Planning to study in the UAE? Here’s how a student loan will benefit you

 

If you are interested in studying in the UAE, a student loan can help you finance your degree.  Student loans are more convenient now than ever and they provide several benefits to the student and their parents. Here are 6 benefits of a student loan that one should know about:

 

6 Benefits of a student loan for parents and students

 

  1. Covers all overhead expenses
    Studying in the UAE can be a bit overwhelming for the student and their family due to the fact that it requires a lot of funding. Living in a different country also generates multiple expenses. Thus, to tackle this, taking a student loan is one of the best options. A student loan usually covers all the overhead expenses like the cost of living, cost of education, tuition fees, and study material cost. This makes it easier for the student to focus on the studies without having to worry about the miscellaneous expenses.




 

 

  1. No margin money required
    One does not need to financially back up the student loan amount with their own money. If one is looking forward to studying in the UAE, they can usually get a 100% education loan which will cover all their study-related expenses. This is one of the benefits of getting a study loan as leading lenders provide the optimal coverage of expenses.



  1. Saves the family’s assets
    It is usually mandatory for a person to keep collateral with the bank or any financial institution when taking a large loan. But when it comes to education loans, the story is quite different. There are financial institutions that do not require you to keep collateral with them. This saves the family from the potential risk of losing the family asset forever. However, not all study loans offer this option and you must ask the lender specifically for unsecured loans to avail of funding with no collateral.



  1. Creates a sense of responsibility
    Studying in the UAE is a huge opportunity for a student. But sometimes, a student may not understand the value of it. Thus, by taking a study loan, a sense of responsibility is instilled in the students. The fact that they owe a debt usually makes the student more concerned about their future as they have the responsibility of repaying their loan.


  2. Added discounts on study-related services
    Apart from the 100% education expense coverage, some of the best student loan policies offer additional benefits like discounts on essential commodities that are required by a student. Under this, a student may get discounts on services like air travel, luggage services, telecommunication, vaccinations, and several other post-landing services. 

  1. Tax benefits

One of the best benefits of taking a study loan for studying in the UAE is the fact that there are tax exemptions associated with the loan. Under Section 80-E of the Income Tax Act 1961, one can get a rebate on the interest amount which will be paid for the education loan.

 

We hope this article has been helpful to you. All the best!

 

For more details - Is taking a study loan for the UAE worth it

 

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