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Benefits of getting an education loan

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Are you an aspiring student wanting to pursue further education? Applying to prestigious universities or even studying abroad can boost your career. However, the high fees and educational expenses should not let you compromise on your potential. For these reasons, many lenders provide an education loan to finance your studies. Take advantage of online sites such as Purefy.com that let you compare from the best student loan companies in a simple and transparent manner.

Earlier parents would exhaust their savings, jewellery, and liquid assets. etc., to fund their child’s studies. Now, availing of a student loan is an easier way to do it without denting your savings. There are various benefits involved in taking this loan. Let us look at them: 

Wide-expense coverage: The lenders fund most of the studying costs through these loans. You can cover a range of expenses involved in your academic life. It covers costs like your tuition fees, library charges, accommodation, books, etc. It is a full-package that enables you to complete higher education with ease. You even get travel expenses and other additional assistance for overseas applications. 

Reduces financial burden: You receive tax benefits on the education loan in India. The interest on the entire loan amount gets exempted under section 80E. It is to offer convenience to students as they do not get regular income. It reduces your financial liability considerably. Also, your guarantor gets to retain savings with loan assistance. 

Enhances self-dependency: When you apply for a student loan, you take financial responsibility. It reduces the burden on your parent’s or guardian’s shoulder. It also teaches discipline in your studies as you need to get employed for loan repayment. This makes you self-reliant for your future. It is an excellent strategy to finance your studies and build your career. 

Repayment convenience: You receive flexible repayment facilities for the loan amount. Lenders provide a moratorium period wherein you start repaying after your course completes. This term ends after six months or a year after your study programme ends. That way, you have enough time to get employed. This ensures there is a convenience for repayment.  

Low-interest rates: The education loan interest rates are affordable where you need not pay interest throughout your education term. Most banks offer between 7% to 11%. Female and underprivileged students get them at concessional rates. There is the flexibility provided in repayment as well. This makes it the best option to fund higher education. 

Readily available: The application process for a student loan in India has gone through many changes. It has now become simplistic. Many banks and financial companies have started offering them conveniently. You can easily apply online by going to the lender’s website. The steps involved are a few, which get completed within a couple of days. Your loan amount gets directly credited to the university. 

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