Question 1

Can I Repay My Education Loan After Getting A Job?

Accepted Answer

Unlike personal loans, education loan repayment does not start immediately. The education loan program includes a repayment holiday that includes the study period, as well as a moratorium of one year or six months after getting the job, whichever comes first. However, if you continue to default, your credit score suffers, which may cause problems when you apply for a loan in the future.

Question 2

What Is The Interest On Rs. 20 Lakhs Education Loan?

Accepted Answer

The interest on Rs. 20 Lakhs education loan depends on the bank or financial institution you have taken a loan from. Based on the rate of interest offered, you can calculate the EMI using the following formulaP x R x (1+R)N / [(1+R)N-1]WhereP - P stands for Principal Amount. It is the amount that you have borrowed.R - R stands for the Rate of interest that has been applied.N - N stands for the Number or tenure of repayment.

Question 3

What Is An Amortization Schedule?

Accepted Answer

Amortization is an accounting technique for spreading out the costs of using a long-term asset over the expected period of value provision. Because you can make more payments on the initial purchase price rather than paying it all in one lump sum, you can maximize the cash flow from the investment at that time.

Question 4

Can I Repay My Student Loan Early?

Accepted Answer

Yes. You can pay off your education loan early if you plan it properly. It is best to pay it off early to save time and interest.

Question 5

What Happens If The Education Loan EMI Is Not Paid?

Accepted Answer

In case you miss your education loan EMIs or altogether skip paying off the loan, the lender will start by sending warnings, and gradually, notices to you and your guarantor, if there is one. If you ignore the warnings, you will default on your loan and your credit score will suffer greatly. You would be unable to obtain a loan in the future.

Question 6

Do Student Loans Affect Your Credit Score?

Accepted Answer

Any type of loan, whether personal or educational, affects your credit score. If you are prompt in repaying your loan, your credit score will improve. If you choose to default, then your credit score will take a huge hit.

Question 7

How Long Do You Have To Pay Back A Student Loan?

Accepted Answer

In general, repayment begins when the course is completed. Some banks even offer a 6-month grace period after landing a job or a year after finishing school for repayment. The repayment period is usually between 5 and 7 years, but it can be extended beyond that. During the course period, the bank charges a simple interest rate on the loan. The payment of simple interest during the course period reduces the student's EMI burden for future repayments.

Question 8

How To Change The Amount Paid Towards Education Loan EMI?

Accepted Answer

To make changes in your EMI amount, you can contact your loan provider and discuss the terms. Borrowers can choose either the tenure increase or the EMI increase option with the lender's approval.

Question 9

What is the EMI for 10 lakhs education loan?

Accepted Answer

The monthly installment amount to be paid towards your Rs. 10 lakhs education loan depends on the rate of interest provided by the lender. Once you know the interest rate, calculate the EMI using P x R x (1+R)N / [(1+R)N-1]WhereP - P stands for Principal Amount. It is the amount that you have borrowed.R - R stands for the Rate of interest that has been applied.N - N stands for the Number or tenure of repayment.

Question 10

Can we get a 0% education loan?

Accepted Answer

No, it is not possible to obtain a bank education loan with no interest. To receive an interest-free education loan, you can, however, apply for scholarships or search for government subsidies.

Year	Opening Balance	Interest	Principal	Closing Balance
2023	₹ 50,00,000	₹ 1,48,831	₹ 1,04,519	₹ 48,95,481
2024	₹ 48,95,481	₹ 4,27,080	₹ 3,32,969	₹ 45,62,512
2025	₹ 45,62,512	₹ 3,95,844	₹ 3,64,204	₹ 41,98,308
2026	₹ 41,98,308	₹ 3,61,680	₹ 3,98,369	₹ 37,99,939
2027	₹ 37,99,939	₹ 3,24,312	₹ 4,35,738	₹ 33,64,201
2028	₹ 33,64,201	₹ 2,83,436	₹ 4,76,614	₹ 28,87,587

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