Education is of utmost importance nowadays and with rising inflation, the cost of education is also increasing. So, to support such, education loans are provided at competitive rates and repayment starting after completion of whole education.
Most of the Indian banks offer such loans to the deserving candidates at a low interest rate with flexible terms and conditions. Moreover, the documentation process is kept minimal to enable the students get the loan amount within a quick span without much complexity.
1. Based on Location
2. Based on Course
3. Career Development Loans
Many professionals who work in corporate jobs prefer to pause their career and take up professional courses to improve their employment prospects. Such individuals would strive hard to get into reputed business and technical schools to polish their skills.
4. Based on Collateral
Copy of Aadhaar Card /Voter ID/Passport/Driving License
Copy of Voter ID/Aadhaar Card/Driving License/Passport
Rental agreement/Bank statement of 6 months of the student or co-borrower/guarantor/Copy of Ration card/Gas Book/Electricity Bill/Tel Bill
When you start repaying the education loan, the interest portion you pay towards the loan every can be claimed as income tax deduction under Section 80E. However, the deduction cannot be claimed for principal portion.
There is no limit on the amount you can claim for interest repayment on an education loan. As proof of this, you need to obtain a certificate from the bank. The facility is available only for eight years from the year you start repaying the loan or until the interest is fully repaid, whichever comes first.
Some banks provide a 6-month grace period after completing the course to land a suitable job and start the repayment process. This grace period may vary with the lender. Once you land a job within this period, you may start the repayment process in the form of EMIs.
Yes, you can change the education loan from a fixed rate to a floating rate.
Yes, you can apply for an education loan in case your application is rejected the first time.
Yes, lenders levy a penalty in the case of late payments. Depending on the lender, the charges may vary.
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