Pursuing higher studies or professional courses has become quite expensive nowadays. Also, some students want to study in foreign institutions and that makes for an even more costly proposition. To remove the financial tensions and budget related issues, people often take education loans to sponsor their studies. The educations loans are offered by almost every bank in India and the interest rate ranges from 8.5% to 16%, depending upon the funds, course, duration, repayment capacity etc. 

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Certified Financial Planner, Poonam Rungta told Zee Business Online, ''It is okay to have an education loan for studies, but you should have a repayment plan ready with you that protects you from chances of late payments or defaults. The amount that you can borrow depends on the banks policies and education loans can also be used to gain tax benefits under Section 80 (E).''

There are various flexible plans on education loans, varying from repayment time after completion of course to getting a job. Here are the top tips to get a student loan and then pay it back:

Carefully read all terms and conditions

The banks provide number of repayment options depending on the courses, duration, repayment method etc. Before getting a suitable student loan, make sure you go through every term and condition of the lender.

''The student loans are generally for 8 to 10 years, while it may be for more than this depending on the bank's terms and conditions. Also, one should make sure that he/she select the best option available in the market, depending on the time of repayment and interest rates,'' Rungta explained. 

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Seek help from parents 

One can also seek help from parents. In case parents are sponsoring the education of their child via an education loan, there are options where lenders charge less interest on early repayments or EMIs starting from 1st month. The tax benefits under education loans are extended to an individual under Section 80 (E) of Income Tax Act 1961. 

Look for a job right after course completion

Having a job after your education is over will ensure you can keep up with your student loan. You can form an EMI plan that suits your income. However, the first job often leads you to spend your salary fast, but getting rid of a loan should be your priority to ensure stable financial health later. 

Advance or timely repayment

The person should make sure that he/she does not miss any EMI or payment, in order to repay the loan smoothly. For this you should always try to pay your loan as early as possible.

''One should pay the EMI with interest on time, or probably should make an advance payments if possible. Getting rid of loans as early possible will be beneficial as it would attract low interest rate and help you repay fast,'' Rungta added. 

Avoid unnecessary expenses:

When you are earning, you may want to spend money on several items like clothes, accessories, gadgets, memberships, trips, meals etc. However, one should try and pay the loan amount and avoid doing unnecessary expenses if possible. Having an education loan for way too many years can stop your overall financial growth and stability in long term.