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#1
5th September 2014, 09:28 PM
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Interest is charged upon total sanctioned amount or only the used amount?
Is interest on Education loan charged on the total sanctioned amount by the bank or the only the used amount? I dont know anything about this so please help me out. Thanks.
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#2
7th September 2014, 07:02 PM
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Re: Interest is charged upon total sanctioned amount or only the used amount?
Interest is charged only on the used amount and not the sanctioned amount. Interest will be charged only on the amount of money which has been reimbursed by the bank as a loan amount in order to pay the study expense and not on the sanctioned amount. Interest will be computed as simple interest for the entire study period and after that it will be computed as compound interest.
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