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  • Factors to consider before taking an education loan
  • Eligibility for loan.
  • Interest rate and repayment period.
  • Future EMI burden.
  • Check existing loan amount.
  • Read terms and conditions well.
  • Special schemes.
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What is an Education Loan ?

An education loan is a sum of money borrowed to finance college or other school-related expenses. Payments are often deferred while students are in school and for a six-month grace period after graduation

Benefits of taking Education Loan

Taking an education loan means you will leave your savings undisturbed which will enable you to achieve your long-term financial goals like retirement corpus, children’s marriage, buying a house etc. It will ensure that you won’t be financially dependant on your children post-retirement.

Education loan doesn’t just cover course fee, but it also covers other course expenses like hostel expenses, exam fee, library charges, lab fees. The loan also covers the cost of books, travel expenses as well. This reduces parents’ financial burden immensely.

 Under Section 80E of the Income Tax Act., the entire interest you pay on education loan qualify for income tax deduction. This income tax deduction can be claimed for up to eight years.

Moratorium period is like a holiday period given to the borrower during the loan term. During this time they don’t have to repay the loan. In case of education loans, the borrower gets a moratorium period ranging from 6 months to 1 year from the date of completion of the course, this gives the borrower enough time to look for a good job that pays well and save enough to start repayment of the loan.

Timely repayment of education loan will keep the credit score positive which will help them to get a loan easily in the future.

Factors to consider before taking an education loan

Eligibility for loan.

Interest rate and repayment period.

Future EMI burden.

Check existing loan amount.

Read terms and conditions well.

Special schemes.

Get Advice From Your Financial Expert

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Get Advice From Your Financial Expert

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