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  #1  
22nd October 2015, 02:06 AM
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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?




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  #2  
26th October 2015, 09:43 PM
SudeepKumarSaha
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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?



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