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

[10/8]

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

 

[nagarjun rao]

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!!

 

[10/8]

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?

 

[abhi141989]

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

 

[10/8]

that means intrest will be going on claculate upto my 4years course

 

[abhi141989]

Yes definitely..

Once you will complete your studies your PRINCIPL+INTERST will be added.. and accordingly EMI will be calculated..

 

[10/8]

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

 

[abhi141989]

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

 

[10/8]

can we repay the loan within 1year? or any rule to pay only btw 5-7years?

 

[abhi141989]

it varies bank to bank