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#1
25th September 2016, 02:41 PM
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What penalty is imposed if interest is not paid on time under State Bank of Travancore Education Loan scheme?
I am going to apply for an Education Loan in State Bank of Travancore. I have already get the information from the Bank Manager about the loan scheme but forgot to get details of the penalty. So, I want to know what penalty is there if interest is not submitted on time?
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#2
26th September 2016, 10:25 AM
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Re: What penalty is imposed if interest is not paid on time under State Bank of Travancore Education Loan scheme?
The penalty which is charged by State Bank of Travancore for not being able to pay interest on time is - there will be a hike of 0.5℅ of rate of interest for the outstanding loan amount. This means you need to pay 0.5℅ higher rate of interest while repaying the outstanding loan amount. If there are multiple failure to repay the loan amount, then the bank can seek legal help.
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