Investing in Your Future An education loan can be a great way to fund your or your child's higher education without straining your family's finances.

Who is Eligible? * The applicant must be an Indian citizen. * The student must have secured admission to a recognized course in India or abroad. * For large loan amounts, a co-applicant (usually a parent or guardian) is required.

What Expenses are Covered? An education loan is comprehensive and covers more than just tuition fees. It can include: * Tuition and college fees * Hostel and accommodation charges * Exam and library fees * Cost of books, equipment, and a laptop * Travel expenses for studies abroad

Moratorium Period and Repayment One of the best features of an education loan is the moratorium period. This is a period during which you are not required to make any repayments. The moratorium period is typically the **duration of the course plus 6 to 12 months**.

Repayment via EMIs starts after the moratorium period ends. The loan tenure can be up to 15 years.

Tax Benefits The interest paid on an education loan is eligible for tax deduction under Section 80E of the Income Tax Act. There is no upper limit on the amount of interest you can claim as a deduction.

Key Takeaway An education loan is a loan for a brighter future. It makes students financially responsible and allows them to pursue their dreams without burdening their parents. Compare offers from different banks to get the best terms.