5 Long-term Advantages Of Taking An Education Loan

An education loan has various long-term benefits for the borrower. It funds higher education and also offers tax benefits. Let’s decode.

Covers major expenses

The education loan covers the tuition fee, accommodation and living expenses, travel tickets, etc., giving you financial relief.

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. 

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. 

Affordable

The loan interest rates are low and you get a flexible repayment tenure to repay the loan affordably, without hurting your pockets.

Helps in building credit score

With timely repayments, you can also build your credit score slowly and get rewarded on future loans. 

Enjoy the long-term benefits of an education loan with Metra Trust. Get low-interest rates and collateral-free funds up to Rs.50 lakhs.