Education and Career Forum

Respected Sir/Madam, I am going to apply for an Education Loan in Axis Bank. Please tell me about the methods of repayment as I don’t know about the repayment of education loan if I take from this Bank. Please tell me asap. Thank you!

Axis Bank offers several repayment methods for its Education Loan scheme. These methods are:

• EMI (Equated Monthly Installments) - Under this method, you can repay the loan in equal monthly installments over a fixed period of time. The EMI amount is calculated based on the loan amount, interest rate, and loan tenure.
  
• ECS (Electronic Clearing Service) - You can also opt for the ECS facility where the EMI amount is automatically deducted from your bank account on a specific date every month.
  
• PDCs (Post Dated Cheques) - You can also provide post-dated cheques for the loan EMI payments.
  
• Online Payment - Axis Bank also offers online payment options such as NEFT, RTGS, and IMPS, which can be used to make the EMI payments.

You can choose the repayment method that is most convenient for you at the time of taking the loan. It is important to note that timely repayment of the loan will help you maintain a good credit score and avoid any penalty charges.