weather_iconAshburn | -2.69 °C | AQI 20
Friday, 13 December, 2024

---Advertisement---

Education

How to get education loan for higher studies? Details here

Education loan: Several studies indicate that students rely on bank loans to fund their education. Students are willingly pushing themselves out of their comfort zones to pursue higher education abroad, and they are well aware that it can be prohibitively expensive when other factors such as accommodation, tuition fees, day-to-day expenses, and so on are […]

Education loan: Several studies indicate that students rely on bank loans to fund their education. Students are willingly pushing themselves out of their comfort zones to pursue higher education abroad, and they are well aware that it can be prohibitively expensive when other factors such as accommodation, tuition fees, day-to-day expenses, and so on are considered. To achieve lower interest rates, better terms, and other benefits, it is critical to select the right source of funding for higher education. The main question is, which type of loan should one choose? Borrowers frequently face the decision between personal loans and education loans for paying for school, as each has advantages and disadvantages. Let’s take a closer look at them.

Also Read :- Petrol, diesel price today: Weekend offer on fuels? Know details here

---Advertisement---

Personal loan vs. education loan:

Coverage of loan- Education loans provide the greatest benefit of cost coverage, with loan amounts ranging from Rs. 7.5 lakhs to Rs. 1.5 crore, but may not cover your accommodation, day-to-day expenses, and so on.

A borrower’s personal loan amount can range from 25 lakhs to 40 lakhs and can be used to cover other expenses as well. Obtaining a personal loan is a simple process.

---Advertisement---

Repayment of a loan-

If you want to get lower interest rates, better terms, and other benefits from an education loan, you must choose the right source of finance for higher education.

There is no moratorium period offered to repay a personal loan. It begins in the first month.

Eligibility-

Eligibility for an education loan is determined by a student’s academic record, the institute to which he or she is applying, and the course chosen. If the student does not meet the criteria, his or her loan may be denied.

Personal loans can be used for any purpose; however, in order to be eligible for the loan, the primary applicant must have a credit score of at least 750 and a stable source of income.

Also Read :- Kaynes Technology India Limited IPO launched; know issue price, subscription, other key details

 

Rates of interest-

The interest rate on an education loan ranges from 8.45% to 13.45%. Unsecured education loans may carry a higher interest rate of up to 14%.

A personal loan’s interest rate ranges from 10.5% to 24%.

Tax advantages-

Borrowers can save on income taxes by using an education loan to fund their studies. The interest component can be deducted, which lowers our taxes.

A personal loan, on the other hand, is not tax deductible in our country.

Read More :- Latest Business News

HISTORY

Written By

Divya Richa

Updated By

Manish Shukla

Related Story

Live News

---Advertisement---


live

Latest LIVE News Trending Today, Real Time Updates: Ram Gopal Yadav Says One Nation, One Election Not Until 2029

Dec 13, 2024
Latest LIVE News Trending Today, Real Time Updates
  • 10:08 (IST) 13 Dec 2024

    Ram Gopal Yadav Says One Nation, One Election Will Not Be Implemented Until 2029

  • 10:04 (IST) 13 Dec 2024

    Heavy Rain Leads To Severe Waterlogging In Trichy

  • 09:01 (IST) 13 Dec 2024

    Six killed In Fire At Hospital In Dindigul

N24 Shorts Logo

SHORTS

Sports

IPL 2025: KKR’s Most Expensive Acquisition Venkatesh Iyer Shines Bright With Ball In SMAT 2024!

Known primarily for his batting in recent years, Iyer reminded everyone of his value as a handy right-arm medium pacer with a brilliant spell of bowling.

View All Shorts

---Advertisement---

Trending