Government Student Loan

On 24 Nov., 2021

An overview about Government Student Loan

Government Student Loan

Government student loans are touted to be one of the most reliable sources of abroad education loans in India. A major percentage of students who wish to study abroad often choose a government bank education loan as their funding source for higher studies. Although the total number of students applying for government student loans are at an all-time high, the number of students who actually get an education loan is low. One of the major reasons for this phenomenon is the lack of awareness amongst students about the provisions made for an education loan for abroad studies by the Indian government.

 

Pros of Government Student Loans

1. Government Bank Education Loan Interest Rates in India

2. Student-Friendly Education Loan Terms

3. A Payment Free Moratorium period

4. Income Tax Exemption on Education Loan Interest Under Section 80 E of Income Tax Act

5. Education Loan Interest Subsidy Under Subsidy Schemes Introduced by the Government of India

6. Education Loan Forgiveness

7. The Flexibility of Choosing Co-Applicants/Co-obligor/Co-borrower For Education Loans

 

Cons of Government Student Loans

1. Delayed Pre-Visa Disbursement

2. Longer Processing Time

These are a few pros and cons of student loans in India. We hope that through the advantages and disadvantages of Government bank education loan mentioned in the article has made your decision clear. If you’re facing any issues, connect with your financial officer and they will be able to help you out. The financial team of WeMakeScholars provide end-to-end support to students in their abroad education loan process. One of the biggest advantages of approaching this organization is that their services are absolutely free of cost. So, if you look forward to having a hassle-free education loan process, do get in touch with the financial team of WeMakeScholars. Do watch the 8th episode of Loanflix in order to understand the various different myths about the government bank education loan process, and understand the truth about a lot of them.

 

Read more: https://www.wemakescholars.com/blog/government-student-loans-pros-cons

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