1st April 2015, 11:38 PM
Posts: n/a

Can I extend the repayment amount if taken Education Loan of Rs. 6 Lacs?

I have taken Education Loan of Rs. 6 Lacs for doing MBA. Now I have completed my MBA and doing job of Rs. 60K per month.
I have to pay Rs. 12,000 per month against my Education Loan.
I would like to know that I can pay more so that my repayment
time will get reduce?

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9th April 2015, 01:33 AM
Senior Member+++++
Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: Can I extend the repayment amount if taken Education Loan of Rs. 6 Lacs?

Yes, you can definitely increase the repayment installment and reduce the time of your repayment of the education loan which you had taken for pursuing the MBA course. Since you are getting handsome salary and capable of increasing the installment, so you should definitely increase the repayment installment to repay the loan quickly by paying less interest to the bank. The bar 12,000 has been fixed by the bank as the minimum amount which you need to pay. You can increase the installment whenever you like. You just need to contact the bank from which you had taken loan and have a discussion with the branch manager and then act as per the instructions of the manager to increase your installment bar.
Do you have any question? or have anything to say?

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