2024-03-21T11:30:00Z→2024-03-21T12:30:00Z
A webinar on How to Save Lakhs by Choosing the Right Education Loan was conducted on 21 March 2024 at 05:00 pm.
Key Takeaways:
- Choosing the Right Education Loan: Understanding how to save money and select the appropriate education loan for studying abroad.
- Secured vs. Unsecured Loans: Explanation of secured loans (requiring collateral) and unsecured loans (not requiring collateral or co-applicants).
- Interest Rates: Discussion on how interest rates vary between 9.3% to 14% and the factors influencing these rates, including the choice of college, country, course, and financial background.
- Loan Without Co-Applicant: Mention of international lenders providing loans without a co-applicant or collateral, specifically targeting US and Canadian studies, with loans up to $100,000.
- GyanDhan Services: Introduction to GyanDhan as India’s first education loan marketplace, offering assistance in securing loans from a variety of lenders.
- Loan Approval Process: Insights into the loan approval process, highlighting the importance of early application and how GyanDhan facilitates the process.
- Tax Benefits and Insurance: Information on tax benefits under Section 80E of the Income Tax Act for interest paid on education loans and the advantages of opting for loan insurance.
Q&A:
- Q: How can I speak directly to a loan counselor?
- A: Checking your loan eligibility on GyanDhan’s website allows counselors to access your information and contact you for personalized assistance.
- Q: What if I need to defer my admission? How does it affect my loan?
- A: GyanDhan can assist in adjusting loan timelines, ensuring smooth processing and disbursement in alignment with new admission dates.
- Q: What makes GyanDhan different from other loan marketplaces?
- A: GyanDhan’s extensive experience, partnership with a wide range of lenders, and commitment to providing free, quality service set it apart.
- Q: Can a co-applicant claim tax benefits for interest paid on an education loan?
- A: Yes, co-applicants can claim tax benefits under Section 80E for the interest paid, without any upper limit, as long as they provide the necessary proof.
- Q: How important is a credit score for securing an education loan?
- A: A credit score is crucial for all types of loans, affecting loan approval and terms. Past defaults can jeopardize loan approval, highlighting the importance of maintaining a good credit score.
- Q: When should I apply for an education loan if I have an admission for September 2024?
- A: It’s best to apply as soon as possible after receiving your admission to ensure there is enough time to address any potential issues and complete the process smoothly.
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