How to study in India without worrying about the cost.

The cost of a decent education here in India is slowly inching out of grasp for many. Inflation, the ever-increasing number of students and dearth of good options are some of the reasons for the rising cost of education. It’s a sad situation since so many very deserving students have to give up on promising futures just because they don’t have the financial means to make things happen. However, there is a way out of this situation and it is an education loan. With one, you can study in India without worrying about the cost and also enjoy the benefits mentioned below.

1. Full financing.

Education loans help you study in India without worrying about even worrying about a single cost. This is because most of these loans provide 100% financing. This means you do not have to provide any sort of down payment. Moreover, these loans cover every aspect & cost of your education. If you need to pay for entrance exams, the loan will provide. If you need to buy a laptop and don’t have the money, don’t worry, the loan will cover it. The same goes for the cost study material, living expenses, any deposits that you need to pay, etc.

2. No need to repay immediately.

When the word loan comes up, most people imagine EMIs and difficult month ends. For students, this can be a scary prospect – juggling monthly payments, academics, project work & maybe even a part-time job to cover the EMIs. However, you can choose not to have this problem if you choose an education loan. This is because these loans come with a feature known as the moratorium period. This is a window wherein you will not be asked to pay even a single EMI until you’ve wrapped up your course or landed a job. Some lenders will provide a further 6-month buffer after achieving these landmarks.

3. Tax benefits.

Study in India with an education loan and you will also be eligible for attractive tax benefits. While this might be helpful for you as you might not have a source of income whilst studying, but it will be helpful for your parents if they are the co-applicants in your loan. They will get access to deductions on their taxable income equal the yearly interest payments of the education loan.  This is due to section 80E of the Indian Income Tax Act.

These loans also come with attractive interest rates that usually range between 10 & 16 percent per annum. Repayments are made easy with tenures as long as 10 years. Most non-banking financial institutes that provide these loans won’t put a cap on the loan amounts and will provide financing without any collateral. All put together, these loans make it extremely easy to study in India without worrying about the ever increasing costs.

We hope this article has been helpful. If you need further information, don’t hesitate to pick up the phone and speak to one of the many lenders out there. Good luck and all the best!