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Credit Options in India for Financing Higher Education

Financing higher education has become a monumental challenge these days and it not just affects the parents, even the child undergoes the same mental pressure. The reason being the commercialization of the education sector and the increasing cost of education. Today, getting a good quality higher education can cost a fortune, and even those born with a silver spoon can’t do it without additional financial assistance. Thus, if you’re planning to enrol your child into those renowned IITs, NITs and the big-time B schools, or even planning to send them abroad in Harvard or Oxford etc. it would be a sensible idea to go for a Higher Education Loan to finance the education. No! It’s not impossible.

There are certain credit schemes in India which allow the subscriber to use the borrowed capital for financing higher education. Some of them are mentioned below.

Personal loan for Higher Education

The personal loan is quite popular for its end usage flexibility feature that allows the applicant to avail the required financial assistance without mentioning the purpose of loan to the lender. The same can be used for financing higher education abroad or in India. Also, taking a personal loan for higher education purpose makes the borrower eligible for tax benefits under section 80E of the Income tax act.

 

Additional Reading: A Handy Guide To Financing Your Higher Education

Education Loan

The concept of education loan is relatively new, but is a good credit solution for financing higher education. The same can be availed from any bank or NBFC in India.

Concluding note: If your child is ready to pursue higher education, take a loan for financing the cost rather than burning a hole in your pocket.

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