Can we pay education loan after getting job?
Can we pay education loan after getting job?
If you get a job after the completion of your studies, you will need to repay the Equated Monthly Installments (EMIs) in case you have taken an education loan. As education loans run for as long as 15 years, the interest liability can be much more than you could think of.
How can I repay my education loan in India?
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.
What happens if education loan is not repaid in India?
If you are unable to make repayment on your education loan, then you will receive notices and warnings from the lender. If you fail to comply with the same, then the lender is legally entitled to the assets you mortgaged. Your property or asset can be auctioned or used by the lender.
What if I dont get a job after taking education loan?
The education loan scheme provides a repayment holiday which is inclusive of the study period, plus a moratorium of one year or six months after getting the job, whichever is earlier. If a student is not able to find a job in the moratorium period, he or she can apply for an extension of the tenure.
How can I repay my education loan in India Quora?
- Good question!
- An education loan is repaid just like any other form of debt, in equated monthly installments (EMIs).
- You can check your EMIs before you apply.
- That’s right!
- You have the benefit of the moratorium period.
- You can also prepay your loan.
What is the process of repayment of 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.
What happens if I Cannot pay my student loans?
Let your lender know if you may have problems repaying your student loan. Failing to pay your student loan within 90 days classifies the debt as delinquent, which means your credit rating will take a hit. After 270 days, the student loan is in default and may then be transferred to a collection agency to recover.