JBIT Dehradun Education Loan

An Education loan plan is a safe and efficient way to gain finance .The expenses covered by education loan not just covers the direct expenses such as tuition fees and registration/examination fees, but also allied expenses such as those for uniforms, lab equipment/tools required for the course, travelling expenses and laptop. Aside from the fee payable to the school/college, other expenses covered by most education loans include:

Amount required towards the purchase of books, uniforms, equipment and instruments.

Purchase of computers/laptops, if deemed necessary for the completion of the course.

Fees paid for Exams, Library, Laboratories, Hostel, etc.

Building fund, Caution deposit, Refundable deposit (must be supported by receipts/bills).

Costs incurred in travel, specifically for studies abroad.

Additional costs that are required to successfully complete the course, including but not limited to, Study tours, Thesis work, Projects, etc

Loan cannot be assigned to the student alone, the parent or guardian needs to be co-signor for the loan.

Female students are usually offered discounts and/or lower interest rates when it comes to education loans.

The annual family income and the course pursued by the education loan applicant are primary determinants of the loan amount.

Generally, loans below Rs.4 lakhs do not require a security or guarantor.

For an education loan plan up to a specific amount, no collateral is necessary for a higher loan amount (usually above 7.5 Lakhs), security in the form of fixed deposit, property or other bank approved collateral is required.

The normal student loan repayment period is 5 to 7 years, but flexible options for settlement of education loans with longer time period, i.e. 10to15 years is also available.

One can get an educational loan at the time of study, but that educational loan does not need to be serviced during the course time period and also features a moratorium period of up to 1 year or till the borrower gets regular employment, whichever is earlier.

The interest on this loan is eligible for student loan tax benefits under Section 80E of the IT Act. Also, a few government sponsored subsidy schemes like the Central Scheme to provide Interest subsidy on education loans to help students from the economically backward sections of society avail the benefits of education loans.