What is Education Loan? • Education loan helps you plan for your child's future. • A child education policy product specially designed as a savings tool to provide an amount of money when your child reaches the age for entry into college. • Importance of education loan is understood when you need to go for higher education which costs lots of financial help.
Do I need it? • Helps you properly plan for your further education. • Repayment of the loan starts when the student education ends. • Can help you get higher education needed.
How to Get Education Loan • You can get education loan from any bank or private loan providers. • Banks provide educationalloan on a very less interest rate. Thus more people prefer banks as their first priority.
Benefits of Education Loan • An education loan covers tuition fees, examination fees, hostel fees, books, laptops and other resources, study tours, etc. • You get to enjoy deductible tax benefit. • The repayment is not be made while pursuing the course or even immediately after the course is completed. • The repayment period is extendible up to 8 years.
How to Choose Education Loan When you need to choose education loan you must keep 3 things in mind. • Loan Amount • Interest Rate • Tenure
First you must fix the amount require for Education loan. • Compare various policies and their interest rates (using online comparison site is better and easy). • Check the policy terms and conditions. • Select the policy that best fits your insurance needs.
Thank you Reference: www.axisbank.com www.deal4loans.com www.policybazaar.com www.wikipedia.org