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  #1  
20th October 2015, 01:11 PM
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Whether Bank of India charge interest during B.Tech against Education Loan? How to repay EMI in 7 years of tenure against Rs. 5 Lacs?


Hello Sir,
I have taken educational loan of Rs. 5 Lacs from Bank of India to complete my B.Tech 4 years course with repayment tenure of 7 years. Can you give me some idea about EMI amount? I want to know whether they are going to take interest for the period of pursuance of degree or not?




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  #2  
21st October 2015, 06:46 PM
Prince8645
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Join Date: Oct 2015
Posts: 893
Default Re: Whether Bank of India charge interest during B.Tech against Education Loan? How to repay EMI in 7 years of tenure against Rs. 5 Lacs?

No, no interest is taken by any bank of India for education loan during the period a candidate pursues professional courses from any recognized university. The government of India gives subsidy on education loan interest.

Once you complete your bachelor's degree, the bank will start adding interest along with the amount of loan you have taken.

For EMI of loan:

Divide the sum of 5,00,000 by 84 months and now add 13.5% rate of interest on the sum of 5,00,000 to the result obtained on division. The rate of interest on education loan is 13.5%.
Do you have any question? or have anything to say?



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