after you’ve wrapped your course or found a job.
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You can also save a considerable amount of money through the tax benefits of a study loan in India. This is because of the provisions under Section 80E of the Indian Income Tax Act that allows any interest amount paid in a year toward an education loan to be sued to claim an equal amount of deductions against your taxable income for the same year. The best part – you can claim the entire interest amount as deductions without any capping.
These were some of the benefits of a study loan in India. Besides these, there are numerous other advantages that these loans provide budding students. Therefore, if you are thinking of making it big in life through a quality education with only the lack of funds stopping you, it’s best you speak to one of the many lenders today!
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