How is education loan repaid?

The loan is repaid by the student. Generally, the repayment starts when the course is completed. During the course period, the bank charges simple interest rate on the loan. The payment of simple interest during the course period lessens the equated monthly instalment (EMI) burden on the student for future repayments.

Can we pay more than EMI in education loan?

One of the easiest ways to pay off education loans early is to pay more. And you can do so by choosing a shorter repayment tenure or loan prepayment. However, the EMI can be higher when choosing a shorter tenure.

How can I check my education loan balance in SBI?

Balance Enquiry

1. Balance Enquiry can be obtained by giving missed call or by sending SMS.
2. SMS Banking.
3. This feature triggers a message and gives the balance for registered account.
4. Missed Call.
5. Customer can get the balance in the account by giving missed call to 9223766666.

How can I get SBI repayment schedule?

Just log on to Personal Banking section of the Internet Banking site with your credentials and select the “Home Loan Int. Cert (Prov)” link under “Enquiries” tab. Then select the account for which you require a Home Loan Interest Certificate. The certificate can be viewed online, printed or downloaded in pdf.

What is the repayment period of education loan?

How Long Is The Education Loan Repayment Period Granted by Government Banks? Almost all government banks grant an education loan repayment period of 12 years to 15 years from the end of your moratorium period. This tenure starts once your loan repayment holiday gets over.

How can I repay my SBI loan?

Loan Part Payment

1. Click Payments/Transfers > Loan Part Payment. A Loan Part Payment page appears.
2. Select the loan account for which you wish to make a part payment.
3. Enter the amount.
4. Enter a description in the Remarks field.
5. Select the account which is debited to make the payment.
6. Click [Submit].