5 benefits of taking an educations loan

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 5 benefits of taking an educations loan
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• An investment in knowledge pays the best
  interest. Be that investment in education in
  India or abroad, and for executives or for
  students. As the world becomes a global village,
  the opportunities for students to learn in
  prestigious institutions reach sky high. Students
  can then apply to the schools of their choice,
  learn there, and land at their dream job.
• At times, getting in the school of your choice
  may seem financially impossible but various
  financial lenders exist to tide over this
  obstacle.
• An Educations loan helps a lot to fulfill these
  aspirations. Students dont need to look further
  than a reliable NBFC lender to fund their
  education.
• In this article, we let you know the benefits of
  taking an educations loan

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Saves your financial assets for the future

• When you apply for educations loan, you keep your
  important assets from being liquidated to fund
  your childs learning. This way you can save your
  investment portfolio, your retirement plans, and
  other assets from being used up. These assets can
  then

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All expenses covered

• Studying at top schools not only requires you to
  pay your college tuition fee, but also to tend
  other vital expenses. Along with the tuition fee,
  the educations loan covers your other expenses
  like, the library fee, the exam fee, travelling,
  accommodation and stationery expenses. An
  education loan holistically covers the total cost
  of learning at the school of your choice.

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Tax deductions on loans

• According to Section 80E of the Income tax act,
  the interest paid on the education loan will be
  deducted for up to maximum period of 8 years. If
  you pay back the loan within 8 years of
  completing your education, you can avail the
  benefit of saving the interest applied on the
  principal amount of your student loan. This is a
  healthy opportunity for the students to build up
  their savings, and use it to buy assets for
  themselves.

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The moratorium period

• Moratorium period is the free period for the
  borrowing students before they begin to pay the
  installments of the loan. Usually, the moratorium
  period lies between 6 months after getting a job
  to 1 year after completing education, whichever
  comes earlier. Students can use this as a buffer
  period to make a plan on how to pay back the
  education loan.
•  

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Inculcates good financial habits

• Once a student takes an Study loan, he should
  condition himself mentally to pay it back in
  future. This is a perfect opportunity for the
  student to plan his financial life and pay the
  EMIs on time, once he starts to earn. It is a
  perfect exercise to earn a good credit score in
  case he has to avail other types of loans in the
  future

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• So, here are 5 benefits to securing an educations
  loan for your education, in India or abroad. We
  would advise you to look at the eligibility
  criteria of the potential lenders thoroughly
  before deciding on one and enrolling in a course
  at a school of your choice. A good NBFC lender
  will help you plan your graduate studies better
  without mounting any financial strain on your
  shoulders.

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• We hope this article was helpful to you.

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