#1  
10th April 2015, 01:30 AM
Unregistered
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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?


Friends,
I need a Education Loan of Rs. 5.75 Lacs for my MBA but in 1st year I need only Rs. 2.5 Lacs as a Tuition fee. As the Bank sanction the complete tuition fee in one time so will they charge the interest rate for complete Rs. 5.75 Lacs in the first year of my MBA?





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  #2  
15th April 2015, 08:19 PM
SudeepKumarSaha
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Join Date: Dec 2013
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Default Re: 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?

No, the bank will not charge interest for the entire loan amount from the beginning. It will charge interest on the loan amount which has been disbursed to you. For example : If you have taken a loan of 5.75 lakhs and you took 2.5 lakhs from bank for the first year of your MBA course, the bank will charge interest on 2.5 lakhs for the first year. Then again in the second year when you take the rest of the amount as loan thereby your loan amount going to 5.75 lakhs the bank will charge interest on 5.75 lakhs from the second year. Interest will be charged only on the amount which has been disbursed to you as loan.
  #3  
17th April 2015, 08:39 PM
Microsoft_Bangalore
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Smile Re: 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?

Quote:
Originally Posted by Unregistered View Post
Friends,
I need a Education Loan of Rs. 5.75 Lacs for my MBA but in 1st year I need only Rs. 2.5 Lacs as a Tuition fee. As the Bank sanction the complete tuition fee in one time so will they charge the interest rate for complete Rs. 5.75 Lacs in the first year of my MBA?

Bank charge the Education Loan as per the tuition fee required by the College. They do not sanction the whole amount at an once. So, while applying for the Loan you have to pay the ledger of the Tuition fee so that the Loan can be sanctioned as per the tuition feel amount. So, if your Tuition fee is paid in 2 installment then the bank will sanction you the amount in 2 installments only.
Do you have any question? or have anything to say?



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