Education and Career Forum

Hello Everyone,

I want to know that if I want to study Master of Computer Application with an education loan, taking from any Public bank then from when the Bank will start to get back their education loan amount? Can someone please provide me the answer soon?

Thank you!

You need to start the repayment when you satisfy any one of the below cases (whichever is earlier) :

1. You get a job and start working.
2. Six months have passed after the year of completion of the concerned course.

As per rules of Reserve Bank of India on advice of Central Government of India, no interest is taken on amount of education loan sanctioned to a candidate while pursuing his course.

Interest subsidies are provided by Central government to banks for not taking interest from students. Once your course is complete, after one year of course completion, interest will be added to amount sanctioned and you need to pay amount in installment with interest if you are paying after one year.

However, you can also pay whole amount at a time also. It all depends upon your convenience.

You have to repay the educational loan amount after the completion of the Moratorium period which is generally course period plus one year after getting job.

The candidate has to repay the loan amount after the candidate has secured a job. All public banks give a maximum of 5-7 years of time to repay the loan after the completion of course irrespective of the candidate has secured the job.