Education and Career Forum

Hi, I have bought Education loan from IOB bank but as I read on many links on the net which states during studying time interests are not being calculated but my bank is charging the interest from the day I took the loan I could see this on the statement of loan which they are providing what is solutions for this.
Is I will be able to get the interest waiving or not?

In most cases, education loans start accruing interest from the day the loan is disbursed, and not after the completion of the course or during the study period. However, some banks offer moratorium periods during which you are not required to make repayments or interest payments.

If you believe that your bank is not following the moratorium period policy, you should contact the bank's customer service or grievance redressal department and raise a complaint. Provide them with all the necessary documents and evidence to support your claim. They will investigate the matter and take appropriate action to resolve the issue.

If the bank has not provided you with a moratorium period, you can try to negotiate with them to waive the interest during the study period. Some banks may offer this option, but it will depend on the bank's policies and your credit history.

It's important to note that interest waiver is not a guarantee and will depend on the bank's policies, your credit history, and other factors. It's always advisable to carefully read the terms and conditions of the loan agreement and discuss any concerns or questions with the bank before signing the loan agreement.