Education and Career Forum

Dear Friends,
I want to study MDS with education loan. But I am confuse about the interest rates. I want to know that what are the interest rates of public sector banks for education loan. Also let me know the the recovery process?

Interest rates fluctuate from time to time as per the orders from the Reserve Bank of India. The interest rate usually fluctuate between 13-14.5 % although for SBI it is one percent lesser as compared to other banks (market rates).

Recovery Process :-

- You need to inform the bank of your job otherwise the bank will ask for repayment to start after six months/one year of completion of your study course.
- If you get a job, you need to inform the bank manager of the same.
- Then you need to submit the application requesting the bank to start your repayment.
- The bank will fix an EMI as per your loan amount which you need to pay every month.
- You can also repay by depositing lump sum amount in your loan bank account.
- Once repayment is complete you will get NOC from bank.