Getting access to quality education should be the topmost priority of every student. Still, it may not always be possible to achieve that due to the high cost of education. However, a lack of finances should never be a reason to stop you from pursuing your education. There are various advantages of student loans, like the education loan interest rate being much lesser than the interest charged on a personal loan, among others. Parents can ensure their children get a kick-start in their careers with the help of study loans. Thus, below are some of the reasons to apply for instant education loan India.
- Best Interest Rates: Education loan interest rates are a crucial factor to consider when making the decision to take out a loan. Student loans typically offer competitive interest rates, particularly when obtained through public sector banks in India. This makes repayment of the loan more manageable and helps keep the overall cost of the loan low.
- Easy to Get Education Loan: Gone is the time when taking an education loan was a herculean task. Today, taking an education loan has become much easier with many banks offering it with other facilities to students for their higher study purpose. There are many lending institutions that offer to fund the total cost of education, including the student’s living expenses as well. This is one of the leading reasons why student opt for education loan benefits.
- Build Financial Prudence: Taking on an education loan is a great opportunity for students to pay for their own education, without needing to depend on family. Besides, when your child repays a loan, they also start building their credit history.
- Liquidating Savings: An education loan empowers you to preserve your savings and not go through the harrowing experience of either selling land, jewelry or even borrowing. An education loan empowers you to finance by the strength of your educational background, current financial status, and collateral.
- Tax Benefits: The importance of education loans can be understood from the fact that they can help you save taxes as well. The interest paid on a student loan is fully deductible. You can avail of this deduction on interest payments for a period of up to eight years, which usually covers the entire duration of the student loan. Education loans in India come attached with attractive income tax benefits.
- Strengthen Your Credit History: Building a solid credit history through education loans can be helpful when you are trying to accomplish other life goals like buying a house or a car through loans. Having a proper EMI repayment plan can help students in achieving a better CIBIL score.
Conclusion: The advantages of student loans from a personal loan app definitely overpower the disadvantages of student loans helping students to carry on their careers responsibly for a better future. Parents can invest in their own lives or business to secure the future of the family and their children. Thus, taking an education loan can prove as a deciding step in your career.