Reasons why educational loan is important and its types: Nation Learns

By | July 15, 2020

In this generation, Higher education & quality education is not affordable to everyone. To secure high paying, banks are offering educational loans. An educational loan is a service provided by the bank to students to cover the expenditure related to education. It covers the admission fees, cost of tuition, books, and supplies & expense costing while pursuing a degree.

It is basically for the student who wants graduate or postgraduate courses in technology, engineering, architecture, medical & management pursing in India or abroad. You can take the educational loans according to the student needs as the repayment period for these loans varies depending on the different types of loans.

Reasons why Educational loan is important:-

  • Easily Available and Accessible: Education is becoming expensive rapidly every year. An educational loan makes it easily accessible for all. You can apply it online and also you can avail the loan within 15 to 30 days by completing the procedure. Students are given the option to study the course they want to study.
  • Tax and Interest rate Benefit: As compared to other loans, educational loan provides a lower interest rate. You also get other benefits like tax deduction amount can be claimed under Sec 80E for the repayment of interest on Educational loans.
  • Repayment Period: The borrower can repay the amount after the job or after completion of course whichever is convenient. The Repayment period is usually between 5 years to 8 years.
  • Increases credit score: Paying an Educational loan on time will increase the credit score it also helps to get other loans easily
  • Parents saved from the burden: Educational loans provide the best career option. Parents are rescued from the burden of funding their child’s education and the choice of sending their child to the most effective faculty, college. Financial stress manifolds once there’s no supply to pay child’s faculty fees.

 

Types

  • Undergraduate Education Loan: This loan is avail by the students who finished secondary education and will to undertake a 3 or 4-year course to enhance the job opportunity
  • Professional / Graduate Education Loan: It is basically for students who want to pursue an advanced degree at college in India or across the country.
  • Career Education Loan: These loans are availed by the students who wish to undergraduate career-oriented programs at trading and technical colleges across the country.
  • Loans for Parents: This loan is availed to meet expenses related to the child’s education. Like tuition fees, living expenses, books, and other expenses such as transportation costs.

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