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Education Loan :

An education loan is a financial product provided by banks or lenders to individuals aiming to pursue technical, academic, or vocational courses both in India and abroad. These loans typically allow students to start repaying only after they finish their studies, with a grace period of six months for job placement before payments commence.

These loans are designed to support multiple educational stages, from early schooling to advanced degrees, and are tailored for both full-time and part-time working professionals who seek to enhance their skills.

What is an Education Loan?

Moreover, borrowers can benefit from tax incentives under Section 80E of the Income Tax Act, which allows for deductions on paid interest. The application process, accessible via both online and offline methods, requires key documents like admission confirmations and academic qualifications.

An Education Loan EMI Calculator helps borrower’s project monthly installments, offering clarity on the loan's financial implications. Repayment typically starts 12 months after the completion of studies, and borrowers can choose from various repayment methods such as internet banking, checks, direct debits, and demand drafts.

Types of Education Loans:

Education loans serve as a crucial financial resource, addressing a variety of expenses including tuition, accommodation, travel, insurance, and more. With loan amounts reaching up to Rs.1 crore and repayment terms of up to 15 years, students receive invaluable assistance throughout their educational endeavors.

** Advantages of Educational Loans **

Expenses Included in Education Loans

These are the costs that the loan will finance: