{"id":79,"date":"2020-04-16T20:22:04","date_gmt":"2020-04-16T20:22:04","guid":{"rendered":"https:\/\/directpaydayloans247.com\/?p=79"},"modified":"2022-09-04T21:36:27","modified_gmt":"2022-09-04T21:36:27","slug":"benefits-of-education-loan-you-need-to-know","status":"publish","type":"post","link":"https:\/\/directpaydayloans247.com\/benefits-of-education-loan-you-need-to-know\/","title":{"rendered":"Benefits of Education Loan You Need to Know"},"content":{"rendered":"<p><em><strong>Personal finance experts advise taking education loans for funding child&#8217;s higher education rather than exhausting your savings as education loan offers various benefits.<\/strong><\/em><br \/>\nEducation has been getting costlier every year. Higher education in India can cost upto Rs 25 lakh while higher education overseas can cost up to Rs 1 crore and more. Earlier, most parents used to either dip into their savings to fund their child&#8217;s education or liquidate assets like gold, property\u00a0etc. However, personal finance experts advise taking education loans for funding child&#8217;s higher education rather than exhausting your savings as it offers various benefits.\u00a0 You can\u00a0take an education loan either from a bank\u00a0or from an NBFC\u00a0(Non-Banking Financial Company).<br \/>\n<strong>Here are five benefits of taking an education loan:<\/strong><br \/>\n<strong>Savings protection:<\/strong> 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&#8217;s marriage, buying a house etc. As a benefit of education loan, it will ensure that you won&#8217;t be financially dependant on your children post-retirement.<br \/>\n<strong>Coverage:<\/strong>\u00a0Education loan doesn&#8217;t just cover course fee, but it also covers other course expenses like\u00a0hostel expenses, exam fee, library charges, lab fees. The loan also covers the cost of books, travel expenses as well. This reduces parents&#8217; financial burden immensely.<br \/>\n<strong>Tax benefit:<\/strong>\u00a0Under<strong>\u00a0<\/strong>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.<br \/>\n<strong>Moratorium Period:\u00a0<\/strong>Moratorium period is like a holiday period given to the borrower during the loan term. During this time they don&#8217;t have to repay the loan.\u00a0In case of education loans, the borrower gets a moratorium period ranging from 6 months to 1 year from the date of completion of\u00a0the 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.<br \/>\n<strong>Credit history:<\/strong>\u00a0Timely repayment of education loan will keep the credit score positive which will help them to get a loan easily in the future.<br \/>\n<a href=\"https:\/\/lendconnector.com?c=262836\" target=\"_blank\" rel=\"noopener\"><img src=\"https:\/\/mediamaterials.com\/img\/bf9043b7-c878-488c-b10e-d46edf4dfa82.jpg\" alt=\"\" border=\"0\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Personal finance experts advise taking education loans for funding child&#8217;s higher education rather than exhausting your savings as education loan offers various benefits. Education has been getting costlier every year. Higher education in India can cost upto Rs 25 lakh while higher education overseas can cost up to Rs 1 crore and more. Earlier, most &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/directpaydayloans247.com\/benefits-of-education-loan-you-need-to-know\/\"> <span class=\"screen-reader-text\">Benefits of Education Loan You Need to Know<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":2,"featured_media":2911,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[26],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Benefits of Education Loan You Need to Know | Direct Pay Day Loans 247<\/title>\n<meta name=\"description\" content=\"Learn all benefits of education loan. 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