#1  
11th November 2016, 04:22 PM
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Whether the interest rates are counted from the next day of loan issued?


I am going to apply an Education Loan but I would like to know first that the interest rates start from the very next day of the loan issued? Kindly tell me about this.





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  #2  
12th November 2016, 09:51 AM
AWNISH RANJAN CHAUDHARY
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Join Date: Mar 2012
Posts: 3,895
Default Re: Whether the interest rates are counted from the next day of loan issued?

Once education loan is sanctioned by any bank, interest on sanctioned amount start from date of sanction of loan.

According to interest subsidy scheme of Central government, whatever interest will be on principal amount of loan sanction during course period plus one year will be waived by Central Government.

You need not pay any interest on education loan during course period.




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