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  #1  
9th November 2016, 08:06 PM
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How much amount has to be paid as a late fine of EMI under Education Loan scheme of Axis Bank?


I would like to know that if I pay my EMI late then how much amount of late fine I have to submit in Axis Bank if I get an Education Loan? Kindly let me know about this immediately.




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  #2  
13th November 2016, 03:17 PM
SudeepKumarSaha
Senior Member+++++
  
Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: How much amount has to be paid as a late fine of EMI under Education Loan scheme of Axis Bank?

You need to pay penalty for submission of late EMI while repaying education loan. The penal charge will be increment in the rate of interest by 0.5%. This increment in the rate of interest will be for the outstanding loan amount which you need to repay. Multiple late repayment of EMIs will result in a notice from a bank as warning followed by legal action if it continues. You should try to deposit excess amount in your account in the initial months so that even if you miss, the excess amount is deducted and you need not pay any additional penalty.
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