5 Long-term Advantages Of Taking An Education Loan
IDFC FIRST Bank
An education loan has various long-term benefits for the borrower. It funds higher education and also offers tax benefits. Let’s decode.
IDFC FIRST Bank
Covers major expenses
The education loan covers the tuition fee, accommodation and living expenses, travel tickets, etc., giving you financial relief.
IDFC FIRST Bank
Tax benefit
The interest payable on the loan qualifies for a deduction from taxable income under Section 80E. You can claim the deduction for eight years and reduce tax liability.
IDFC FIRST Bank
About the moratorium period
Loan repayments generally start after studies, basis the lender's policy giving them much-needed financial relief during the course period.
IDFC FIRST Bank
Affordable
The loan interest rates are low and you get a flexible repayment tenure to repay the loan affordably, without hurting your pockets.
IDFC FIRST Bank
Helps in building credit score
With timely repayments, you can also build your credit score slowly and get rewarded on future loans.
IDFC FIRST Bank
Enjoy the long-term benefits of an education loan with IDFC FIRST Bank. Get low-interest rates and collateral-free funds up to Rs.50 lakhs.