Education loan

Querist : Anonymous (Querist) 07 November 2011 This query is : Resolved
Hi,
1). Kindly confirm is there any floating rate of interest for Education Loan or only it is applicable for fixed rate of interest if it is applicabe only for Fixed rate of interest is there any amendement from RBI please let me know

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ajay sethi (Expert) 07 November 2011
contact any nationalised bnak branch . generaslly banks sanction loan at floating rate of interest .

Generally, the value of fixed interest rates is higher than the floating interest rates. Going for floating interest rates in this low interest regime is always a better option.

The interest rates also depend on the amount of education loan one wants, keeping in mind all the realistic requirements, a judicious comparison of various offers from leading banks will certainly help the student find an education loan that pinches the least.

Querist : Anonymous (Querist) 07 November 2011
Sir,

when i had taken loan from the bank the rate of interest was 12% after one year once the karnatak Govt (BJP) was formed they declared it for higer eduction loan the rate of interest is 6%. when i spoke the bank manager he is telling some arrears has to be payable on the amount of loan taken please suggest me which correct.

ajay sethi (Expert) 07 November 2011
go through the agreement signed by you . if you have taken loan at floating rate at 12%you will be bound to pay the rate .

prabhakar singh (Expert) 07 November 2011
Rightly guided by mr.sethi.

Advocate. Arunagiri (Expert) 07 November 2011
The banks can not charge any interest as per their wish. The can charge base rate + 2% as interest for educational loan.

shortly I will enclose the circular and guidelines to the banks in respect of the educational loans.

Querist : Anonymous (Querist) 08 November 2011
Sir,
Please enclose the circular as soon as possible..

Shonee Kapoor (Expert) 08 November 2011
Agreed wth experts.

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

Advocate. Arunagiri (Expert) 09 November 2011
As told earlier, I am enclosing the circular and guidelines to the banks in respect of the educational loans.

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