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  #1  
1st May 2016, 03:39 PM
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Possibility to increase the repayment tenure of an Education Loan?


Hello Everyone,
I am repaying amount of my Education Loan since last 16 months and my EMI is Rs. 11314 for 5 years. I want to increase my tenure to 8 years so as to decrease my EMI rate. Is it allowable? If yes, what is the procedure?




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  #2  
9th May 2016, 09:26 AM
SudeepKumarSaha
Senior Member+++++
  
Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: Possibility to increase the repayment tenure of an Education Loan?

I am extremely sorry to state that you cannot increase the repayment period to 8 years. The maximum repayment period of education loan is 7 years. If you have less than 7 years of repayment period, you need to approach the bank and request the branch manager to increase your repayment period . Complete the formalities as per orders from bank to get the new repayment period and hence your EMI will be reduced.
Do you have any question? or have anything to say?



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