Education and Career Forum

Hello
I would like to know the time span
of repaying loan taken for education
from Bank Of India? And also tell me
if a person doesn't get job after his education
then what is the rules for repayment?

Originally Posted by Unregistered

Hello
I would like to know the time span
of repaying loan taken for education
from Bank Of India? And also tell me
if a person doesn't get job after his education
then what is the rules for repayment?

Any students who get educational loan from bank for completion of their higher study must have paid the loan amount with the period mentioned by the bank. If you get your education loan from bank of India, then you have to pay the complete loan amount within the period of 15 years from the first date of disbursement, including moratorium period.

The loan amount will start soon after 1 year of the completion of your course or 6 months after securing a job, whichever comes earlier.

It means when your course is complete and you will get the job immediately, then your loan repayment period will start soon after 6 months of the job period.

In case student not get job after completion of course, then in case e payment procedure will start after 1 year the course completion. It is compulsory to pay the education loan, whether you get job on time or not. If you have any problem regarding Non payment of your loan, then better to inform the bank immediately.

If you don't get a job on time, then do not worry because the loan period will start just after 1 year of the completion of your course. On your behalf your parents can pay the loan amount till then you have not got a job. When you get the job you can start repayment of your loan amount.

If you have any query regarding educational loan, then better to contact the bank immediately, they will guide you properly.