Education and Career Forum

I am going to apply for an Education Loan in Dena 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!

Dena Bank, which is now merged with Bank of Baroda, offers various repayment options for its Education Loan scheme. The following are the methods of repayment:

• EMI (Equated Monthly Installment): The borrower can repay the loan amount in Equated Monthly Installments over a fixed period of time. The EMI includes both the principal amount and the interest rate charged by the bank.
  
• ECS (Electronic Clearing Service): The borrower can opt for the ECS facility, wherein the EMI amount will be automatically deducted from the borrower's bank account every month.
  
• Standing Instructions: The borrower can give standing instructions to the bank to deduct the EMI amount from his/her savings account with the bank.
  
• Post-dated Cheques: The borrower can provide post-dated cheques for the entire loan tenure at the time of loan disbursement.
  
• Online Payment: The borrower can make online payments of the EMI amount using the bank's net banking facility.

The borrower can choose any of the above repayment methods as per his/her convenience.