What is Education Loan? Education loan helps you plan for your childsfuture. A child education policy product speciallydesigned as a savings tool to provide anamount of money when your child reachesthe age for entry into college. Importance of education loan is understoodwhen you need to go for higher educationwhich costs lots of financial help.
Do I need it? Helps you properly plan for your furthereducation. Repayment of the loan starts when thestudent education ends. Can help you get higher educationneeded.
How to Get Education Loan You can get education loan from anybank or private loan providers. Banks provide education loan on a veryless interest rate. Thus more people preferbanks as their first priority.
Apply for Education LoanSubmit the Required DocumentSelect either floating or fixed interest rateGet loan amount
Benefits of Education Loan An education loan covers tuitionfees, examination fees, hostelfees, books, laptops and otherresources, study tours, etc. You get to enjoy deductible tax benefit. The repayment is not be made whilepursuing the course or even immediatelyafter the course is completed. The repayment period is extendible up to8 years.
How to Choose Education LoanWhen you need to choose education loanyou must keep 3 things in mind. Loan Amount Interest Rate Tenure
First you must fix the amount require forEducation loan. Compare various policies and theirinterest rates (using online comparison siteis better and easy). Check the policy terms and conditions. Select the policy that best fits yourinsurance needs.