These days education is becoming costly for everyone, the most prominent concern for the guardian of the family is to manage higher education for their children. The main concern for the guardian is from where to arrange money for their children's studies. In these circumstances, an Education loan is supposed to be a primary recourse. Some necessary things should be taken care of before applying for any education loans. We are telling in this article how can you take cheap education loans as per your need.
This loan can be taken for post-graduation or a professional study. You can talk for a loan from the bank where you have an account. If the educational institute from which you want to take a loan is recognized by the government, you will not find it challenging to take a loan for a professional course. Educational loans also include college fees, hostel expenses, library, and computer purchases for studies.
The last test of the student will have to be given the Marksheet, Antrix and scholarship documents, certificates of expenses incurred during the course, bank statements for the last six months, and ITR proof of the previous two years of the parents. For an education loan, the applicant must be Indian. Students aged 16 to 35 years can apply for the same. One thing to know if the student is applying, the loan amount will be fixed on the basis of the monthly income of his parents (co-applicant). Under section 80 E of the Income Tax Act, it can also claim tax exemption on interest payment.
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