Education and Career Forum

Hello,
I have a question about educational loan, I have taken a loan from Allahabad bank on feb. 2009.After that in 2010, I heard that there is gov. policy in which all interest amount will be waive off, and student have to pay only initial amount. I also drop an application regarding that, but now the manager told me that you have to pay all your amount with interest.
So, this is my request that please give all detail about that topic. Another one is what is the EMI of Initial Amount of 350000, with 11.75% interest rate ? I have taken this educational lone on 20Th Feb.2009.And till nowI didn't pay any amount.
Please Guide me. At: [email protected]

Thanks.
Murli Manohar Verma

Hello sir, It is really dis satisfying to know that the banks are not following the policies as and when declared by the government and in the mean time the general public is being harassed. Anyways we will try to find out a middle way out for your problem or we will try to find a more logical solution for your problem. it is known fro your statement that your loan was approved by the bank in the month of February 2009. during 2009 it was in the rules that the lender has to repay the entire amount of loan along with the interest amount whatever was calculated as per the rate of interest.

But you are saying that you heard in 2010 that the government has waived off interest amounts from the original loan amount and from 2010 onwards they (lenders) just have to repay the original loan amount taken by them. But how far that is true about the policy stated by you depends on the source from where you got to know this.

As the validity of the statement is actually doubtful. Just think that what will be the benefit for the financial institutions if they did not receive any amount of interest also. so first confirm with government circulars whether this news is actually truth or just a rumor. because anyway you will always have to pay the interest amount as per the rules till date. Good Luck.