Education Loan

Education Loan Service By WinRich Professional Services Pvt Ltd

Whether it is college education or post graduation, don’t let high tuition fees hamper your growth. Getting an education loan is an easy way to finance your dreams.

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What Is A Education Loan

Students in need of huge consolidated funds for pursuing their education generally take the education loan in India, from banking institutions. Applicants with aspirations to pursue courses with outcomes of employability or business generally are able to secure these loans for their higher education.

Types of Education Loan in India

In India, the types of Education Loan are broadly classified as

  • Undergraduate Education Loan
  • Graduate Education Loan
  • Career Education Loan

Undergraduate Education Loan: It is a loan which can be availed by students who have completed their secondary education and are planning to pursue further courses to enhance their skills for securing a job.

Graduate Education Loan: These loans can be availed by students who are planning to pursue an advanced degree or higher education at colleges. To apply for this loan, students should have completed theirs under graduation courses.

Career Education Loan: As the name suggests, the career education loan can be availed by students who prefer to attend undergraduate career-oriented programmes provided at technical and trading schools and colleges (like ITI) in the country.


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Things to consider before opting for a education loan

The need for educational loan- Having a good education today is your ticket to a well-paid job and a secure career. For this reason, many students consider going abroad to pursue their under-graduate or post-graduate courses. But this comes with a massive expense. Even in India, the fees of the prestigious institutes are soaring high. For sponsoring the education of students, banks offer a type of loan known as educational loan. This loan covers the tuition fees and study expenses of the students when they opt for higher studies. However, before you apply for a loan, we suggest that you think about the aspects mentioned below.

Deciding the course and the amount- Determining the right course from the institute/university of your choice does matter a lot. In doing so, you will get to know the type of job you can receive after its completion. The type of job is again important as it is going to help you in repaying your loan. Also, compare your chosen course in different universities. If in case you plan to study abroad, compare the courses in different countries as well. Check for the living expenses, cost of travel and other miscellaneous expenses. Identifying the overall expenses will help you decide the amount of loan you might require.

Career Prospects- Think about the job opportunities available to you after you complete your course. Consider how much the job will pay and if the amount will be enough to help you repay the loan. If you do not get such a job, ensure that you have a back-up plan. You can take help from your parents to sponsor repayment of the loan in the initial period; when your salary is not sufficient.

Interest Rates- Evaluating all the options of loan is the next step you should take into consideration. The interest rate on an educational loan is lower than that on a personal loan. But since the past few years, the average educational loan interest rates have increased. Loans above 4 lakhs require some amount of security. Additionally, assure that you have a good credit history with the banks. It enables a smooth process for the loan approval.

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Features & Benefits of Education Loan

Savings protection: 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’s marriage, buying a house etc. It will ensure that you won’t be financially dependant on your children post-retirement.

Coverage: Education loan doesn’t just cover course fee, but it also covers other course expenses like hostel expenses, exam fee, library charges, lab fees. The loan also covers the cost of books, travel expenses as well. This reduces parents’ financial burden immensely.

Tax benefit: Under 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.

Moratorium Period: Moratorium period is like a holiday period given to the borrower during the loan term. During this time they don’t have to repay the loan. In case of education loans, the borrower gets a moratorium period ranging from 6 months to 1 year from the date of completion of the 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.

Credit history: Timely repayment of education loan will keep the credit score positive which will help them to get a loan easily in the future.


Parents can start to save for their child’s education immediately after the birth of the child. This way, they would have 18 years to save for graduation and 21 for higher studies. However, despite starting early, one can still fall short of the required corpus. This is where education loans come in.


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