How can I decrease the repayment fees of my education loan

For most people who wish to study abroad, very high studies have become even very expensive as the rupee has also depreciated. As this education has become costlier, most people have started opting for education loans to ease the financial burden of good saving lakhs. An increasing number of parents in India now always consider taking an education loan for the very higher education of their children. Due to the very low rate of interest, tax benefits as well as exciting offers from the banks, most student loans are increasingly becoming popular. Whichever, whenever this is very easy to get the education, get a loan for very high studies, many parents, as well as students, struggle with repayment in such case the student does not get a good job on time or is paid very less than expected. 

• Education loan with collateral: Many of the banks easily allow students to take the education loan without any kind of collateral. Whichever, not many know that kind of opting for a secured loan with the collateral can turn out to be a very cheaper option. If you own a good residential property or have investments in good FDs or shares, this is very good to go for an education loan with collateral. This will not only increase your prospects of getting an education loan from any bank but also very secured loans enjoy a preferential rate of interest.

• Very shorter tenure: These unsecured education loans are generally available for a good duration. These secured loans, on the other side, are available for a good tenure. While longer tenures always help reduce the monthly EMIs, this significantly increases the full rate of interest you pay on the education loan. Therefore, to reduce education loan repayment costs.

• Tax benefits: Whenever you take an education loan, you are easily eligible for a tax deduction. The deduction can also be claimed on the rate of interest paid towards the education loan. Tax benefits on education loans can only be claimed by some person who has taken the education loan even if he or she is not the actual beneficiary. The good part is that there is no any kind of limit on the total deduction. You are very easily allowed to get the deduction of the total rate of interest amount you have paid against an education loan in a financial year.

SBI Bank education loan schemes are supporting students across the country with the impending cost of education. The SBI has been offering various SBI education loan schemes for all the students as per their very specific requirements. Whenever you want to opt for a student loan. The SBI education loans have got you covered on every kind of front. With a very fast online application process, lighter and very good rate of interest, higher loan amounts, very easy EMI options, and early approvals.

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