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27th March 2016, 01:26 PM
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Differences among EMI of Fixed Interest Rate and Reducing Balance against Bank Education Loan?


Respected Sir/Madam,
I am going to apply a Bank Education Loan. But before this I would like to know that is there any difference between EMI of Fixed Interest rate and Reducing Balance EMI?




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30th March 2016, 07:55 AM
SudeepKumarSaha
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Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: Differences among EMI of Fixed Interest Rate and Reducing Balance against Bank Education Loan?

Yes, there is a difference between EMI of fixed interest rate and Reducing Balance EMI. For EMI of fixed interest rate, the bank will give you a fixed EMI for certain number of months based on your loan amount which you need to pay every month to repay your loan successfully. For reducing loan EMI, you will need to repay as per the current interest rate prevailing in the market at that time on the balance amount which you need to repay. There will not be a fixed amount. Opting for fixed EMI ensures that you will pay a certain amount of interest irrespective of the changes in the interest rate in future.
 
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