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#1
18th April 2016, 12:04 PM
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Maximum amount one can get in an Education Loan to study MBA? Details of interest rate and repayment mode?
Respected Sir,
My son has applied for an Education Loan so that he can study MBA. I just want to know what is the maximum loan amount he can get? Kindly tell me the details of rate of interest and repayment mode? Looking for quick reply. |
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#2
21st April 2016, 05:24 PM
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Re: Maximum amount one can get in an Education Loan to study MBA? Details of interest rate and repayment mode?
The maximum loan amount which can be availed is given below.
- For study in India : 10 lakhs - For study in abroad : 20 lakhs The interest rate is regulated by the Reserve Bank of India and fluctuates from time to time. The rate of interest fluctuates in the range of 13-14.5 percent. The interest is calculated as simple interest for the entire study period. Repayment had to be started after six months completion from the year of completion of the course or on joining a job whichever, is earlier. Usually repayment is done as EMI as per the loan amount and the number of repayment years of your choice. However, you can also deposit lumpsum amount in the loan account to repay the loan. |
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#3
21st April 2016, 06:14 PM
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Re: Maximum amount one can get in an Education Loan to study MBA? Details of interest rate and repayment mode?
The maximum loan amount which can be availed is given below.
- For study in India : 10 lakhs - For study in abroad : 20 lakhs The interest rate is regulated by the Reserve Bank of India and fluctuates from time to time. The rate of interest fluctuates in the range of 13-14.5 percent. The interest is calculated as simple interest for the entire study period. Repayment had to be started after six months completion from the year of completion of the course or on joining a job whichever, is earlier. Usually repayment is done as EMI as per the loan amount and the number of repayment years of your choice. However, you can also deposit lumpsum amount in the loan account to repay the loan. |
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