7th June 2016, 01:39 PM
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Does bank charges late fine under Education Loan payment scheme? When to pay the loan amount to banks?

I am Dushyant Trivedi. I have taken an Education Loan and doing my MBA. I just want to know that from when can I start paying the Loan amount without any fine? And if I pay the loan amount late then will bank charges fine?

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7th June 2016, 09:38 PM
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Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: Does bank charges late fine under Education Loan payment scheme? When to pay the loan amount to banks?

You need start repaying your loan after six months of completion from the year of your passing of MBA course or on joining an organization for job , whichever is earlier. You can also start repayment before any of these occurrence. There is nothing like fine if you repay the education loan late; the bank will send you notice to repay the loan and the interest will be computed as compound interest instead of simple interest which is calculated, otherwise.
Do you have any question? or have anything to say?

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