Education loans help individuals finance their higher education or the education of their children. They can cover tuition fees, living expenses, and other related costs.
Purpose: Funding higher education (college, university, vocational schools) for the borrower or their children.
Features:
May cover tuition fees, living expenses, books, and other related costs: Provides comprehensive financial support for education. Flexible repayment options: Often include a grace period or moratorium on repayments while studying. Tax benefits: May be eligible for tax deductions on interest paid under Section 80E of the Income Tax Act. Margin money: Some lenders may require the borrower to contribute a small percentage of the total expenses as margin money.
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