In today’s modern world quality education
has become a key component to reach success. Ensuring one’s child gets the best
education is often the main worry for many parents and they do everything in
their power to ensure the best education for their little ones. A child that
goes to a good school and receives quality education is much more likely to do
well later in life. Quality education can many times be a precondition for a
good life. Just like a parent looks after their child’s health, emotions,
behavior, needs, etc. Education is also a highly rated concern. However,
education can often be quite taxing monetarily. Education loans at fair
interest rates are often preferred by students to relieve the burden. Education
loans at a decent interest rate often cover aspects such as tuition fees,
living expenses, hostel charges, books, and supplies, etc. Providing funding
for the purpose of education has opened a plethora of opportunities for the
students of today.
Education loans that provide a fair
interest rate are often the solution for the ever-rising cost of education.
Whether required for under graduation, post-graduation, or simply for career
development, education loans provide funds at a borrowing rate that would be
most suitable. Students can take up loans for domestic or overseas education.
Other than funding the main expenses of education, tuition loans can also
provide coverage for other aspects such as student exchange travel expenses,
project work, equipment charges, etc. There are plenty of benefits to applying
for an education loan. First and foremost are the financial benefits. Education
loans at a fair interest rate eliminate the need to dissolve your family
savings, fixed deposits, etc. Secondly, comfortable education loan interest rates provide for a wide range of expenses to be funded. Tuition loan interest
rates can differ from lender to lender and often become the main criteria for
choosing a lender. Along with this, the interest that one pays as a result of
the borrowing rate of education loans can be availed for tax deduction under
Section 80E of the Income Tax Act, 1961. Education loans help instill financial
prudence. Students can easily pay for their education without having to depend
on or burden their families. Timely payment of the education loan interest
rates can lead to good credit history. One of the biggest benefits of education
loans is the repayment process. Repayment is deferred till after the course is
complete or it can also be deferred for an additional 6 month to 1 year period
after the degree which leaves the student stress-free and fully focused on
their education. Repayment of the education loan interest rate occurs in easy
EMIs as compared to the traditional bulk payments.
Thus, education loans are often a boon to
kick-start the financial journey of a student. Education loans at decent
interest rates provide financial independence and a stress-free environment to
complete one’s degree. Opting for an
education loan helps remove any barriers that might hinder one’s quality
education. Education loan interest rate provides many tax benefits and
government interest subsidy schemes for students to use to their advantage.
With the correct education loan at an adequate interest rate, nothing can stop
a student from achieving limitless opportunities.
