Is it Syndicate bank good for education loan?

2 crores from Syndicate Bank with

Eligibility Criteria Students who have secured the admission
Loan Amount Up to 2 crores
Interest Rate 13.25%

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Hereof, can I repay education loan early?

As education loans run for as long as 15 years, the interest liability can be much more than you could think of. But you can pay off the loan early to reduce interest payments. Paying off education loans before the scheduled close can be difficult. But if you plan your loan payment, you can do it.

Furthermore, how do I repay my education loan? Repayment of education loan is not a big process as such. You just need to get in touch with your bank manager who will take note of your account details and start the repayment on an auto deduction mode. You can also check out the various education loan repayment schemes available in India.

Accordingly, how is EMI calculated for education loan?

You can calculate your education loan EMI amount with the help of the mathematical formula: EMI amount = [P x R x (1+R)^N]/[(1+R)^N-1] where P, R, and N are the variables. … As EMIs are paid each month, the duration is calculated in the number of months.

How is EMI calculated?

Equated Monthly Installment (EMI) Formula

The EMI flat-rate formula is calculated by adding together the principal loan amount and the interest on the principal and dividing the result by the number of periods multiplied by the number of months.

How much education loan can I get on 40000 salary?

Multiplier Method

Salary Expected Personal Loan Amount
Rs. 20,000 Rs. 5.40 lakhs
Rs. 30,000 Rs. 8.10 lakhs
Rs. 40,000 Rs. 10.80 lakhs
Rs. 50,000 Rs. 13.50 lakhs

How much loan can I get if my salary is 25000?

25,000, you can avail as much as Rs. 18.64 lakh as a loan to purchase a home worth Rs. 40 lakh (provided you have no existing financial obligations.)

How much loan can I get on 35000 salary?

Here taking a salary as ₹ 35k, & without any fixed monthly obligation, you can pay a maximum of ₹ 17,500 as EMI considering 50% FOIR. If the interest rate is 10% per annum, the loan amount eligibility can be arrived at ₹ 20,46,586 using a home loan eligibility calculator (assuming 3 household members).

How much loan can I get on my salary of 15000?

A: A salary of Rs. 15,000 generally falls in the category of a low-income borrower group. So, an instant personal loan app with a maximum approval amount of 1.5 Lakhs can be availed by the borrower with a starting salary of Rs. 15,000.

Is education loan a good idea?

The quantum of loan also takes into account the course fee and the total income of the student’s family. ​Who is eligible? A student can avail the loan with the parents or guardian taken as co-applicants. Basically, the soon-to-be student is the main borrower.

What is Mclr?

Marginal Cost of Funds based Lending Rate (MCLR) is the minimum lending rate below which a bank is not permitted to lend. MCLR replaced the earlier base rate system to determine the lending rates for commercial banks. … It is an internal reference rate for banks to determine the interest they can levy on loans.

What is the interest rate for education loan in Canara Bank?

Education Loan And Other Priority Sector Loans

Purpose Skill Loan Scheme has been developed to support the national initiatives for skill development.
Quantum of Finance Need based Finance in the range of Rs.5000 to Rs.1,50,000/-
Rate of Interest On-going One Year MCLR+1.50%
Margin Nil

What is the minimum balance of Syndicate Bank?

Syndicate Bank is a nationalised bank with its headquarters in Manipal, Karnataka.

Type of Savings Account Average Monthly Balance Requirement
Special Premium Savings Account Rs. 20, 000

What is the rate of interest for education loan in Syndicate Bank?

Syndicate Bank Education Loan Interest Rates

Schemes Maximum Loan Amount Interest Rates
Synd Vidya Rs.20 lakh 9.75% to 11% p.a.
Synd Super Vidya Rs.2 crore 8.25% p.a.
Synd Vidya Abroad Rs.1.5 crore 10.25% p.a.
Synd Vidya Skill Loan Scheme-New Rs.1.5 lakh 9.65% p.a.

Which bank is good for education loan?

Compare Top Education Loan Offers 2021

Name of Bank Interest Rate (p.a.) Processing Fees
SBI 6.85% to 8.65% Rs.10,000 + tax
Axis 13.70% to 15.20% Nil to Rs.15,000 + tax
Bank of Baroda 7.85% to 9.85% 1% of loan amount up to Rs.10,000
HDFC 9.55% to 13.25% Up to 1.5% of loan amount + tax

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