Students can avail income tax benefits along with a loan that is provided for selected courses without providing any collateral.
Education in India as well as abroad is getting expensive day by day. In order to acquire quality education, a hefty amount must be paid as college and school fees which is not manageable by all. Under such circumstances, an education loan may be the best solution.
Many banks and financial instruments offer loans to students. Here, students can avail income tax benefits along with a loan that is provided for selected courses without providing any collateral. The range of the loan amount is from Rs. 1 lakh to Rs. 1 crore depending the area of study.
Some banks also offer loans up to Rs. 50 lakhs for studies in India. Moreover, to study abroad, loans up to Rs. 1 crore are offered. Loans are offered for both undergraduate and postgraduate studies. Moreover, a 100% financing facility is also available at some special cases.
Expenses of essential study material like travel and laptop are also covered. Loans are made flexible by providing easy repayment options, i.e., the repayment time is 12 years after the completion of the course. No collateral is required for loans less than Rs 4 lakh.
However, some third-party guarantor is required for loans between Rs. 4 lakh and Rs. 7.5 lakh. Collateral is a must for loans above Rs. 7.5 lakh. Moreover, if you want to take loan to study abroad, Insurance is a must. Repayment of loans is also extended for 5 to 7 years in some special cases.
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