Education and Career Forum

Respected Sir,
Kindly let me know how much interest is added in an Education Loan if I want a Loan of Rs. 8 Lacs? When do I have to pay it after my Graduation? I would also like to know how can I apply and when can I get this loan?

The interest rate fluctuates from time to time as per orders from the Reserve Bank of India. This depends on the market conditions and the policies of central government. Usually the rate of interest fluctuates between 13-14.5 percent and is computed as simple interest for the entire study period. You need to start the repayment of loan after six months from the completion year of graduation or on joining a job whichever is earlier.
You need to approach a bank when you get an admission call from a recognised institute. Approach the bank, have detailed discussion with branch manager concerning the education loan, comply with the terms and conditions of the bank and act as per bank's orders to get your education loan sanctioned.