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  #1  
2nd October 2014, 11:21 AM
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Will bank adjust Rs.70000 towards principal since government has given subsidy?


I got edu.loan for Rs 120000 in2005 .. Remitted Rs70000 in instalments towards interest up to the period of 2012. Now the govt had given int subsidy. Will the
bank adjust rs70000 towards pricipal ?



  #2  
16th May 2016, 12:12 AM
SudeepKumarSaha
Senior Member+++++
  
Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: Will bank adjust Rs.70000 towards principal since government has given subsidy?

Yes, the subsidy will be adjusted by the bank in the loan account. The subsidy amount will be reimbursed in your loan account. Then the net outstanding loan amount will be adjusted by subtracting the subsidy amount from the outstanding loan balance. Then you will need to repay the rest of the outstanding loan balance along with interest on it.
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