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#1
7th September 2019, 10:33 PM
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What kind of difficulties I can face if won't pay education loan amount to Union Bank of India on time?
Hello Sir/Madam, I am a BSc(IT) student and soon will join MBA course. I want to apply for an education loan in Union Bank of India. I want to know what difficulties I can face if I won't pay loan amount on time? Kindly tell me immediately.
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#2
15th September 2019, 09:04 PM
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Re: What kind of difficulties I can face if won't pay education loan amount to Union Bank of India on time?
If you fail to pay EMI of education loan on time then the debt will rise and it will keep mounting on. They will charge interest on interest which can be dangerous for you. Your debt will increase with the compound interest rate. If you pay on time it will be the normal rate and will keep your CIBIL score good.
You future credibility to get a loan will be affected and not only you but also the guarantor will be affected due to this issue. They can even contact the guarantor to pay the amount. |
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