#1  
22nd October 2015, 01:06 AM
Unregistered
Guest
 
Posts: n/a

Does Bank charges full amount per year against interest rates of Education Loan?


Dear Admin,
I need an education loan of Rs. 6 Lacs for my MBA course. But my 1st semester tuition fee is only Rs. 1.5 Lacs. As the bank sanction the complete tuition fee in one time so will they charge the interest rate for full amount Rs. 3 Lacs in the per year of my MBA?





Related Questions:
  1. Does Bank charges full amount per year against interest rates of Education Loan?
  2. Interest rates charges against Education Loan by Andhra Bank for B.Tech course? Documents required to apply for Education Loan?
  3. Which Bank offer cheapest Interest rates against Education Loan of Rs. 15 Lacs? Which is among Floating and Fixed interest rates better if want to repay before 1 year completing of education?
  4. Which Bank offered cheapest Interest rates against Education Loan of Rs. 15 Lacs? Which is among Floating and Fixed interest rates better if want to repay before 1 year completing of education?
  5. How can I apply to get Education Loan from Indian Bank to study B.Tech? Interest rates charges against Education Loan?
  6. Can I get exemption in Interest rates of Bank Education Loan to study B.Tech being a ST candidate?
  7. Detailed information about Education Loan interest rates of Banks for study in MCA?
  8. Interest rates charges against Education Loan in State Bank of India for doing B.Tech in IIT?
  9. Interest rates charged against Education Loan to study MS in Meteorology in Abroad?
  10. List of Banks which offer Education Loan of Rs. 7 Lacs to study M.Pharmacy course? Interest rates charge against Education Loan?
  11. Does Bank charges Interest rates of sum rupees sanctioned in Education Loan during 1st year of MBA if the tuition fee is lesser than total amount?
  12. Detailed information about Education Loan scheme and Interest Rates charged by State Bank of Hyderabad for study LLB?
  13. Bank of India Interest rate charges for Education Loan to study MBA course?
  14. Which one should I choose among Fixed and Floating Interest Rates in Bank Education Loan? -- [New]
  15. Interest rates charges against Education Loan in State Bank of India for a candidate who want to study B.Tech in IIT?
  16. Education loan procedure for BHM course? -- [Most Discussed]
  17. Suitable Bank with minimum interest rates of Education Loan upto Rs. 20 Lacs to study MS/MD in Abroad? Documents required to submit?
  18. Suitable Bank with minimum interest rates of Education Loan upto Rs. 20 Lacs to study MS/MD in Abroad? Documents required to submit?
  #2  
26th October 2015, 08:43 PM
SudeepKumarSaha
Senior Member+++++
 
Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: Does Bank charges full amount per year against interest rates of Education Loan?

No, the interest is not charged like that. Bank will charge interest for the amount which is loaned. It will not charge for the entire loan. Every time the bank gives out the loan installment your principal loan amount gets increased and interest is charged on it. As your first semester fee is 1.5 lakhs, so you will opt for 1.5 lakhs as loan for the first semester. The bank will charge interest on this 1.5 lakhs rather than the total amount of 6 lakhs.
Do you have any question? or have anything to say?



Related Topics:

Thread Replies Last Post
How should I apply for CBSE scholarship after scoring 83.4%? Is it true that I wont be able to apply for any other scholarship after applying for the CBSE scholarship? 29 10th September 2017 11:00 PM



Powered by vBulletin® Version 3.8.3
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.
Search Engine Optimization by vBSEO 3.3.0
vBulletin Optimisation by vB Optimise.
Please also check: