Education and Career Forum

My aim is to do MS in Abroad. So, I am going to take an Education Loan from Dhanlaxmi Bank. Kindly tell me that I have to repay the loan amount in EMI mode? If yes, then how can they calculate the EMI?

You can definitely take education loan to pursue MS course. You can repay the loan through EMI even for Dhanlaxmi bank. There is no problem in repaying through EMI. Before the commencement of repayment, the bank will ask for the number of years by which you want to repay. This can be at max, 10 years but the bank usually tells to do it by 7 years. You can choose any tenure like 3 years, 5 years , etc. Based on this it will calculate the amount with the prevailing rate of interest. Then it will divide the amount in months to decide an EMI amount. This EMI amount will be constant within which the principal and interest will fluctuate as per prevailing market rate of interest.