#1  
15th May 2015, 05:02 PM
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Detailed information about Margin and Repayment of Loan terms available in Bank Education Loan scheme?


Hi,
I want an Education Loan of about Rs. 15 Lacs for study in UK. I have read all about Loan rates and all but I am confused about what is Margin i.e., given by every Bank as 15% and about Repayment of Loan. Kindly tell me what are these terms?





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  #2  
23rd May 2015, 01:41 PM
SudeepKumarSaha
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Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: Detailed information about Margin and Repayment of Loan terms available in Bank Education Loan scheme?

The margin is the security deposit to the bank for the education loan. A margin of 15% means the 15% of the total loan sanctioned has to be borne by you. You need to submit 15 % of the total disbursement amount of each installment to the bank. Indirectly it means you will get 15% lesser loan amount than the amount sanctioned.

The repayment has to start once you get a job or after six months completion from the end of your study course whichever is earlier. You have to approach the same bank and write an application to the concerned ban for repayment. Then you need to choose a tenure like 3 years or 5 years or 7 years as per your convenience and report it to the bank. Then there will be few formalities to be undertaken after which you can start repayment of your education loan.




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