The cost of education in Indiais a constant source of worry for parents these days.There are ample of responsibilities that theyhave to manage after having a child. Financial balance is a must for providing children with opportunities that will help them build a secure future. Having enough funds today may not suffice tomorrow, considering the rate of inflation. It would help if you had a solid financial plan for fulfilling your child’s dreams. One efficient solution is an education loan.
Here are some reasons why you should consider taking an education loan to support your child’s dream of higher studies:
- Budget-Friendly Interest Rates
Borrowing a loan wasconsidered a burden in the past. But with pocket-friendly education loan options available today, many people are opting for it. An education loanaids you financially in supporting your child’sfuture education plans. It will also help your child choose the course of his choice without any compromise. The interest rates are not high, which makes the repayment process convenient. You can also comparevarious education loan options online to get the best deal possible.
- Tax Benefits
The interest you pay on the education loan is tax-deductible under Section 80E of the Income Tax Act 1961. It means opting for the loan will also enable you to save money while you repay it over the chosen tenure.
- Ease of Loan Application
These days, most of the middle-class parents struggle with their finances to provide quality education to their children. Getting help with an education loanis a better alternativeamidst the skyrocketing education costs. Many financial institutions offer education loans in easily accessible terms. However, it is crucial for you to know about the home loan application process before you apply for it.
The most significant benefit of opting for an education loan is that it makes the student learn and develop a sense of responsibility. It gives them the independence to study as well as the opportunity to pursue their dreams by openingseveral doors. An education loan is an excellent option for financing higher education abroad.
Plan Right for Your Child
It is vital to have a plan in place to serve as a financial cushion for educational expenses. An education loanhelps you manage your finances and ensures your child’s bright future. The cost of higher education is getting costlier each passing year,and an education loan can lighten your burden. It facilitates a student to complete their education even if they are unable to afford it. By considering the future earning potential of a student, an education loan helps them be their best version. You can get a host of benefits by availing an education loan from reputable financial institutions such as Axis Bank. It not only covers the cost of the course but almost the entire expense of education. Here is a list of expenses an education loan covers:
- Tuition fees
- Hostel fees
- Exam and library fees
- Cost of uniform, study material and other miscellaneous expenses
- Travelling expenses
Every bank has its distinct eligibility criteria for an education loan,some of which are common, including- the applicant should be an Indian National, should have all valid documents and age between 16-35 years.
In a knowledge-centred economy, proper education holds an indispensable position. It is what makes our youth come up with authentic ideas and build a name for themselves. Every child should get the chance to prove himselfand get an education despite the financial hardships. Being a parent, you work hard day and night; however, it may happen you fall short of funds considering the educational inflation. Do not let your child’s plans suffer. Consider an education loanfor his bright future.