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ANY ONE WHO AVAILED EDUCATIONAL LOAN PLZZ ANSWER.....

1

10/8

Full Member
Aug 7, 2012
28
3
MY BANK GIVES ME A LOAN OF15LAKHS FOR INTEREST OF 13.75 PER ANNUM............
TELL ME HOW THEY CALCULATE THE RATE OF INTREST.......WILL THIS START FROM THE FIRST YEAR OF MY STUDY ITSELF?......DO I NEED TO PAY THEM ANYTHING WHILE I AM STUDYING?(I AM ASKING THIS BCOZ THEY ARE NOT ANSWERING ME CORRECTLY)
THANK YOU VERY MUCH IN ADVANCE
 
its left to u!!
the interest is paid only on the amount you use of the total loan amount sanctioned!!
u can pay either from the 1st month of your usage or after the completion of your study prog or from the 1st month when u get the job.
if u pay the interest right from 1st month, you will be awarded 1 percent discount on the interest rate that you will be paying after your completion of the study prog!!
 
actually my first year fee is 8lakhs....but i need to take a loan of 12-15lakhs due to spp rules.......if i just use 8 lakhs will i be charged for 8 lakhs or 12lakhs.................i will be able to pay my fee after i complete my course that is 4years......will they charge intrest for entire 4years?
 
U will be charged on only that part that u take.. not the whole..

Say if u took 4 lakhs for 2 semester.. u will be charged for 4 lakhs only not 12 lakhs..

There is an option that student can repay the amount after completing the studies.. but they will charge you on what u have taken from then..

Abhi
 
Yes definitely..

Once you will complete your studies your PRINCIPL+INTERST will be added.. and accordingly EMI will be calculated..
 
as i see many of the students paying the first semester fee by them selves.......is there any advanteage doing it? can u plzzz help me some way such that i will be benefited
 
U can also pay back your money from the first month..

U can deduct the interest if any.. or you can simply deduct your Amount..

Say if you took 4 Lc.. and after a month you repay 1 Lc.. then interest will be on only 3 Lc not 4 Lc..

You only will be benifited
 
it varies bank to bank
 
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