Education and Career Forum

Respected Sir, I am going to apply for an Education Loan of Bank of India for studying MS in Abroad. But before that I want to know that is there any prepayment fine available in an educational loan scheme of this bank? If yes, then please let me know.

The answer is YES.

You will have to pay Penal Interest of @ 2 % for loans above Rs. 4 lakhs for the overdue amount and overdue period.

For More information, visit the website www.bandhan bank.com.

While prepayment of an Education loan lets us save a particular amount on the interest rate of the loan, a loan prepayment penalty can be implied on the borrower for early repayment. Banks have no right to demand prepayment made during any time in the repayment tenure.

The candidate can visit the official website of the Bandhan bank at www.bandhanbank.com for more information.

Prepayment of Education loan lets us save a particular amount on the interest rate of the loan, loan prepayment penalty can be implied on the borrower for early repayment. Banks have no right to demand prepayment made during any time in the repayment tenure.

Yes, there is a prepayment fine available under the Bank of India Education loan. This prepayment of education loan saves a particular amount on the interest rate of the loan, and the loan prepayment penalty is implied on the borrower for early repayment. This penalty protects the lender against the financial loss of interest income that would have been paid otherwise.

The RBI has ruled out the prepayment penalty on Education loans in India for all public and private banks. Banks have no right to demand prepayment made during any time in the repayment tenure.

The RBI has ruled out the prepayment penalty on Education loan in India for all public and private sector banks.

Banks have no right to demand prepayment made during any time in the repayment tenure.