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  #1  
31st August 2017, 11:50 PM
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Why to choose education loan rather than a personal loan to study M.Tech?


I am BE EEE graduate and would like to study M.Tech from SRM University so, I need loan from bank. Please tell me why do I have to choose education loan rather than a personal loan?




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  #2  
8th September 2017, 08:55 PM
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Default Re: Why to choose education loan rather than a personal loan to study M.Tech?

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Originally Posted by Unregistered View Post
I am BE EEE graduate and would like to study M.Tech from SRM University so, I need loan from bank. Please tell me why do I have to choose education loan rather than a personal loan?

An important advantage of an Education loan is it comes with a moratorium period (repayment holiday for the borrower). In education loan moratorium period is the course duration + 1 year or 6 months after you get a job, whichever is earlier is given. But it is not possible in the personal loan. The interest rate for the education loan is lower than a personal loan interest rate. It is easier to get an education loan than a personal loan. Most of the banks provide longer tenure for repayment of education loan. There are also tax benefits available for the parents. Most of the banks do not charge any procession fee for the education loans. These are some of the advantages of education loan over personal loan to study M.Tech course.
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