Education and Career Forum

Friends,
I want to know about Education Loan
for doing MDS course?
I am in final year of BDS now.
So kindly tell me what will be the
Interest rate if I apply for Bank Education Loan
and also tell me the repayment mode?

The interest rate fluctuates from time to time as per the orders of Reserve Bank of India. Usually it ranges between 13 and 14.5 percent. However, for SBI it is 1% lesser so it fluctuates between 12 and 13.5 percent. If you pay the interest during your study period you will get a rebate of 1% after completion of the course while repayment of loan.

After completion of the course, on getting job, you need to approach the bank from where you had taken education loan. You need to talk to the branch manager who will fix a monthly installment of the loan repayment amount and will link it with your professional bank account so the amount will directly get deducted from your monthly salary every month. You can also give lump sum amount to repay the loan. For this, you need to act as per the instructions of the branch manager.

Different banks give education loan on different interest rate. But for your convenience information i tel you that the interest rate varies in between 12 percent to 13.5 percent. If you apply for the education loan then you have to repay it in the installments specified by the bank. But you don't need to be worry as you have to repay the education loan after one year of completion of your graduation. There are many installment plans for repaying the education loan. So you can opt any of the installment plan as per your comfort.

Originally Posted by Unregistered

Friends,
I want to know about Education Loan
for doing MDS course?
I am in final year of BDS now.
So kindly tell me what will be the
Interest rate if I apply for Bank Education Loan
and also tell me the repayment mode?

The interest rate varies Bank to Bank. Interest depends on the bank you apply the education loan for. Also the interest rate are very flexible, it keeps on changing frequently. So, firstly you have to decide from which bank you have to apply for the education loan. In my opinion you can go for State Bank Of India, as it's education loan varies from 8% to 10% only.