Is An Education Loan Or An Education Plan Better For A Childs Future?
Table of Contents
Education Loan is an investment in your child’s future that never stops paying returns. Transparent processes, easy repayment schemes and competitive interest rates have made education loans a reliable means to fund higher education from universities in India and abroad.
It is an investment with assured returns.
Unlike other investments that may or may not pay expected interests in the future, an education loan is an investment that brings plenty of benefits and assured returns. Education from an elite institute opens up bright avenues for career growth that subsequently helps acquire better jobs.
Reasons Why Education Loan Is A Better Investment
1. A degree from a prestigious and renowned university has universal acceptance.
Professionals with degrees from high ranking universities are much sought after by multinational companies. Higher education helps explore and grab opportunities in some of the highest paying countries in the world.
2. No loopholes, no hidden charges, no complexities.
The much needed shift from quantity to quality in the education sector has resulted in an increased number of students opting for education loans to fund their education. With this,
- The loan process is no longer a roadblock.
- The process has become increasingly simple and transparent, right from application till disbursement.
- Dedicated loan managers and home visits aim to make the process hassle-free for students and their families.
3. Easy and flexible repayment terms.
Education loans are aimed at empowering students and not overwhelming them. The purpose is to help students accomplish their goals without making their aspirations a burden on their parents by –
- Allowing for longer and flexible repayment terms.
- Tax benefits under Section 80E of the Income Tax Act of India, 1961.
- Providing good interest rates.
4. Tax benefits
In addition to funding your education, education loans help save tax as well. The interest paid on the loan is deductible from the taxable income under section 80E of the Income Tax Act of India, 1961. Individuals can claim this deduction when taking a loan for themselves, spouse or children. This aspect of an education loan is especially beneficial for parents as they can avail tax benefits while ensuring a better future for their children.
Conclusion
An education loan offers many advantages for aspiring students and their families. Give us a call and our representative will visit you to further assist with your queries. It is time to invest for a better future.
Also read- Importance And Benefits Of Life Insurance
