Is interest charged on education loan?

The type of interest rate on educational loans depends on the bank. Some banks offer a fixed interest rate throughout the loan repayment tenure. Others have interest rates that are pegged to the one-year Marginal Cost of funds based Lending Rate (MCLR).

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Also know, can I get education loan without interest?

However, can education loans in India be actually interest-free? The answer is no. Or at least, technically, you cannot avail of an interest-free education loan unless you have availed some economic benefits or academic subsidies from either the government or your institution.

Secondly, can I take 2 education loans? Well, the answer to the above question is – Yes, a student can be eligible for a second education loan. For this, they can either apply for a second education loan from the bank they already have taken their first loan from or they can apply to a different bank.

Additionally, how do I calculate interest?

Simple Interest Formulas and Calculations:

Use this simple interest calculator to find A, the Final Investment Value, using the simple interest formula: A = P(1 + rt) where P is the Principal amount of money to be invested at an Interest Rate R% per period for t Number of Time Periods.

How do I repay my education loan?

The most common method to keep your education loan repayment organized and self-driven is EMI (easy-monthly-installment). EMIs are fixed amount of sum decided at the time of taking a loan which students can pay every month to repay the study loan step-by-step.

How is education loan interest calculated?

So, if you take an education loan of Rs 10 lakh with an average interest rate of 12%, for 2 years the EMI will be: P = 10 lakh, R = 12/100/12 (You convert to months), N = 2 years or 24 months EMI = [10,00,000 x 12/100/12 x (1+12/100/12)^24] / [(1+12/100/12)^24-1] EMI = Rs 47,073.

Which bank loans education faster?

Compare Top Education Loan Offers 2021

Name of Bank Interest Rate (p.a.) Loan Amount
Axis 13.70% to 15.20% Up to 75 Lakh
Bank of Baroda 7.85% to 9.85% Up to 4 Lakh and above
HDFC 9.55% to 13.25% Max Apr
Tata Capital 10.99% onwards Up to 30 Lakh