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#1
2nd March 2017, 11:49 AM
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How to calculate EMI and interest rates for an education Loan at SBI? Can I fix EMI myself?
Hello sir, I want to apply for an education loan at SBI. Please tell me how to calculate EMI and interest rates for education Loan? Can I fix EMI myself?
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#2
15th March 2017, 12:15 PM
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Re: How to calculate EMI and interest rates for an education Loan at SBI? Can I fix EMI myself?
To study in India the student can avail the education loan from SBI. Up to 4 lac the interest rate is 3.50% above base rate above 4 lac and up to 7.5 lac the rate of interest above base rate is 3.75% and above 7.5 lac the rate of interest above the base rate is 1.75%. No, you cannot fix the EMI by yourself there is a calculation to repay the loans in EMI. The basic formula is that you need to repay the one third amount and remaining in the duration which will you select like 24 months, 36 months etc. Or you can simply calculate the repayment amount by adding the interest amount and divide it in the years of repayment which you have opt for.
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