Education and Career Forum

Hello sir, I was taken an education loan for 5 years but now I am in 3rd year of my degree course and want to pay the amount in one time. Is it possible to pay the amount before the time?

Yes, you can definitely repay the entire education loan amount at any point of time before the completion of your study period or repayment period. There is no problem in repaying the entire amount at one time. You need to deposit the lumpsum repayment amount in the loan account which has been opened under your name for education loan.

There is no problem in repaying the entire amount of loan before stipulated time. If you want to get rid of your loan at present then you can terminate your education loan by repaying full amount of loan.

However, there is no interest charged on sanctioned amount of education loan to any candidate while pursuing course. Central government of India gives interest subsidy on education loan during course period.