Education and Career Forum

Respected Sir,
My name is Naveen Tomer and I am going to apply an Education Loan in IDBI Bank for my further studies. I just want to know that what kind of penalties this Bank sets in Education Loan scheme? Please let me know about this as soon as possible.

There will be no penalties if you comply with the terms and conditions of education loan scheme and follow the instructions from the bank. Usually penalty is charged in case wherein repayment installment is not provided on time. The penal interest is charged at the rate of 2% for the overdue amount and the overdue period. Apart from this, there are no penalties as such , if you do not follow the rules and regulations of the loan scheme , the bank has the discretion power to discontinue your loan at any point of time.