Education and Career Forum

Hello sir, I want to take an education loan from Andhra Bank to study BBA. I want to know how can I repay the loan in installment basis or in one time?

Yes, you can repay the education loan on installment basis in the form of EMIs. When you start the repayment, the bank will give you a definite installment amount which you need to repay every month. This amount depends on the tenure of your repayment along with the prevailing interest rate and the loan amount. You can also pay lumpsum amount to repay your loan at any point of time.

It totally depends upon your own wish whether you want to pay education loan in one time or through installments. If you have surplus of funds and do not want to take tension of paying EMIs every month, you can pay amount of education loan in one time.

*But if you do not have surplus of funds then you can pay education loan through EMIs, you can visit your bank for EMIs amount and interest that will be charged for it. One advantage of one time payment is that you will not have to pay interest.

1. The education loan can be paid in installments without any difficulty. Banks give one year window period to students to repay loan and if candidates are unable to pay education loan in that time, bank charge interest on principal sum of education loan taken. After that candidates can pay education loan in installments.

2. Central government waives interest charged on education till a candidate studies in course plus one year window period. If you will pay whole amount after completion of course there will be no interest you to pay otherwise in installment interest is charged on specified amount of installment.