Take care of the education loan for the child, then keep these things always

Take care of the education loan for the child, then keep these things always

In the last ten years, a lot of things have changed. From the way of living, everything has become expensive, even education costs have increased. Education has increased wildly in the last ten years. In view of this rising inflation, recently parents have started saving for the education of children.

For this, parents invest in gold or fixed assets in the money market. However, many financial advisors say that parents can take education loans for higher education of their children. Higher education gets education loan from the bank or NBFC (non-banking financial company).

Even if you want to go abroad and read it, it becomes very expensive. So many people take loans for higher education. The bank lays up to Rs 10 lakh for higher education in the country and up to 20 lakh rupees for going abroad. While taking a loan, you need to take care of some important things ... know about them ..

Eligibility: 

In order to take an education loan, the child should be between 16 years and 35 years. Keeping this in mind can be beneficial for you.

Interest rate: 

Most banks use 1 year MCLR, on which education loan interest rate ranges from 8% to 15%. This thing is most to be noticed.

Moratorium: 

Moratorium Period is like the leave period given to the borrower at the time of loan loan. In this period, the borrower gets exemption from repaying a loan. In the case of education loan, the borrower is entitled to a rebate of 6 months to 1 year from the date of completion of the course, from which the lender receives enough time to find a good job.

Tax Benefits: 

Under Section 80E of the Income Tax Act, the full amount to be paid on education loan is valid for interest income tax deduction. Income tax deduction can be claimed up to eight years.

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