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  #1  
7th October 2016, 06:25 PM
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Interest rates charges under Education Loan scheme of Kotak Mahindra Bank for MBBS course? How to calculate EMI?


I want to apply an Education Loan from Kotak Mahindra Bank for my daughter's MBBS course. I want to know how they will calculate the EMI and what is the interest rates? Please let me know immediately.




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  #2  
8th October 2016, 06:37 PM
SudeepKumarSaha
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Join Date: Dec 2013
Location: India
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Default Re: Interest rates charges under Education Loan scheme of Kotak Mahindra Bank for MBBS course? How to calculate EMI?

The rate of interest fluctuates from time to time as per orders from Reserve Bank of India. Hence you need to comply with this fluctuating rate of interest. The EMI will be decided based on the principal loan amount, the prevailing interest rate at that point of time and the number of years you choose for repayment. The total amount will be calculated based on principal loan amount, repayment years and prevailing years. Then that amount will be divided in the number of months and the EMI will be decided. The EMI will comprise of principal and interest which will keep fluctuating keeping the EMI fixed.
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