What expenses do the best education loans in India cover?

Summary: While applying for an education loan you should look for the best. One that covers a host of expenses including college fees, hostel fees, exam fees, study materials, and transportation costs. Read the article below to learn more.

13 Jul 2023 by Team FinFIRST

Expenses covered under the best education loan in India

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Several banks and non-banking financial institutions provide loans for financing education in India. These loans are usually collateral-free and come with lower interest rates. As a student, you can apply for the best education loan in India to cover various expenses related to your higher education. Let's explore these in detail.

Expenses covered by best education loans in India

Tuition fees

You must pay a tuition fee to your college or university to pursue a course. It forms a major chunk of your total higher education expenses. That is why most education loans cover these expenses. The primary purpose of an education loan is to help students pay their tuition fees without any hassles.

Also read – Education loan eligibility for students: Challenges and solutions

Accommodation fees

Accommodation fee is another major expense you may incur while pursuing your higher education. It refers to the amount you may spend on a hostel or a rented flat to live in another city or country.

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Travel expenses

You may incur significant expenses on travel tickets to your college from your hometown. Besides, you may also have to spend some amount to commute from your place of residence to the college. The best education loan in India usually covers all such expenses.

Exam fees

Few colleges ask their students to pay exam fees to appear in university examinations. Even this minor expense can burn a hole in your pocket and add up to a lot during the degree. But thanks to the best education loan in India, you can get this expense covered.

Study materials

You may have to buy study materials like books, laptops, cameras, and stationery items, among others. The best education loan in India covers these expenses as well.

Other miscellaneous expenses

If you plan to pursue higher education in a foreign country with a stronger currency than India, you may require additional funds to meet your day-to-day expenses. You may also need money for miscellaneous costs, such as travel and health insurance, phone bills, socialising with friends, etc. The best education loan in India covers all such expenses.

Also read - Are you making these 5 mistakes with education loans?

To conclude

An education loan can be of immense help for students studying abroad or in India. You can select convenient repayment schedules and get a loan quickly with simple application procedures. But before you apply for a loan, take note of the inclusions and exclusions carefully to avoid any surprises or hassles in the future.

With the IDFC FIRST Bank Education Loan, you can get financing for your higher education through a seamless application process. It offers one of the most competitive and lowest education loan interest rates available in the market

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.