Do take education loan but don't default as it may kill your future prospects of loan. My column in Hindu Business Line on "Tax Benefits of Education Loan"
Whenever you take any loan, your credit report goes to CIBIL (an aggregator) which keeps record of your borrowing history and provides reports to lending companies in future. So, if you dont repay loan, your credit report gets lower score (0 to 900, 900 being highest) and your prospect of getting loan in future gets diminished. Since the current lifestyle asks for loan in future, it is always good to pay loan in early years as any default will hamper the future prospect of getting loan.
Nice! This is a truly very informative post. I also want to know about income tax benefit on home loan as planning to buy a house and need to know about all money that will go and come during this course. It is important to have all this information before you start your financial planning.
Hi there, can someone tell me what happens if you don’t pay your education loan? I have read somewhere that the serious actions will be taken on the student? Is it true………..
ReplyDeleteWhenever you take any loan, your credit report goes to CIBIL (an aggregator) which keeps record of your borrowing history and provides reports to lending companies in future. So, if you dont repay loan, your credit report gets lower score (0 to 900, 900 being highest) and your prospect of getting loan in future gets diminished. Since the current lifestyle asks for loan in future, it is always good to pay loan in early years as any default will hamper the future prospect of getting loan.
DeleteNice! This is a truly very informative post. I also want to know about income tax benefit on home loan as planning to buy a house and need to know about all money that will go and come during this course. It is important to have all this information before you start your financial planning.
ReplyDelete