Education and Career Forum

Hello sir, I want to apply for an education loan of 10 lakh at State Bank of Bikaner and Jaipur. Please give me all the information about interest rate including applicable EMI amount and amortization?

State Bank of Bikaner and Jaipur has merged with State Bank of India. However, for an education loan from State Bank of India, the interest rate varies based on the loan amount and the repayment period. Here is the information for a loan of 10 lakh:

Interest Rate: The interest rate applicable for an education loan from State Bank of India starts from 6.90% and can go up to 9.30%. However, this rate is subject to change based on the bank's policies and the borrower's creditworthiness.

Applicable EMI amount: The EMI amount for an education loan of 10 lakh would depend on the interest rate, loan tenure, and processing fee charged by the bank. For example, if the interest rate is 8.00% and the loan tenure is 10 years, the EMI amount would be around Rs. 12,244.

Amortization: The amortization of an education loan shows the break-up of the principal and interest component in each EMI payment. As the loan repayment progresses, the interest component decreases, and the principal component increases. The bank will provide an amortization schedule at the time of disbursal of the loan, which will give you a detailed breakdown of each EMI payment.