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  #1  
20th October 2015, 01:11 PM
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How to increase EMI tenure of Education Loan repayment?


Hi Everyone
I am repaying my education loan from last 8 months and my EMI is Rs. 6805 for 5 years. I want to increase my tenure to 6 years so as to decrease my EMI. Is it allowed? If yes what is the procedure ?




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  #2  
22nd October 2015, 01:26 AM
bhushankumar398
Senior Member++
  
Join Date: Jun 2013
Posts: 1,303
Default Re: How to increase EMI tenure of Education Loan repayment?

You are paying the Equated Monthly Installment (EMI) for your education loan from the past 8 months. Now you want to increase the tenure period from 6 years to 7 years.

**You can do this by giving an application in the bank branch office through which you have taken the educational loan. It will be sanctioned and your EMI amount will be reduced from the next month.

**The disadvantage of doing this is that your EMI tenure has been increased by 1 year. The most important thing is that the bank also charged the interest for 1 year too which will be added to the new EMI amount.
Do you have any question? or have anything to say?



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