Education and Career Forum

Hi everyone, I was searching for an education loan scheme for studying MS in Abroad. After searching I thought that applying an education loan from Bank of Baroda is fine for me as I have an account in this bank. But I am unable to understand the prepayment fine. Can I know about this particular term?

Details of prepayment fine under Education Loan scheme of Bank of Baroda.

1. Electronic Clearance System.

2. Post Dated Cheque.

3. National Automated Clearing House.

4. Standing Instructions.

For more information, visit the website www.bandhan.com.

Details of prepayment fine under Education Loan scheme of Bank of Baroda include - Post Dated Cheque (PDC), Electronic Clearance System (ECS), National Automated Clearing House (NACH), Standing Instruction (SI), etc.

MISSED CALL NUMBERS - 9223008666, 9223008777
CUSTOMER CARE NUMBERS - 18002588181, 033-66333333
CONTACT NUMBERS - 18002588181

The details of the prepayment fine under the Education loan scheme of Bank of Baroda is this prepayment of education loan saves a particular amount on the interest rate of the loan, and the loan prepayment penalty implied on the borrower for early repayment. This penalty protects the lender against the financial loss of interest income that would have been paid otherwise.

The RBI has ruled out the prepayment penalty on Education loans in India for all public and private banks. Banks have no right to demand prepayment made during any time in the repayment tenure.