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#1
1st January 2019, 05:48 PM
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Prepayment fine under Education Loan scheme of IDBI Bank?
I was searching for an education loan scheme. After searching I thought that applying an education loan from IDBI Bank is fine for me as I have an account in this bank. But I am unable to understand the prepayment fine. Can I know about this particular term?
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#2
5th January 2019, 01:43 PM
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Re: Prepayment fine under Education Loan scheme of IDBI Bank?
The prepayment charges under Education Loan scheme of IDBI Bank are Nil. You can prepay anytime during repayment of the disbursed amount without prepayment/foreclosure charges.
For Management quota students, 2% on the amount of prepayment will be charged if prepaid before 6 months from the date of commencement of EMI. |
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#3
5th January 2019, 02:33 PM
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Re: Prepayment fine under Education Loan scheme of IDBI Bank?
There is no prepayment fine charged by IDBI Bank to avail education loan. There is no margin required for loan amount up to Rs. 4.0 lacs. You must have an Indian national and have a secured admission in recognized Institute/university in India or abroad through entrance exam or merit-based selection process to be eligible to apply for Education Loan scheme of IDBI Bank.
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