Education and Career Forum

When I was applaied to the educational loan,The manager said me,"You don't need to repay the interest during study period".But now the manager was changed.He told that you should repay the interest during study period.But now I am in crucial situation.So I can't pay the interest.So what I have to do to get my final year loan amount from IOB?

There is no problem if you are unable to pay the interest during the study period. It is not a mandatory clause in education loan scheme. Bank managers usually force to pay the interest during the study period to ensure bank's income and you can also get a subsidy of 1% lesser interest rate. Since you are not in a financial position to pay the interest, there is no problem, reveal your status to the branch manager and tell him/her that the interest cannot be paid now and will be paid while repaying the loan amount. You can also take legal help or file RTI if the bank does not give you loan further.

There is no problem if you are unable to pay the interest during the study period. It is not a mandatory clause in education loan scheme. Bank managers usually force to pay the interest during the study period to ensure bank's income and you can also get a subsidy of 1% lesser interest rate. Since you are not in a financial position to pay the interest, there is no problem, reveal your status to the branch manager and tell him/her that the interest cannot be paid now and will be paid while repaying the loan amount. You can also take legal help or file RTI if the bank does not give you loan further.