The Indian Institute of Management (IIM) is best known for providing the best management course in terms of studies and research. It is quite difficult to get in this institute and also it comes at a bit extra expense. A fee of approximately Rs.15 or 18 Lakhs is expected for the two-year post-graduation programs. This expense can be met by taking a personal loan. It is an unsecured loan which means you are not required to mortgage any collateral or security to avail it. A personal loan can be used for any purpose. There are no limitations on the end use of the personal loan. Hence, in case of any urgent requirement of funds, a personal loan can be one of the easiest ways to get cash. If you have a good credit score and you meet the eligibility criteria, you can get a personal loan in 72 hours time. The tenure of the loan goes up to 7 years. You can choose a tenure which suits you best. Lastly, if you use the personal loan for the construction, renovation or making down payment for the house, you can avail the tax deduction of up to Rs 2 lakh as per Section 24B of the Income Tax Act for the interest part in a financial year. Now, that you are aware of the advantages of a personal loan for your education, we hope that you can make a better-informed decision, and enjoy reduced financial liability and numerous benefits of this cost-effective loan alternative!
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