What expenses do the best education loans in India cover?

Several banks and non-banking financial institutions provide loans for financing education in India. These loans are usually collateral-free and come with lower interest rates. As a student, you can apply for the best education loan in India to cover various expenses related to your higher education. Let's explore these in detail.

Expenses covered by best education loans in India
 

• Tuition fees
  
  You must pay a tuition fee to your college or university to pursue a course. It forms a major chunk of your total higher education expenses. That is why most education loans cover these expenses. The primary purpose of an education loan is to help students pay their tuition fees without any hassles.

Also read – Education loan eligibility for students: Challenges and solutions

• Accommodation fees
  
  Accommodation fee is another major expense you may incur while pursuing your higher education. It refers to the amount you may spend on a hostel or a rented flat to live in another city or country.

• Travel expenses
  
  You may incur significant expenses on travel tickets to your college from your hometown. Besides, you may also have to spend some amount to commute from your place of residence to the college. The best education loan in India usually covers all such expenses.

• Exam fees
  
  Few colleges ask their students to pay exam fees to appear in university examinations. Even this minor expense can burn a hole in your pocket and add up to a lot during the degree. But thanks to the best education loan in India, you can get this expense covered.

• Study materials
  
  You may have to buy study materials like books, laptops, cameras, and stationery items, among others. The best education loan in India covers these expenses as well.

• Other miscellaneous expenses
  
  If you plan to pursue higher education in a foreign country with a stronger currency than India, you may require additional funds to meet your day-to-day expenses. You may also need money for miscellaneous costs, such as travel and health insurance, phone bills, socialising with friends, etc. The best education loan in India covers all such expenses.

Also read - Are you making these 5 mistakes with education loans?

To conclude
 

An education loan can be of immense help for students studying abroad or in India. You can select convenient repayment schedules and get a loan quickly with simple application procedures. But before you apply for a loan, take note of the inclusions and exclusions carefully to avoid any surprises or hassles in the future.

With the IDFC FIRST Bank Education Loan, you can get financing for your higher education through a seamless application process. It offers one of the most competitive and lowest education loan interest rates available in the market

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