Education and Career Forum

Hi everyone, I was searching for an education loan scheme for studying BBA(H) course. After searching I thought that applying an education loan from Bank of Maharashtra 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?

If you fail to repay your education loan in India, the lender will begin sending a notice to you and your guarantor, if one exists. Failure to follow the warnings will result in loan default, which will negatively impact your credit score. For a very long period, you would not be eligible for any loans in the future.

For more details, you can refer to the below link:-
https://bankofmaharashtra.in/

There are no such penalty charges on prepayment.
One can prepay their education loan anytime.
One can payoff the loan as early as possible to lower the burden of interest on it.
Thus those applicants who want to prepay their , they can do it anytime without bring worried of any penalty or fine.

If you do not return your education loan in India, the lender will notify you and your guarantor a notice. Loan default will have a negative effect on your credit score if you ignore the warnings. You would not be qualified for any loans in the future for a very long time.

You can click the link below for further information:
https://bankofmaharashtra.in/