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Education Loan

Education Loan

Education Loan, We all are well aware of the importance of education in every person’s life. Parents worry about their children’s future. And sometimes adults worry about their higher education or for any master degree that they want to do. Both of them have similarities because in every scenario there will be one thing in common that is financial crisis or in a simple way money problem. And we put so much stress on ourselves looking for their solution. And the solution could be Education Loan.

Importance Of Education Loan

1. Financial Benefits

Opting for an education loan reduces the stress on you and your family. The constant thoughts of savings and eliminating the expenses are reduced. And you don’t need to liquidate your investments in fixed deposits, mutual funds or bonds. Besides, the interest on an education loan is eligible for a tax rebate too.

2. Pay After Education

The best part is that the EMIs are payable only after students complete their study program. Therefore you don’t need to worry about repaying immediately. Besides you can use the repayment schedule as a guideline while planning your family’s finances in the medium and long-term.

Education Loan And Tax Saving

Once you take the education loan, the interest paid on the EMI of your education loan is deductible under Section 80E of the Income Tax Act, 1961. And this deduction is available for a maximum of 8 years or till the interest is repaid, whichever comes earlier. There are no such limits on the tax reduction amount. It is applicable even when you have taken the education loan for your children, spouse, or for a student whose you are a legal guardian.

Criteria Of Applying For A Loan

Various financial institutions has different criteria for applying loan applications as per the type of loan available. However, there are some standard criteria: The individual should be 18 years or older age with Valid ID and Give details of Bank account Proof of residence 3 – 6 Months salary slips Proof of income

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