Why Choose a Study Loan: The Benefits of Education Loans

No investment bears a higher return than the one on your education. A study loan facilitates a student to complete their education even if they are unable to afford it at present. By keeping in consideration the future earning potential of an educated individual, it helps them live up to their true potential.

Scholarship Registration and Login

Top 5 Benefits of Study Loan

Apart from purely economic reasons, there are multiple benefits associated with Education Loans, making them the apt choice for funding your education. Here’s a look at a few benefits of considering an education loan for funding your studies:

1. Low interest rates

When taking on any loan, interest rates play a predominant role in the decision. The interest rates for study loans are generally lower across the world, and in India too, can be quite low, especially from public sector banks. For those belonging to an underprivileged background, they can be even less expensive, thanks to a government subsidy that pays the interest on the loan for the period of the course studies, and up to 6 months after gaining employment.

2. Easy Availability of Study Loan

Loans are easily accessible to a majority of the population due to their availability from multiple sources. Along with banks – both public and private – a large number of NBFCs (Non-Banking Financial Corporations) also offer education loans with comparatively simplified processes. Many other organizations, too, help out students by offering endowment loans and other benefits.

3. Good payment terms

Another important consideration before taking on a loan is the repayment plan. For most loans, you need to start paying back immediately, but considering a study loan is based on future earnings, many banks allow for flexible repayment options making it easier for students to pay back the loan themselves once they get a job.

4. Tax Deductible

The associated tax exemptions are another great benefit of education loans. The interest paid on the loan is completely tax deductible, under Section 80E of the Income Tax Act, 1961. This helps a student save some money during the repayment period.

5.Self-dependence

The most beneficial aspect of a study loan is it teaches a student to take responsibility for their studies. Apart from saving their parents from a great financial burden, Study Loan has an added benefit. Taking on a student loan also ensures they’re fully invested and committed to their studies.

Career Assessment Test

There couldn’t be a better preparation to be an adult in today’s world than for students to fund their own higher education.

Disclaimer

  1. Source of Information: Buddy4Study app compiles details on scholarships/fellowships from government websites and private scholarship sources. Links to the official sources accompany each listing detail pages.
  2. Non-affiliation: The Buddy4Study app is not associated with any government entity in India or elsewhere. When featuring government scholarships, we rely on publicly accessible information from central and state government websites in India.

Scholarships For

Upto Class 8 Class 1 to10 (Pre-Matric) Class 9 to 10 (Pre-Matric) Post-Matric(Class 11-12) Class 11 & 12 Class 12 passed Polytechnic/Diploma/ITI ITI Diploma/Polytechnic Graduation Post-Graduation Medical Engineering Girls NSP Portal Income Based SC/ST/OBC Law

Scholarship by State

NSP Scholarships Andhra Pradesh Arunachal Pradesh Assam Bihar Chandigarh Chhattisgarh Delhi Goa Gujarat Haryana Himachal Pradesh Jammu & Kashmir Jharkhand Karnataka Kerala Madhya Pradesh Maharashtra Manipur Meghalaya Mizoram Nagaland Odisha Punjab Rajasthan Sikkim Tamil Nadu Telangana Tripura Uttar Pradesh Uttarakhand West Bengal

Scholarships A to Z

Abdul Kalam Scholarship Aicte Internship AICTE NSP Scholarships Aicte Scholarship Aicte Swanath Scholarship Aikyashree Arunachal Pradesh scholarship Assam Scholarship Atul Maheshwari Scholarship Begum Hazrat Mahal National Scholarship Bihar Scholarship BYPL Sashakt Scholarship CBSE Scholarship Central Sector Scholarship CG Scholarship CG Scholarship Portal Chandigarh Scholarship Colgate Scholarship DCE Scholarship Delhi Scholarship Dhirubhai Ambani Scholarship Status of the Digital Gujarat Scholarship Disability Certificate Domicile Certificate Dr. Ambedkar Scholarship Dr. Ambedkar Scholarship, Haryana DRDO Scholarship Scheme For Girls DTE Scholarship in Maharashtra E Grantz E Grantz Login E Grantz Scholarship Status Kalyan Bihar Portal E Kalyan Status Epass Karnataka Ericsson Empowering Girls Scholarship Programme E. Samaj Kalyan Fellowships in India Gokdom Government Scholarships GSK Scholars Programme Gujarat Scholarship Haryana Scholarship Haryana Scholarship Portal HDFC Badhte Kadam Scholarship How to get a Caste Certificate HP Scholarship IET-India Scholarship Awards Immigration-Friendly Countries Income Certificate Indira Gandhi Single Girl Child Scholarship Inspire Scholarship Ishan Uday ITI Scholarships Jammu and Kashmir Scholarship Jharkhand Scholarship Jnanabhumi Application Status Kanyashree Karepass Karnataka Scholarships Kotak Kanya Scholarship Ladli Yojna Legrand Scholarship Mahadbt Mahadbt Login Mahadbt Scholarship Status Maharashtra Pre-Matric Scholarship Maharashtra Scholarship Manipur Scholarship MBA Scholarships in India MCM Scholarship Means Scholarship Meghalaya Scholarships Merck India Charitable Trust Scholarship Programme Merit Cum Means Scholarship For Minorities MHRD Scholarship MI Scholarship MOMA Scholarships MP Scholarship MP Scholarship Kyc MP Scholarship Portal MP Scholarship Status MYSY Scholarship Nabanna Scholarship Nagaland Scholarship National Scholarship Portal National Scholarship Portal (NSP) NMMS NSP Login NSP Renewal NSP UGC Scholarships Oasis Scholarship Oasis Scholarship Status OBC Scholarships Odisha Scholarship Olympiad ONGC Scholarship PFMS Login PFMS Scholarship Phd Scholarships PMRF PM Scholarship PMSSS Post Matric Scholarship Post-Matric Scholarship for Minorities Pragati Scholarship Pre-Matric Scholarship Pre-Matric Scholarship for Minorities Prerana Rajasthan Scholarship Rolls-Royce Unnati Scholarship Saksham Scholarship Programme for Drivers Children Saksham Scholarship Scheme Santoor Women's Scholarship SBI Asha Scholarship Programme SBI Education Loan SBI General Suraksha Support Scholarship Programme Schaeffler-India Hope Engineering Scholarship Scholarship Application Dos and Don'ts Scholarship Form Scholarships for Diploma Courses Scholarships for Indian Girls and Women Scholarships for North Eastern Students Scholarships for PG Students Scholarships for Undergraduates Scholarships in India Scholarship Status SC Scholarship SC ST Obc Scholarship Sensodyne Ida Shining Star Scholarship Programme Sitaram Jindal Scholarship SSP Scholarship ST Scholarship SVMCM Scholarship Eligibility Swami Vivekananda Scholarship Swami Vivekananda Scholarship Technip Energies India Scholarship Programme Telangana Scholarship The Tata Capital Pankh Scholarship Programme Top Scholarships for Medical Students Top Scholarships For Students Of Andhra Pradesh Tripura Scholarship Ugc Scholarship UP Post-Matric Scholarships UP Pre-Matric Scholarships UP Scholarship UP Scholarship Correction UP Scholarship Login UP Scholarship Registration UP Scholarship Renewal UP Scholarship Status Uttarakhand Scholarship Vidyalakshmi Portal Virchow Scholarship Programme VHTC WBMDFC West Bengal Scholarship