Education and Career Forum

I am a Government Service holder and my son is studying in 12th standard. He want to do B.Tech and that my dream too. But I couldn't afford the expenses of this course. So, I thought to apply an Education Loan for my son. But after getting alot of information I am unable to take decision to whether take an Education Loan or not. Will you tell me the advantages and disadvantages of this Education Loan?

Education loan can definitely be taken for your son's education loan. There are no adverse effects of education loan as such. The major advantages of education loan are the interest is computed as simple interest, all study related expenses are covered under education loan scheme, your son can get tax benefit later while doing job and repayment. The only disadvantage is interest of around 13-14℅ need to be paid and mortgage is required for loan above 7.5 lakhs.