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#1
24th September 2018, 04:03 PM
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What is the correct form of paying out education loan?
I took education loan from UCO Bank. I had to pay interest during my study period. This interest amount kept on increasing every six months based on my semester tuition fees payment. After course ended, I got a job and after six months, I am paying a specific amount (principle amount + interest) every month which will continue for a period of 120 months. Is this the correct process?
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#2
30th September 2018, 08:24 AM
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Re: What is the correct form of paying out education loan?
Yes, it is correct. But one thing which you must know that interest charged by bank during course period plus one year after completion of course is waived due to central government interest subsidy for education loans for professional courses.
You need to ask bank about this feature of education loan. You need to fill a form for availing interest subsidy. |
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