With the increase in the price of our daily
commodities, education is also getting tougher. Increase in cut off
percentages, increase in college fees, books and resources professional courses
have become stiff. Rise in cut off percentages are increasing the cost of
education, making it tiring for students. Latterly depreciation in the rupee
has also added to misery of students who are keen to pursue studies overseas.
Education loans are the only saving part in
this tough time for the students. One can apply for education loan upto 30 lacs
and the education loan rates payable
is between 11 to 17 percent.
Education
loan rates also fall under section 80E that comes
under tax bracket where the education
loan rates paid on the loan gets deducted from the taxable income.
Nationalized banks generally have lower education loan rates compared to
private banks. So it is also important to do a market research before applying
for the education loan.
Summary: Investing in your kid’s education
is one of the best investments and so in this competitive world one has to be
updated with the essential details and should avail a loan with best education loan rates.
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