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Is there any foreclosure charges for education loan?
Check the table below to know the foreclosure fee levied by different lenders….Foreclosure Fee of Education Loans.
| Bank | Foreclosure Fee |
|---|---|
| Bank of Baroda | NIL |
| State Bank of India (SBI) | NIL |
| Punjab National Bank (PNB) | NIL |
| HDFC Bank | 4\% of the Principal Outstanding |
What happens if I prepay my education loan?
Pre-payment means the borrower needs to pay extra towards the monthly EMI, reducing the interest to be paid to the bank, hence, cutting down his/her long-term dues. An education loan usually attracts an interest rate ranging from 11 per cent to 15.5 per cent.
Can I close 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.
How can I close my IOB loan account?
Indian Overseas Bank Personal Loan Regular Closure
- Pay the last instalment of the Indian Overseas Bank loan and contact the bank for closing the loan.
- Provide all the relevant documents like identity proof, last EMI payment, and loan account number to the Indian Overseas Bank branch where you opted for the loan.
Is there any pre closure charges for education loan in SBI?
There are NO penalty charges for prepayment. You can prepay your education loan anytime.
Is there prepayment penalty on education loan?
The RBI has ruled out the prepayment penalty on Education loan in India for all public and private sector banks. Banks have no right to demand prepayment made during any time in the repayment tenure.
Can we repay education loan at once?
Repaying education loan at one go eliminates all the interest that will be paid month-by-month adding to the total expense of the loan. While pre-payment of student loan at one go will only incur a nominal processing fees it will save you from interest rates levied on your loan.
What is the Education Loan Scheme under IOB?
IOB’s education loan scheme offered to meritorious students in need of financial support. Indian Overseas Bank Education Rate of Interest No joint-borrowers are required for education loan schemes under IOB for a loan up to INR 4 Lacs. The repayment period of IOB ranges between 5-7 years.
Why choose Indian Overseas Bank for education loan?
The loan is provided to individuals who wish to enrol for technical or professional courses abroad as well. Indian Overseas Bank offers education loans at attractive interest rates. Co-obligation of parents.
How many joint borrowers are required for IOB?
No joint-borrowers are required for education loan schemes under IOB for a loan up to INR 4 Lacs. The repayment period of IOB ranges between 5-7 years. Special interest rates for the wards of staff members. The interest rates are in accordance with the RBI guidelines.
What is the repayment period of an IOB loan?
The repayment period of IOB ranges between 5-7 years. Special interest rates for the wards of staff members. The interest rates are in accordance with the RBI guidelines. The RoI for a loan up to INR 7.5 Lacs is 10.70\%. The RoI for a loan above INR 7.5 Lacs is 11.70\%. The RoI for vocational courses is 11.70\%.