Educational Loans Pros and Cons Explained

 Educational Loans Pros and Cons Explained | Why and when should we take Educational loan | vidhyarthimitra

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Educational Loans Pros and Cons Explained

Eligibility to get educational Loans:

• Student must have confirmed admission in Recognized educational institutions in India or abroad.

Before you decide to get educational load Make sure you will get job after your course completion. It’s very important.

Advantage to get educational Loans:

• Less interest rate compared to personal loan.
• No collateral up to 4 to 5 lakh Except parent’s
• Long term moratorium. Means long term simple interest will be charged

Example-: For 1 Lakh Loan with 10% per annum 10 thousand per year 40 thousand for 4 years Engineer course

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• Loan repayment starts after course completion plus 6 months or 1 year.
• Tax exemption on interest paid.
• You will learn financial discipline.

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