Education and Career Forum

Hello Sir, I have taken an education loan for my BTech course from Axis Bank. I have completed my course this year. But I haven’t secured job yet. So, I would like to know that Bank will deduct the loan amount from now onwards?

Originally Posted by Unregistered

Hello Sir, I have taken an education loan for my BTech course from Axis Bank. I have completed my course this year. But I haven’t secured job yet. So, I would like to know that Bank will deduct the loan amount from now onwards?

No, banks will not deduct loan the amount if a candidate has not got a job. Students have to contact the concerned bank branch manager and inform about his / her situation and ask him to wait for few months to start repaying the education loan amount. You can defer your loan payments due to unemployment and after getting a job you can pay the education loan in EMIs. You can also make payment through one time settlement for education loan.

If there is any security deposit taken by the bank during the application process then surely they will deduct the amount from it if you fail to pay the EMI before the due date. Once the EMI is due you have to pay it or they will recover the amount from whatever they have in hand.

Banks are doing business and they will recover the amount by any means. Hence, you have to either get a job and pay it back on your own or they will use their own methods.