#1  
26th October 2016, 01:47 AM
Unregistered
Guest
 
Posts: n/a

How much EMI will be charged against Loan amount of Rs. 5 Lacs under Bank of India Star Education Loan scheme? Details of repayment period?


My dream is to study B.Tech and become an Engineer. But I belong to a poor family and my parents wouldn't afford the expenses of B.Tech course. So, I have decided to take Education Loan. I have an Account in Bank of India and after searching alot I came to know about the Star Education Loan of this Bank. Can I know that if I take Rs. 5 Lacs for me B.Tech course under this scheme then how much EMI I have to pay and what will be the repayment period?





Related Questions:
  1. Repayment mode under Education Loan scheme of Federal Bank?
  2. Whether Bank of India charge interest during B.Tech against Education Loan? How to repay EMI in 7 years of tenure against Rs. 5 Lacs?
  3. How to calculate EMI of Loan amount of Rs. 6.5 Lacs at 5% interest rates under 5 years of tenure?
  4. Whether repayment of Loan amount in Dhanlaxmi Bank is yielded through EMI?
  5. Terms of Repayment of Rs. 6 Lacs under Oriental Bank of Commerce Education Loan scheme?
  6. How much interest will be charged against loan amount of Rs. 20 Lacs in State Bank of Hyderabad? How to pay an EMI?
  7. Interest rates charges against Rs. 4 Lacs in Bank Education Loan? How much time will it take to repay loan amount? -- [New]
  8. Detailed information about margin and repayment in education loan scheme?
  9. Detailed information about Margin and Repayment of Loan terms available in Bank Education Loan scheme?
  10. Processing period and repayment mode of Bank of India Education Loan scheme?
  11. Procedure and documents required to apply for education loan? What will be the interest rate and what kind of EMI will be deducted?
  12. How much monthly EMI will be paid against Education Loan amount of Rs. 8.75 Lacs in Indian Overseas Bank? How many months of EMI is available in this Bank?
  13. Can I repay the amount of loan at any SBI branch of Delhi if was taken from SBI, Manimajra (Chandigarh)? -- [Most Discussed]
  14. Details of State Bank of India EMI scheme against Education Loan for study MBA?
  15. Countable years of repayment against Loan amount of Rs. 7.75 Lacs in Union Bank of India?
  16. How many months of EMI to pay against Rs. 8.7 Lacs Loan in State Bank of Bikaner & Jaipur? How much EMI to pay?
  17. Maximum amount sanctioned under Education Loan scheme of Union Bank of India? Maximum tenure of repayment?
  18. Interest subsidy scheme of an Education Loan against Rs. 7 Lacs in Central Bank of India?
  #2  
28th October 2016, 07:35 AM
SudeepKumarSaha
Senior Member+++++
 
Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: How much EMI will be charged against Loan amount of Rs. 5 Lacs under Bank of India Star Education Loan scheme? Details of repayment period?

EMI depends on various factors - your outstanding loan amount, the prevailing rate of interest and the repayment period you choose. Accordingly the bank will calculate your EMI amount and let you know. You can opt for a 7 years repayment plan wherein your EMI will be around 8000. You can even opt for more number of years as repayment period upto 10 years. You need to start the repayment once you completed 6 months in job or 1 year from the date of your passing B.tech course, whichever is earlier. You can even start the repayment earlier by notifying the concerned branch through application that you want to initiate the repayment.
  #3  
28th October 2016, 05:21 PM
ajayrocks007
Senior Member+++++
 
Join Date: Mar 2012
Location: New Delhi
Posts: 20,580
Default Re: How much EMI will be charged against Loan amount of Rs. 5 Lacs under Bank of India Star Education Loan scheme? Details of repayment period?

EMI will be calculated according to the interest rate and time period to repay the loan. The rates changes according to the RBI. Also, different banks have different rates for education loan.

If you belong to a poor family, then you can also get subsidy on interest rates, which is a central government scheme. Repayment of loan automatically start after completion of course which is mostly after six months of getting a job or after one year of course completion. EMI will be decided according to the size of the loan and time period.
Do you have any question? or have anything to say?



Related Topics:

Thread Replies Last Post
How should I apply for CBSE scholarship after scoring 83.4%? Is it true that I wont be able to apply for any other scholarship after applying for the CBSE scholarship? 29 10th September 2017 11:00 PM



Powered by vBulletin® Version 3.8.3
Copyright ©2000 - 2022, Jelsoft Enterprises Ltd.
Search Engine Optimization by vBSEO 3.3.0
vBulletin Optimisation by vB Optimise.
Please also check: