Hi, Meet! Glad you found the videos useful. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hi, everyone! You may watch the same topic discussed in other languages here: Hindi - ua-cam.com/video/B8AhwCjhUNs/v-deo.html Telugu - ua-cam.com/video/gBc2mMWleFw/v-deo.html Tamil - ua-cam.com/video/DMuKZgHvtjE/v-deo.html
Can you please make a video on how EMI is calculated? And is it reducing balance( interest is calculated only on the remaining balance amount) method? And tips and strategies to reduce the interest we pay especially for SBI
Hello Prajwal! Great ideas... We will work on them! Meanwhile you can ask our loan team to explain the above points to you. They will be able to guide you : bit.ly/education-loan
what if we take some disbursement..and then immediately pay it to the bank.....will bank accept it? will any interest be charged? will it be deducted from outstanding principal? ....
Hi! No, you can't pay off your disbursed amount immediately. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hi, Chinthala! The tuition fee will be transferred to the university directly. Living expenses can be given to you through a Forex card or as GIC/Blocked Account depending on the country. For further details, you may connect to our loan team by requesting a callback on this link: bit.ly/education-loan
Excellent way of simplifying issues, mam thanks. I have query mam, Do the government banks avail education loan for studying abroad if the applicant already has a personal loan ( 50k) and product loan ( 30 k ) in NBFC s. But with good CIBIL score.
Hi, Abhijit! You can get an education loan, but you would have to pay off the other loan amounts. You can connect to our loan team by clicking on the following link: bit.ly/education-loan Request a callback and they will help you out!
Hi Vishal, it is a very detailed question which you have asked. There are more than 100 parameters we have to analyse to see if your collateral is acceptable. May be you could watch this video I have made on collateral documents required- ua-cam.com/video/5PtpYVQ7Oo8/v-deo.html Or better I suggest you to request a callback on this link: bit.ly/education-loan . Once we get your request, the respective financial officer for your region will call you to help you further.
Mam.. repayment of education loan starts after the completion of course period plus mortarium period... Is interest chargeability also starts from course period plus mortarium period??? Means no interest is levied during the course period??
Hi, Vikash! It depends on the type of loan. If you have taken a secured loan from a government bank, you will not have to pay interest during the moratorium period (course duration + 6 months/1 year). The interest accumulates and you can pay after the moratorium period. If you take an unsecured loan from a private bank/NBFC, you will have to make either full or partial interest payments even during the moratorium period. The principal can be repaid after the moratorium period. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
I have taken loan 8 years ago in Garmin Bank.....still didn't done any repayment...i am SC cast....some friends, relatives telling education loan will be waved off for SC ST students.....Now my loan amount goes to 2.5 times...what should I do..
Hello Sunil, as we do not work process education loans for Study in India cases, I do not have the expertise to guide them... It is best if you can visit them and get some clarity...
Yes for SC & ST the loan is waived off but only with terms and conditions. After every 3 or 4 years the Govt used to publish this, to fill a form. But I haven't heard anything with the current Govt.
What if I'm going for a 1 year course in Canada and then I'll enroll for another 1 year course from there only. Will I get a loan for single year and my interest payment will start after 1 year?
Hi, Shivam! It is better to opt for a two year course. However, if your offer letter says one year, then we can help you with a loan for only one year. It can be extended later. You may watch this video for more details: ua-cam.com/video/4hC_9-TdQVg/v-deo.html If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
I have a question here can you explain giving example of two cases with loan amount 5lakh and tenure 7years. In first case no repayment is made in morotorium period. In 2nd case 5000Rs per month is payed in morotorium period. What will be total interest difference . I want to understand the calculation
Hi Muzzamil! For Example, if you are taking a 5 lakhs loan and decided not to pay any simple interest (note that no payment moratorium period is only with public banks and interest in private I considered 8.5%) The interest that you will be paying over here is 2,67,074 If you are paying partial simple interest of Rs.5000 per month (note that you pay partial interest with some private lenders and their interest will be starting from 11% so considered the same here) The interest that you will be paying over here is 2,75,637 as it will be an unsecured loan If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Do SBI provides subsidies for education loan repayment??Kindly discuss process and amount of reimbursement provided by SBI on an education loan of ₹4 lakh
Hi, Tejas! No, it is not compulsory. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hello ma'am I had take education loan in year 2018 from bank of baroda of 8lakh for dental surgery course and duration of course was 4yr +1 year compulsory rotating internship I am still in internship period my emi has started of 25,000/- I can only apply for job after getting competing my internship. My family financial situation is not well after pendimic. My tenure period can be increased or not?? Plz reply
Hi Prinshu! You are not required to pay any interest during the moratorium period, which is course duration + 6 months which can be extended up to 1 year. If your education loan was sanctioned via WeMakeScholars, Feel free to revert us, we would be happy to help.
Ma'am main vit me admission Lena chahta hun 20 lakh tk ka loan chahiye Aur main Bihar se hun To kya main 4 lakh students credit card aur 16 lakh bank se le skta hun?? 2 alag alag jagah se loan mil skta h Ya 1 hi jagah se loan Lena hoga
Hi Aryan! You cannot take multiple education loan for a single course. For further guidance connect to our loan team by requesting a callback on this link:bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
Mam, is it compulsory to keep the repayment period as 15 years or can i repay and close the loan with in 5 years after moratorium period.... i have applied in canara bank's iba model education loan
Hello, It is not compulsory for the repayment period to be 15 years. Yes, one can repay the loan early and close it. Here is the link to a video on pre-payment of education loan: ua-cam.com/video/r68Bgy5hEHE/v-deo.htmlsi=CbJru8Li1kuHbFLW. There are better loan products available in other banks and our team can help you with the process. Our organization is funded and supported by the Ministry of IT and the Government of India. We are partnered with 15+ public and private banks and a dedicated financial officer will analyze your profile and connect you with suitable banks. To contact us kindly request a callback using this link: bit.ly/48cTdcR or call us at 9889882090.
Hello Ma'am, for national banks can we reduce the repayment duration at the point where loan has been disbursed and moratorium period ends. For example, an education loan taken of amount 5 lakhs for 10 years. After moratorium period end, can we reduce 10 years repayment period to 5 years? Regards
Hi Vivek, loan amount can be repaid anytime after 6 months of taking disbursement. If you repay the loan amount before 6 months of taking disbursement then prepayment penalty will be added.
Hi! Government banks can offer you an unsecured loan of up to 7.5 lakhs only. Private lenders can lend higher amounts. We would have to evaluate your profile to determine which options would be best for you. Please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
If I unable to pay loan ?? Loan is attached with co applicant ... I think they made me fill ECS/ auto debit form with co applicant bank details ...will they going to deduct from co applicant account?
Hi, Adil! In case you are not able to repay the loan, it will be deducted from the co-applicant's account. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hello Shashank, pre closure of loan account by paying off the loan before hand is possible. Most of the banks do not have preclosure charges. You can find out about the procedure and other details by speaking to our loan team here: bit.ly/education-loan
@@WeMakeScholars I think the key word here is Online ( Through net banking or App), Are banks like canara bank providing online part payment of education loan?
Hi, Sanket! You will have to start repayment once the moratorium period is over (course duration + 6 months/1 year). If you have taken a loan from a government bank, you will not have to pay interest during the moratorium period. The interest accumulates and you can pay after the moratorium period. If you take an unsecured loan from a private bank/NBFC, you will have to make either full or partial interest payments even during the moratorium period. For further guidance, please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
Mam no one in my family has a bank account in SBI... But im interested in Taking loan from sbi..... Will i get loan from sbi as an outsider ..?? Plz reply and help me mam ??
Hi! Yes, you do not require a prior account to apply for a loan in SBI. Please fill up the application form on this link: www.sbieducationloan.co.in/ The Loan Team will contact you to guide you further.
Mam SBI did not claim subsidy for the course+1 year moratorium period, and I was unemployed at that time. What should I do?? Please suggest, should I approach ombudsman ??
Hi, Rahul! You may connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
Hi Rahul! You may use this calculator for the same: www.wemakescholars.com/education-loan-emi-calculator. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hi, Chamanthi! We would have to evaluate your profile to determine the best loan options for you. Please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
Hi Omika! Yes, you can even include your living expenses in your loan amount and our team can help you out with the same. Please connect to our loan team by requesting a callback on this link:bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
I have doubt that during moratorium period the interest on principal amount gets accumulated for lets say i don't pay for 5 years and then after the EMI is calculated on total amount(principal + interest that accumulated over 5 years). Am i right?
Hi Tushar! Yes, if you opt to not pay the interest during moratorium period then your EMIs will be calculated on the principal amount and interest accumulated in the moratorium period. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/3KLb0zu
Hi! It varies from lender to lender. You will have to get the loan account closed and you may obtain a No Dues Certificate. Please contact your lender for guidance on the same.
Maim kya aap bata skte hain ki tenure in month matlab kya hota hain. Maine boi se loan liya tha but ab mera education comp hogya hain to me thoda confuse hu mujhe smjh nh aa raha can you make me understand.
If we take a unsecured loan of say 30lacs for MBBS in abroad from NBFC or Private Banks, the how much simple interest per month we need to pay during the course period of 6years?
Hi, Adityaa! Unsecured loans from private banks/NBFCs for MBBS are difficult. Secured loans from government banks are a better option for this and you will not have to pay interest during the moratorium period. For further guidance, please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
Mam you said gov banks allow 0 interest in monotorim period ....so doesn't it makes more burden on student because he/she have to pay that amount ultimately at the end ?
Hi, Saurav! If a student does not have a job during the moratorium period, it is difficult to pay interest. However, if you are able to, you can choose to pay the interest during the moratorium period. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hello Ma'am, Thank you for your informative videos. I took a loan of 12 lakhs from a nationalised bank 3 years ago. The first disbursement was around 5.5 lakhs. I did not avail any other disbursements later. Now the bank is asking me to pay an EMI of 30000 (5-year tenure). Shouldn't I be charged for the disbursed amount? and what happens to the amount that I did not use from the loan account? Thanks
Hi, Aniket! Yes, interest is only charged on the disbursed amount and not on the unused amount. Please contact your bank branch. They will break it down for you.
Hi, Khushi! If you take an unsecured loan from a private bank/NBFC, you will have to make either full or partial interest payments even during the moratorium period. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Mam i have a question. Private bank start taking interest from which date and amount. From the date when they give the amount or when they finish the amount to give.
Hi Adil! If you take an unsecured loan from a private bank/NBFC, you will have to make either full or partial interest payments even during the moratorium period. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
I have taken education loan from Oriental Bank of Commerce (Now Punjab National Bank) . I don't want to pay in EMI . Can I repay the total existing loan amount all at once with interest ? Please let me know the possibilities
Hi, Krushna! You can get a loan for only one course at a time. Please watch this video for more details: ua-cam.com/video/4hC_9-TdQVg/v-deo.html If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hi Aman, yes. Whatever is the unpaid portion of interest incurred during moratorium period, it is accumulated. Just that in public banks, it is simple interest whereas in private banks and NBFCs, it is compound interest. If you need help with the education loan process, you can get in touch with our team by requesting a callback on this link: bit.ly/education-loan
Hi, here are a few important things to note: Some lenders may require a minimum sum for each extra payment you make and lenders may allow extra payments regularly or whenever you have spare cash, depending on their policy. Additionally, Keep in mind that certain lenders might levy a small fee for processing these additional payments. Check your loan agreement for any associated charges. If you require one-on-one assistance, our team is readily available to provide assistance on it, you can request a call back: bit.ly/48cTdcR. The team will connect and help you with the loan process. Best of luck:)
Sir, is there interest on the interest of education loan ? or not ? suppose i took 1 lakh for 1 year, After a month, 1,00,000 will become Rs 1,01,000 rs, so now they will consider 1,01,000 as a principal amount for that month, or considered loan amount those i took 1,00,000.
Hi, Deepak! It depends on the lender. Government banks charge only simple interest during the moratorium period and compound interest after the moratorium period. Private lenders may charge compound interest. Please watch this video for more details: ua-cam.com/video/yaQPxXN4GJc/v-deo.html If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hi Mohammed! If you're taking an education loan form a public bank you are not required to pay interest during moratorium period (Course duration + 6 Months) But private banks may ask you to pay full/partial simple interest depending on the course and your profile, If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hi, Adithya! Glad you found the video useful. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hi Avinash! Yes, there have been some changes recently in the rates of interest for all banks. Kindly get in touch with our Loan Team. They will explain the changes to you in greater detail. bit.ly/education-loan
Hi! You're not required to pay interest during your mortarium period (Course duration + 6 months/1 year). The interest accumulates and you can pay after the moratorium period.
Is there any lock in period where even if we want to pay the entire loan amount at one go, we can't do it? Please make a video on this as well. Thank you.
Hi, Varun! You can repay your loan in one go if you are able to. Please watch this video which explains this: ua-cam.com/video/leGAbV1P0yg/v-deo.html If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hello Roshani, in normal procedure the loan process cannot start until you have an offer letter from atleast one university. The university name can be changed at a later point. There are some universities that ask for the loan letter even before the offer letter is issued. In such cases, the bank will need atleast a conditional offer letter to start the process. Our loan team will be happy to help you out if you can mention which university you are aspiring for... bit.ly/education-loan
Hi! Yes, you can pay the interest during the couse duration, if you want to. For further guidance on repayment terms of an education loan, please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you within 24 hours.
Hi! You may go through this video which discuses the same : ua-cam.com/video/UDQXcVUe-zU/v-deo.html. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Mam we took education loan on November last year, now we want to repay the loan fully. We took loan from NBFC.. Our holiday period is untill the mid of 2023. Is our repayment considered as foreclosure?
Hi Pradeep! Yes, you can close it. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hi, I took an education loan and currently the moratorium period is going on. According to my finances I can start my prepayment right away. Is it advised to start the EMI repayment before the moratorium ends if I can. Also how will this restructuring affect by CIBIL score. Please share your opinion thank you!!
Hi Umang! You can start repaying your education loan anytime after 6 months of taking disbursement. The bank might ask you to pay a nominal fee to restructure your loan. This won't affect your CIBIL score. If your education loan was sanctioned via WeMakeScholars, Feel free to reach out if you need any further assistance.
Hello mam...nice informative video...if i submitted full principal + interest amount before start of monatorium period..will i get any discount ? Or what document i asked to bank so that i get clear that i will have no issue regarding interest or loan account ?
Hi, Yogesh! No, you will not get any discount. You can get a No Dues Certificate from the bank. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hi! You can do part-payments anytime during your loan repayments and there's no penalty on that. The banks will charge a small convenience fee to restructure your loan but apart from that, there are no other charges. If your education loan was sanctioned via WeMakeScholars, feel free to revert to us for further guidance.
Hi, Shubham! If you take a secured education loan from SBI, you will not have to pay interest during the moratorium period (course duration + 6 months/1 year). The interest accumulates and you can pay after the moratorium period. Please fill up the application form on this link: www.sbieducationloan.co.in/ The loan team will contact you to guide you further.
Hi! The tuition fee is transferred to the university directly while living expenses can be transferred to your bank account. You may watch this video of further details: ua-cam.com/video/pATtwCjvNNc/v-deo.html If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hello , My subsidy claim is showing on canara bank portal but not received till date and also my moratorium period is ended and I want to close my account. So my question is will I receive the claimed amount after closing loan account ?? Or should I wait for subsidy before closing loan account??
Hi, Jay! If you had applied for the subsidy already then even if you start repayment, subsidy will be given to you. Please contact the bank directly. They will help you out with this.
Thanks ma’am. I have a question. First of all I have only seen this video of yours so I am not sure if you have already discussed the topic which I am going to ask. My question is can we start repayment while we are in the moratorium period and is it benificial to do that. For example if I have borrowed 15 lac against an interest rate of 12.75%. Will paying a lump sum amount of 7 lac at the end of the first year be benificial (i.e while course of studying still going on). Will paying a amount up front reduce my interest amount or my principal amount?
Hi, Derrick! Yes, you can start repayment in the moratorium period. It will not reduce your principal amount but it will reduce the accumulated interest. For further guidance, you may speak to our loan team by requesting a callback on this link: bit.ly/education-loan
Hi, Taniya! Yes, education loans are being processed every day as usual. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hi, Punit! Glad you found the information helpful. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Thank you ma'am, I want to know what is the moratorium period for Undergraduate diploma course in private and public banks? Because HDFC credila told me that they don't give any moratorium period for Undergraduate courses and EMIs will start from the very next month
Hi Sarthak! Moratorium period in government bank is Course duration+6months which can be extendable up to 1 year and with private lenders it is course duration+6months. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hi! No, you don't have to pay to double your education loan if you pay all your EMIs on time. You can even repay your loan before repayment duration to reduce the interest accumulated. In public banks, the interest rate is low comparatively. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/3KLb0zu so our team can evaluate your profile and check your eligibility with 14+ Public and private lenders. So you can get an education loan best suiting your profile and needs.
Mam what is the procedure for education loan when student is in another city.(Hyderabad) I have all documents original with me.(Kanpur,UP) Please reply
Hi Chetan, Yes we can process your loan even if the collateral is in a different state . We have lot of experience in dealing with multi city cases as well. Please connect to our loan team by requesting a callback on this link:bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
Hi Divyashree!The education loan product of Canara Bank is not very competitive compared to the other options in the market. I think it will be a better idea to speak to your financial officer by requesting a callback on this link: bit.ly/education-loan to see which bank will offer you the best terms
Hi Ranjith! Yes, You can repay your total loan amount before your moratorium period ends. But there is a lock in period of 6 months incase if you are getting an education loan sanction from some of the private lenders. For further one-on-one guidance with your education loan process get in touch with our loan team by requesting a callback on this link:bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
After taking education loan I May be completed my course in two or 3 years. But if I don't get govt jobs during repayment period then how can I repay the loan for bank?
Hi, Tebith! You will have to start repayment after the moratorium period (course duration + 6 months/1 year). Please watch this video on What happens if you do not payback your Education Loan: ua-cam.com/video/fD0oYsFL99w/v-deo.html If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hi Maloy! You can repay your loan early but you will be required to keep the funds with you in your moratorium period ( Course duration + 6 months ). If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/3KLb0zu
Hi Glad you found our videos helpful. If you took an education loan from a private bank or an NBFC, you must pay full or partial simple interest throughout the moratorium period (Course Duration + 6 months). The remaining partial simple interest is then added to your EMIs which you will be paying after moratorium period. Please connect to our loan team by requesting a callback on this link bit.ly/3KLb0zu Once you fill out the form, they will get back to you to guide you further.
Partial Simple Interest burdens less while pursuing your studies as you have to pay only a part of the interest, but the remaining amount gets compounded. In Full Simple Interest, your remaining amount won't get compounded. Please connect with our loan team by requesting a callback on the above link so our Financial Officer can guide you further.
Hi, Sameer! If you go with a secured loan from a government bank, you will not have to pay interest during the moratorium period. However, if you take your loan from a private bank/NBFC you will have to start interest payments as soon as the loan is disbursed. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hi, Agasti! The tuition fee is transferred to the university directly. You may watch this video for further details: ua-cam.com/video/pATtwCjvNNc/v-deo.html Please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
Hi maam.. I have completed my mbbs course. I had loan of 4.2 lakhs from sbi. When i approached the bank for the deatils they told me that interest started when i made the first loan withdrwal and not after completing the course. Is it so?? Interest rate is 10.9
Hi, Can we go for a partial loan amt. say I get into a university or a course of say of 3year, but I would only need funding for my last 2 year. I will pay for 1 year from my pocket, will the banks fund such requirements?? Thanks in advance..
Hi, Sreedhar! Yes, this is possible. Please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you within 24 hours.
Hi, Riddhi! No, you will not have to pay interest during the moratorium period if you have taken a loan from a government bank. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hi I have taken 285000 amount from sbi education loan. Actual sanctioned amount is 400000 but I have taken 285000. 1)Will the bank charge for 4L or 285000. 2) I have completed payed moratorium amount from 2012-16 moratorium period. I have started paying from 2017 monthly 5500. Please help me know when will my education loan gets completed. Also, I asked bank authorities to give info but they saying it is not possible to say exact month & year please help me in this?
Hi, Sandeep! 1. You will only be charged on the amount you use out of the sanctioned loan amount. 2. You may use this EMI calculator to calculate your EMI details: www.wemakescholars.com/education-loan-emi-calculator
Hi Yogesh! It depends on the type of loan. If you have taken a loan from a government bank, you will not have to pay interest during the moratorium period (course duration + 6 months/1 year). The interest accumulates and you can pay after the moratorium period. If you take an unsecured loan from a private bank/NBFC, you will have to make either full or partial interest payments even during the moratorium period. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Mam i have taken loan in 2017 of 3 lakh for 4 year course from oriental bank of commerce later it converted as pnb bank... From August this year they asked me for 3500rs EMI. I want to know should i raise my EMI amount to close it sooner or i should keep it this way only. Also i want to know how i will get to know the statement of my loan account and how much more i have to give to bank to close the loan
Hi Rashu! You may increase the EMIs and pay off the loan early which can help you save some money over interest. To get a better idea please use this tool: www.wemakescholars.com/education-loan-emi-calculator It will help you understand your liability to the bank.
I took sbi scholar loan. My monthly is around 9k for 25 years but I'm putting around 35k per month using yono sbi application. Am i doing right or i need to do something else to close my loan early?
Hello Arvind, we have already covered this topic in a previous video. Here it is: ua-cam.com/video/EVDN0RvPF30/v-deo.html Hope you find it helpful! For any additional queries about the Subsidy scheme, you can always speak to our loan team here: bit.ly/education-loan
Hi, Jannabi! With SBI you will not have to pay interest during the moratorium period (course duration + 6 months/1 year). The interest accumulates during this time and you can pay after the moratorium period. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
HELLO MAM,,if i take education loan of around 80 lakhs from sbi global ed-vantage scheme..Can i repay it in one go after 5 yrs of my job once i collet the whole repay amount??(assume the repayment time is 5yrs)
Hi! The repayment will have to be done in equal monthly instalments (EMIs) starting from the time your moratorium period ends (course duration + 6 months). So you will have to start repaying the loan after the moratorium period. For further guidance, please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you within 24 hours.
I took 8 lakhs from Sbi on global edvantage scheme this month. And not intending to take more amount from loan. My course period is 2 years. Can I repay the full amount and close the loan within moratorium period? Or we could only repay as per the repayment agreement ? If I can repay the 8 laks within moratorium period, do I need to pay any interest?
what is this capitalized int liability....like my loan was from 2017-2019 but took only 3 payment....and in 2020 i was charged 3 times (for each year 2017,2018,2019) increasing my loan amount by 3 lacs under "capitalize int liability". also, monthly interest is also getting charged under student loan...is it okay?
Hi Karan! The addition of unpaid interest to the main sum of your loan is known as capitalization. When interest payments are postponed during the moratorium period, the unpaid interest is capitalized, and The principal balance of a loan rises. As a result, more interest amounts may be charged during the loan's term, the monthly payment amount may increase, or additional payments may be necessary.
Yes, But with few banks you also have the option to pay interest during the moratorium. We suggest to talk to our Financial Officer about the same, so they can provide much clarity. Please connect to our loan team by requesting a callback on this link:bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further
Hi WeMakeScholars I have availed education loan and currently working in a firm. My moratorium period ends in July 2021. Can I start my Repayment in terms of EMI from now onwards? Will I be able to declare the interest(paid in the installments) in deductions for Income tax purpose for this financial year April 2020- mar 2021.
Hi, Sathish! Yes, you can start your EMIs now. Tax claiming is as per financial year. So, from 1st April to 31st March next year, whatever interest portion is paid, tax can be claimed on that.
Hi, Parth! You may watch this video on how to accurately calculate EMI for an education loan: ua-cam.com/video/jcl5wMoeBKk/v-deo.html If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Please tell me incase I don't give the revival letter to bank then what will be the consequences? The present situation is pandemic and the bank did not posted the revival letter over post but dropped me personally and forcing me to sign it even the amount mentioned there is not the current due amount but the previous principal amount which was six years back
Hi, Arnab! If you don't submit the revival letter to the bank, they can cease your loan account and other bank accounts. They will not disburse any amount from the loan if you don't give the revival letter.
@@WeMakeScholars my loan has already been disbursed since 6years back and I have also giving my emi's since then but all of a sudden the bank is wanting me to sign a revival letter against the loan taken six years back and the amount mentioned there is not the present outstanding but the previous loan amount which I took six years back.
Hi Sarang! There can be some benefits of paying the education loan in advance but it also doesn't let you take advantage of Tax dedication under 80E, We suggest you to check this video : ua-cam.com/video/xd_bo4f-gJc/v-deo.html We also suggest you to please connect to our loan team by requesting a callback on this link:bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
Hi, Varun! If you take a loan from a government bank, you will not have to pay interest during the moratorium period. For further guidance, please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
Hi, Devang! Interest will apply. Please watch this video on How to accurately calculate EMI for education loan: ua-cam.com/video/jcl5wMoeBKk/v-deo.html If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
I have been charged interest in holiday period by sbi ...I didn't knew that ..and no one told me that when loan was sanctioning ..now after 3 years of course completion I have to pay 2 lakh extra ...what to do
1)In NBFS, Is ROI calculated after the end of partial payment period? suppose my course is of 2years and am paying partial ROI for 3 years and after that making repayment within 7 years. I am confused if ROI is applicable within this 7year (tenure after the completion of partial payment) 2) Do they only sanction University fees of 1year if course is of 2 years ?(as am enrolled for a year now)
Hi Girgilani! Interest will be charged on the amount you are disbursing from the loan but during the moratorium period i.e. Course duration plus 6 months but you will be paying the partial amount of interest that is charged by the lender then after you will be paying EMI's that is repayment of the loan starts after the moratorium period. They sanction your loan based on the admit letter that is provided by the college. For further guidance on the same please connect to our loan team by requesting a callback on this link:bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
Hi, Raman! Yes, GIC can be included in the loan amount. You may watch this video for further details: ua-cam.com/video/iqdCXQEnMZk/v-deo.html If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hi Charan, It depends on your profile, as per the general norms, not more than 6 yrs, but if you are really needing more time, we can negotiate with the bank on the policies. For more information, please get in touch with our team by requesting a callback on this link: bit.ly/education-loan
Mam is there any possibility to repay principle amount without interest? My total loan amount is 2 lakhs and 50 thousand..i had paid nearlyy 1 lakhs with interest after that I'm not able to paid as I had left my job.I'm ready to pay remaining amount, is there any possibility to repay remaining amount at a time without interest.
Hi, Khushi! Yes, they apply to unsecured loans as well. The video has been divided based on type of lender. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hi, Mayank! Yes, you can repay the loan earlier if you are able to. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hi, Kundal! Yes, you can but we would have to evaluate all the parameters to confirm that. Please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
Which bank offers educational loan with minimum interest? I already have an educational loan in corporation bank. Can I shift the loan to another bank?
Hi Team, I have Taken SBI Education loan to study Aboard 6 months back, Now i want to pay interest amount during my study period, How can i pay ? Can you help me on this ? I have taken education through wemakescholars ,
Hi Praveen! Yes, you can start paying Full simple interest and we can help you with this. Kindly share your registered E-mail address so we can locate your profile. Or you may revert to your Financial Officer. They will help you.
Hi, Priyuu! The education loan product of PNB is not very competitive compared to the other options in the market. I would suggest you speak to your Financial Officer to see which bank will offer you the best terms. You can do so by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you within 24 hours.
Hi Gobikrishnan! Yes, If you pay an amount more than the interest incurred in the moratorium period itself you can reduce the principal amount and your repayment can be done faster. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
I watched the whole series it is so useful !
Hi, Meet! Glad you found the videos useful. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hi, everyone! You may watch the same topic discussed in other languages here:
Hindi - ua-cam.com/video/B8AhwCjhUNs/v-deo.html
Telugu - ua-cam.com/video/gBc2mMWleFw/v-deo.html
Tamil - ua-cam.com/video/DMuKZgHvtjE/v-deo.html
Can you please make a video on how EMI is calculated? And is it reducing balance( interest is calculated only on the remaining balance amount) method? And tips and strategies to reduce the interest we pay especially for SBI
Hello Prajwal! Great ideas... We will work on them! Meanwhile you can ask our loan team to explain the above points to you. They will be able to guide you : bit.ly/education-loan
Even I am searching that.if the interest is calculated on the remaining remaining balance???pls help if you got this answered!!
what if we take some disbursement..and then immediately pay it to the bank.....will bank accept it? will any interest be charged? will it be deducted from outstanding principal? ....
Hi! No, you can't pay off your disbursed amount immediately. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Money will give to our hand or directly to collage
Directly to college
Hi, Chinthala! The tuition fee will be transferred to the university directly. Living expenses can be given to you through a Forex card or as GIC/Blocked Account depending on the country. For further details, you may connect to our loan team by requesting a callback on this link: bit.ly/education-loan
Excellent way of simplifying issues, mam thanks.
I have query mam,
Do the government banks avail education loan for studying abroad if the applicant already has a personal loan ( 50k) and product loan ( 30 k ) in NBFC s.
But with good CIBIL score.
Hi, Abhijit! You can get an education loan, but you would have to pay off the other loan amounts. You can connect to our loan team by clicking on the following link: bit.ly/education-loan Request a callback and they will help you out!
Hello ma'am.
Could you please tell me the collateral requirements for taking a education loan.
Hi Vishal, it is a very detailed question which you have asked. There are more than 100 parameters we have to analyse to see if your collateral is acceptable. May be you could watch this video I have made on collateral documents required- ua-cam.com/video/5PtpYVQ7Oo8/v-deo.html
Or better I suggest you to request a callback on this link: bit.ly/education-loan . Once we get your request, the respective financial officer for your region will call you to help you further.
Mam.. repayment of education loan starts after the completion of course period plus mortarium period... Is interest chargeability also starts from course period plus mortarium period??? Means no interest is levied during the course period??
Hi, Vikash! It depends on the type of loan. If you have taken a secured loan from a government bank, you will not have to pay interest during the moratorium period (course duration + 6 months/1 year). The interest accumulates and you can pay after the moratorium period. If you take an unsecured loan from a private bank/NBFC, you will have to make either full or partial interest payments even during the moratorium period. The principal can be repaid after the moratorium period. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
I have taken loan 8 years ago in Garmin Bank.....still didn't done any repayment...i am SC cast....some friends, relatives telling education loan will be waved off for SC ST students.....Now my loan amount goes to 2.5 times...what should I do..
Hello Sunil, as we do not work process education loans for Study in India cases, I do not have the expertise to guide them... It is best if you can visit them and get some clarity...
Yes for SC & ST the loan is waived off but only with terms and conditions. After every 3 or 4 years the Govt used to publish this, to fill a form. But I haven't heard anything with the current Govt.
What if I'm going for a 1 year course in Canada and then I'll enroll for another 1 year course from there only. Will I get a loan for single year and my interest payment will start after 1 year?
Hi, Shivam! It is better to opt for a two year course. However, if your offer letter says one year, then we can help you with a loan for only one year. It can be extended later. You may watch this video for more details: ua-cam.com/video/4hC_9-TdQVg/v-deo.html If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
I have a question here can you explain giving example of two cases with loan amount 5lakh and tenure 7years. In first case no repayment is made in morotorium period.
In 2nd case 5000Rs per month is payed in morotorium period. What will be total interest difference . I want to understand the calculation
Hi Muzzamil! For Example, if you are taking a 5 lakhs loan and decided not to pay any simple interest (note that no payment moratorium period is only with public banks and interest in private I considered 8.5%) The interest that you will be paying over here is 2,67,074
If you are paying partial simple interest of Rs.5000 per month (note that you pay partial interest with some private lenders and their interest will be starting from 11% so considered the same here) The interest that you will be paying over here is 2,75,637 as it will be an unsecured loan
If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Do SBI provides subsidies for education loan repayment??Kindly discuss process and amount of reimbursement provided by SBI on an education loan of ₹4 lakh
Hi, Shubham! You may watch this video on education loan interest subsidy: ua-cam.com/video/EVDN0RvPF30/v-deo.html
Please answer
is sbi Rinn insurance compulsory for loan below 7 lakh in SBI student loan.?
Hi, Tejas! No, it is not compulsory. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hello ma'am
I had take education loan in year 2018 from bank of baroda of 8lakh for dental surgery course and duration of course was 4yr +1 year compulsory rotating internship I am still in internship period my emi has started of 25,000/- I can only apply for job after getting competing my internship. My family financial situation is not well after pendimic. My tenure period can be increased or not?? Plz reply
Hi Prinshu! You are not required to pay any interest during the moratorium period, which is course duration + 6 months which can be extended up to 1 year. If your education loan was sanctioned via WeMakeScholars, Feel free to revert us, we would be happy to help.
Ma'am main vit me admission Lena chahta hun
20 lakh tk ka loan chahiye
Aur main Bihar se hun
To kya main 4 lakh students credit card aur 16 lakh bank se le skta hun??
2 alag alag jagah se loan mil skta h
Ya 1 hi jagah se loan Lena hoga
Hi Aryan! You cannot take multiple education loan for a single course. For further guidance connect to our loan team by requesting a callback on this link:bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
Mam, is it compulsory to keep the repayment period as 15 years or can i repay and close the loan with in 5 years after moratorium period.... i have applied in canara bank's iba model education loan
Hello, It is not compulsory for the repayment period to be 15 years. Yes, one can repay the loan early and close it. Here is the link to a video on pre-payment of education loan: ua-cam.com/video/r68Bgy5hEHE/v-deo.htmlsi=CbJru8Li1kuHbFLW. There are better loan products available in other banks and our team can help you with the process. Our organization is funded and supported by the Ministry of IT and the Government of India. We are partnered with 15+ public and private banks and a dedicated financial officer will analyze your profile and connect you with suitable banks. To contact us kindly request a callback using this link: bit.ly/48cTdcR or call us at 9889882090.
Hello Ma'am, for national banks can we reduce the repayment duration at the point where loan has been disbursed and moratorium period ends. For example, an education loan taken of amount 5 lakhs for 10 years. After moratorium period end, can we reduce 10 years repayment period to 5 years? Regards
Hi Vivek, loan amount can be repaid anytime after 6 months of taking disbursement. If you repay the loan amount before 6 months of taking disbursement then prepayment penalty will be added.
Ma'am, can I take an unsecured loan from SBI or a govt bank... I don't have any collateral to take a secured loan...
Hi! Government banks can offer you an unsecured loan of up to 7.5 lakhs only. Private lenders can lend higher amounts. We would have to evaluate your profile to determine which options would be best for you. Please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
If I unable to pay loan ??
Loan is attached with co applicant ...
I think they made me fill ECS/ auto debit form with co applicant bank details ...will they going to deduct from co applicant account?
Hi, Adil! In case you are not able to repay the loan, it will be deducted from the co-applicant's account. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Are nationalised banks providing online pre payment or part payment facility of education loan? And if yes what is the procedure to pay?
Hello Shashank, pre closure of loan account by paying off the loan before hand is possible. Most of the banks do not have preclosure charges. You can find out about the procedure and other details by speaking to our loan team here: bit.ly/education-loan
@@WeMakeScholars I think the key word here is Online ( Through net banking or App), Are banks like canara bank providing online part payment of education loan?
How will I know on which particular date the bank will start debiting the amount?.....for the 1st time
Hi, Sanket! You will have to start repayment once the moratorium period is over (course duration + 6 months/1 year). If you have taken a loan from a government bank, you will not have to pay interest during the moratorium period. The interest accumulates and you can pay after the moratorium period. If you take an unsecured loan from a private bank/NBFC, you will have to make either full or partial interest payments even during the moratorium period. For further guidance, please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
Mam no one in my family has a bank account in SBI... But im interested in Taking loan from sbi..... Will i get loan from sbi as an outsider ..?? Plz reply and help me mam ??
Hi! Yes, you do not require a prior account to apply for a loan in SBI. Please fill up the application form on this link: www.sbieducationloan.co.in/ The Loan Team will contact you to guide you further.
Mam SBI did not claim subsidy for the course+1 year moratorium period, and I was unemployed at that time.
What should I do??
Please suggest, should I approach ombudsman ??
Hi! You have to apply for subsidy within 1 year of loan approval. You can't apply after that.
@@WeMakeScholars it is applied by the bank, right?
We dont have access to the portal!
@@niftybankniftyfno6379 Yes, please contact the bank directly.
Mam very greatful video .
I have some of doubts regarding loan
How can I clear
Hi, Rahul! You may connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
In education loan for indian education Can you please tell me after Monitorium period the emi amount is including with interest+principal
Hi Rahul! You may use this calculator for the same: www.wemakescholars.com/education-loan-emi-calculator. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
can you pleasw tell which bank provides education loan for abroad education at lowest interest rate and best service??
Hi, Chamanthi! We would have to evaluate your profile to determine the best loan options for you. Please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
Mam I want to know, is in the loan also included the residency expenditures during course period
Hi Omika! Yes, you can even include your living expenses in your loan amount and our team can help you out with the same. Please connect to our loan team by requesting a callback on this link:bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
I have doubt that during moratorium period the interest on principal amount gets accumulated for lets say i don't pay for 5 years and then after the EMI is calculated on total amount(principal + interest that accumulated over 5 years). Am i right?
Hi Tushar! Yes, if you opt to not pay the interest during moratorium period then your EMIs will be calculated on the principal amount and interest accumulated in the moratorium period. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/3KLb0zu
At the time of education loan closing,What is the procedure and any paperwork or documents from the bank provide to me for the proof of closing?
Hi! It varies from lender to lender. You will have to get the loan account closed and you may obtain a No Dues Certificate. Please contact your lender for guidance on the same.
Maim kya aap bata skte hain ki tenure in month matlab kya hota hain. Maine boi se loan liya tha but ab mera education comp hogya hain to me thoda confuse hu mujhe smjh nh aa raha can you make me understand.
Hi! The loan tenure is the period of time that it will take for you to repay the loan. Please contact your bank. They will guide you on this.
@@WeMakeScholars thanks🙏
If we take a unsecured loan of say 30lacs for MBBS in abroad from NBFC or Private Banks, the how much simple interest per month we need to pay during the course period of 6years?
Hi, Adityaa! Unsecured loans from private banks/NBFCs for MBBS are difficult. Secured loans from government banks are a better option for this and you will not have to pay interest during the moratorium period. For further guidance, please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
Mam you said gov banks allow 0 interest in monotorim period ....so doesn't it makes more burden on student because he/she have to pay that amount ultimately at the end ?
Hi, Saurav! If a student does not have a job during the moratorium period, it is difficult to pay interest. However, if you are able to, you can choose to pay the interest during the moratorium period. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hello Ma'am,
Thank you for your informative videos.
I took a loan of 12 lakhs from a nationalised bank 3 years ago. The first disbursement was around 5.5 lakhs. I did not avail any other disbursements later. Now the bank is asking me to pay an EMI of 30000 (5-year tenure). Shouldn't I be charged for the disbursed amount? and what happens to the amount that I did not use from the loan account?
Thanks
Hi, Aniket! Yes, interest is only charged on the disbursed amount and not on the unused amount. Please contact your bank branch. They will break it down for you.
Did they charge processing fees from u ?
For insecured loan during study I should pay any interest rate or not??
Hi, Khushi! If you take an unsecured loan from a private bank/NBFC, you will have to make either full or partial interest payments even during the moratorium period. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Mam i have a question. Private bank start taking interest from which date and amount.
From the date when they give the amount or when they finish the amount to give.
Hi Adil! If you take an unsecured loan from a private bank/NBFC, you will have to make either full or partial interest payments even during the moratorium period. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
I have taken education loan from Oriental Bank of Commerce (Now Punjab National Bank) . I don't want to pay in EMI . Can I repay the total existing loan amount all at once with interest ? Please let me know the possibilities
Hi, Dhananjay! Yes, you can.
Hello mam
I’ve to apply loan with collateral for Canada
I’ve to purse 1-1 year’s two courses respectively
Can I divide the loan along with GIC
Hi, Krushna! You can get a loan for only one course at a time. Please watch this video for more details: ua-cam.com/video/4hC_9-TdQVg/v-deo.html If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Does the interest accumulates during the moratorium period ??
Hi Aman, yes. Whatever is the unpaid portion of interest incurred during moratorium period, it is accumulated. Just that in public banks, it is simple interest whereas in private banks and NBFCs, it is compound interest. If you need help with the education loan process, you can get in touch with our team by requesting a callback on this link: bit.ly/education-loan
Ohk got it !! Thank you for resolving my query so fast🙂
Please explain abourt part payment policy of Auxilo education loan.
Hi, here are a few important things to note: Some lenders may require a minimum sum for each extra payment you make and lenders may allow extra payments regularly or whenever you have spare cash, depending on their policy. Additionally, Keep in mind that certain lenders might levy a small fee for processing these additional payments. Check your loan agreement for any associated charges. If you require one-on-one assistance, our team is readily available to provide assistance on it, you can request a call back: bit.ly/48cTdcR. The team will connect and help you with the loan process. Best of luck:)
Sir, is there interest on the interest of education loan ? or not ?
suppose i took 1 lakh for 1 year, After a month, 1,00,000 will become Rs 1,01,000 rs, so now they will consider 1,01,000 as a principal amount for that month, or considered loan amount those i took 1,00,000.
Hi, Deepak! It depends on the lender. Government banks charge only simple interest during the moratorium period and compound interest after the moratorium period. Private lenders may charge compound interest. Please watch this video for more details: ua-cam.com/video/yaQPxXN4GJc/v-deo.html If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Mam when interest is started on education loan
After completion of our course i have doubt on this topic please please clear my doubt as soon mam
Hi Mohammed! If you're taking an education loan form a public bank you are not required to pay interest during moratorium period (Course duration + 6 Months) But private banks may ask you to pay full/partial simple interest depending on the course and your profile, If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Thank q very much madam it was very useful 👍
Hi, Adithya! Glad you found the video useful. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Do we have any new notice from RBI regarding fixed rate of interest (around 10%) for education loan ???
Hi Avinash! Yes, there have been some changes recently in the rates of interest for all banks. Kindly get in touch with our Loan Team. They will explain the changes to you in greater detail. bit.ly/education-loan
Sbi is asking me to pay interest during my course period what should I do
.. should it happen or is there a process to avoid it
Hi! You're not required to pay interest during your mortarium period (Course duration + 6 months/1 year). The interest accumulates and you can pay after the moratorium period.
Is there any lock in period where even if we want to pay the entire loan amount at one go, we can't do it? Please make a video on this as well. Thank you.
Hi, Varun! You can repay your loan in one go if you are able to. Please watch this video which explains this: ua-cam.com/video/leGAbV1P0yg/v-deo.html If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
@@WeMakeScholars Thank you. Appreciate your response. :)
Hello Ma'am ...is there any requirement of admission letter of course we choose for abroad education to get loan?
Yes definitely you have to submit
Hello Roshani, in normal procedure the loan process cannot start until you have an offer letter from atleast one university. The university name can be changed at a later point. There are some universities that ask for the loan letter even before the offer letter is issued. In such cases, the bank will need atleast a conditional offer letter to start the process. Our loan team will be happy to help you out if you can mention which university you are aspiring for... bit.ly/education-loan
@@WeMakeScholars thank you so much...🤗🤗
Can I pay the interest during my education for public banks as well, if I want to ?
Hi! Yes, you can pay the interest during the couse duration, if you want to. For further guidance on repayment terms of an education loan, please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you within 24 hours.
What happened in visa refusal case ? I mean how can I repay my education loan ?
Hi! You may go through this video which discuses the same : ua-cam.com/video/UDQXcVUe-zU/v-deo.html. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Nicely explained thanks
Mam may I know as to how much will b an EMI on Rs 100000 loan amt for 10 yrs@ 8.35 interest rate taken from SBI schlor loan
Hi, Bramhanand! You can use our Education Loan EMI Calculator here: www.wemakescholars.com/education-loan-emi-calculator
Mam we took education loan on November last year, now we want to repay the loan fully. We took loan from NBFC.. Our holiday period is untill the mid of 2023. Is our repayment considered as foreclosure?
Hi Pradeep! Yes, you can close it. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hi, I took an education loan and currently the moratorium period is going on. According to my finances I can start my prepayment right away. Is it advised to start the EMI repayment before the moratorium ends if I can. Also how will this restructuring affect by CIBIL score. Please share your opinion thank you!!
Hi Umang! You can start repaying your education loan anytime after 6 months of taking disbursement. The bank might ask you to pay a nominal fee to restructure your loan. This won't affect your CIBIL score. If your education loan was sanctioned via WeMakeScholars, Feel free to reach out if you need any further assistance.
Thank You@@WeMakeScholars
Hello mam...nice informative video...if i submitted full principal + interest amount before start of monatorium period..will i get any discount ? Or what document i asked to bank so that i get clear that i will have no issue regarding interest or loan account ?
Hi, Yogesh! No, you will not get any discount. You can get a No Dues Certificate from the bank. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
My EMI start April 6,2023 (tenure: 10 years)..how many emi after I will do partpaymemt in my account.
Hi! You can do part-payments anytime during your loan repayments and there's no penalty on that. The banks will charge a small convenience fee to restructure your loan but apart from that, there are no other charges. If your education loan was sanctioned via WeMakeScholars, feel free to revert to us for further guidance.
Do SBI imposes intrest during moratorium period on loan amount taken??
Hi, Shubham! If you take a secured education loan from SBI, you will not have to pay interest during the moratorium period (course duration + 6 months/1 year). The interest accumulates and you can pay after the moratorium period. Please fill up the application form on this link: www.sbieducationloan.co.in/ The loan team will contact you to guide you further.
Will they transfer the whole money to the account.. Means while loan money??
Hi! The tuition fee is transferred to the university directly while living expenses can be transferred to your bank account. You may watch this video of further details: ua-cam.com/video/pATtwCjvNNc/v-deo.html If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hello , My subsidy claim is showing on canara bank portal but not received till date and also my moratorium period is ended and I want to close my account. So my question is will I receive the claimed amount after closing loan account ?? Or should I wait for subsidy before closing loan account??
Hi, Jay! If you had applied for the subsidy already then even if you start repayment, subsidy will be given to you. Please contact the bank directly. They will help you out with this.
Thanks ma’am. I have a question. First of all I have only seen this video of yours so I am not sure if you have already discussed the topic which I am going to ask. My question is can we start repayment while we are in the moratorium period and is it benificial to do that. For example if I have borrowed 15 lac against an interest rate of 12.75%. Will paying a lump sum amount of 7 lac at the end of the first year be benificial (i.e while course of studying still going on). Will paying a amount up front reduce my interest amount or my principal amount?
Hi, Derrick! Yes, you can start repayment in the moratorium period. It will not reduce your principal amount but it will reduce the accumulated interest. For further guidance, you may speak to our loan team by requesting a callback on this link: bit.ly/education-loan
Does talking education loan is a good decision during pandemic ?
Hi, Taniya! Yes, education loans are being processed every day as usual. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Thank you so much mam. A genuine information..
Hi, Punit! Glad you found the information helpful. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Thank you ma'am, I want to know what is the moratorium period for Undergraduate diploma course in private and public banks? Because HDFC credila told me that they don't give any moratorium period for Undergraduate courses and EMIs will start from the very next month
Hi Sarthak! Moratorium period in government bank is Course duration+6months which can be extendable up to 1 year and with private lenders it is course duration+6months. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Does i have to pay back double of my education loan??
Hi! No, you don't have to pay to double your education loan if you pay all your EMIs on time. You can even repay your loan before repayment duration to reduce the interest accumulated. In public banks, the interest rate is low comparatively. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/3KLb0zu so our team can evaluate your profile and check your eligibility with 14+ Public and private lenders. So you can get an education loan best suiting your profile and needs.
Mam what is the procedure for education loan when student is in another city.(Hyderabad)
I have all documents original with me.(Kanpur,UP)
Please reply
Hi Chetan, Yes we can process your loan even if the collateral is in a different state . We have lot of experience in dealing with multi city cases as well. Please connect to our loan team by requesting a callback on this link:bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
What is int. to be paid in canara bank loan details?
Is it the interest, it shows more than my overall principal...
Can you clarify not that
Hi Divyashree!The education loan product of Canara Bank is not very competitive compared to the other options in the market. I think it will be a better idea to speak to your financial officer by requesting a callback on this link: bit.ly/education-loan to see which bank will offer you the best terms
can we pay the full education loan before the moratorium period?
Hi Ranjith! Yes, You can repay your total loan amount before your moratorium period ends. But there is a lock in period of 6 months incase if you are getting an education loan sanction from some of the private lenders. For further one-on-one guidance with your education loan process get in touch with our loan team by requesting a callback on this link:bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
After taking education loan I May be completed my course in two or 3 years. But if I don't get govt jobs during repayment period then how can I repay the loan for bank?
Hi, Tebith! You will have to start repayment after the moratorium period (course duration + 6 months/1 year). Please watch this video on What happens if you do not payback your Education Loan: ua-cam.com/video/fD0oYsFL99w/v-deo.html If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Can i repay principle amount after disbursement of edn loan of govt bank?
Hi Maloy! You can repay your loan early but you will be required to keep the funds with you in your moratorium period ( Course duration + 6 months ). If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/3KLb0zu
Mam your videos are helpful ❤❤
Mam i want to know that how psi works the psi amount is later added while paying emi
Hi Glad you found our videos helpful. If you took an education loan from a private bank or an NBFC, you must pay full or partial simple interest throughout the moratorium period (Course Duration + 6 months). The remaining partial simple interest is then added to your EMIs which you will be paying after moratorium period. Please connect to our loan team by requesting a callback on this link bit.ly/3KLb0zu Once you fill out the form, they will get back to you to guide you further.
@@WeMakeScholars Full or partial interest is beneficial
Partial Simple Interest burdens less while pursuing your studies as you have to pay only a part of the interest, but the remaining amount gets compounded. In Full Simple Interest, your remaining amount won't get compounded. Please connect with our loan team by requesting a callback on the above link so our Financial Officer can guide you further.
Mam Should we pay interest in the moritarium period?
Hi, Sameer! If you go with a secured loan from a government bank, you will not have to pay interest during the moratorium period. However, if you take your loan from a private bank/NBFC you will have to start interest payments as soon as the loan is disbursed. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hii maam, my question is this education loan money direct transfer to the university or through the customer .
Hi, Agasti! The tuition fee is transferred to the university directly. You may watch this video for further details: ua-cam.com/video/pATtwCjvNNc/v-deo.html Please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
@@WeMakeScholars tq maam
Hi maam..
I have completed my mbbs course. I had loan of 4.2 lakhs from sbi.
When i approached the bank for the deatils they told me that interest started when i made the first loan withdrwal and not after completing the course. Is it so?? Interest rate is 10.9
Hi! Yes, interest is charged during the moratorium period (course duration + 6 months/1 year) but can be paid after the moratorium period.
@@WeMakeScholars thank u maam... it was so helpful
Hi, Can we go for a partial loan amt. say I get into a university or a course of say of 3year, but I would only need funding for my last 2 year. I will pay for 1 year from my pocket, will the banks fund such requirements?? Thanks in advance..
Hi, Sreedhar! Yes, this is possible. Please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you within 24 hours.
Everyone says that from Govt. banks we need to pay interest during Moratorium.. is it true?
Hi, Riddhi! No, you will not have to pay interest during the moratorium period if you have taken a loan from a government bank. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hi I have taken 285000 amount from sbi education loan. Actual sanctioned amount is 400000 but I have taken 285000.
1)Will the bank charge for 4L or 285000.
2) I have completed payed moratorium amount from 2012-16 moratorium period. I have started paying from 2017 monthly 5500. Please help me know when will my education loan gets completed. Also, I asked bank authorities to give info but they saying it is not possible to say exact month & year please help me in this?
Hi, Sandeep!
1. You will only be charged on the amount you use out of the sanctioned loan amount.
2. You may use this EMI calculator to calculate your EMI details: www.wemakescholars.com/education-loan-emi-calculator
Actually my question is when we are start to pay emi then also bank add intrest fr that amount ?
Hi Yogesh! It depends on the type of loan. If you have taken a loan from a government bank, you will not have to pay interest during the moratorium period (course duration + 6 months/1 year). The interest accumulates and you can pay after the moratorium period. If you take an unsecured loan from a private bank/NBFC, you will have to make either full or partial interest payments even during the moratorium period. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Mam i have taken loan in 2017 of 3 lakh for 4 year course from oriental bank of commerce later it converted as pnb bank... From August this year they asked me for 3500rs EMI. I want to know should i raise my EMI amount to close it sooner or i should keep it this way only. Also i want to know how i will get to know the statement of my loan account and how much more i have to give to bank to close the loan
Hi Rashu! You may increase the EMIs and pay off the loan early which can help you save some money over interest. To get a better idea please use this tool: www.wemakescholars.com/education-loan-emi-calculator
It will help you understand your liability to the bank.
I took sbi scholar loan. My monthly is around 9k for 25 years but I'm putting around 35k per month using yono sbi application. Am i doing right or i need to do something else to close my loan early?
Hi, Shashank! Yes, you can pay more than the fixed EMI to close your loan earlier. There are no issues with that.
Thanks for the video mam.
Can we have any interest subsidy under CSIS scheme?
If you know something about it can you make a video on this?
Hello Arvind, we have already covered this topic in a previous video. Here it is: ua-cam.com/video/EVDN0RvPF30/v-deo.html Hope you find it helpful! For any additional queries about the Subsidy scheme, you can always speak to our loan team here: bit.ly/education-loan
hi maam,
i want to know that... will the interest be calculated during the moratorium period which i have to repay later?
bank SBI
Hi, Jannabi! With SBI you will not have to pay interest during the moratorium period (course duration + 6 months/1 year). The interest accumulates during this time and you can pay after the moratorium period. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
HELLO MAM,,if i take education loan of around 80 lakhs from sbi global ed-vantage scheme..Can i repay it in one go after 5 yrs of my job once i collet the whole repay amount??(assume the repayment time is 5yrs)
Hi! The repayment will have to be done in equal monthly instalments (EMIs) starting from the time your moratorium period ends (course duration + 6 months). So you will have to start repaying the loan after the moratorium period. For further guidance, please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you within 24 hours.
@@WeMakeScholars thank you😘
I took 8 lakhs from Sbi on global edvantage scheme this month. And not intending to take more amount from loan.
My course period is 2 years. Can I repay the full amount and close the loan within moratorium period? Or we could only repay as per the repayment agreement ? If I can repay the 8 laks within moratorium period, do I need to pay any interest?
Hi! Yes, you can repay the amount earlier. Interest accrued up to that date will have to be paid.
what is this capitalized int liability....like my loan was from 2017-2019 but took only 3 payment....and in 2020 i was charged 3 times (for each year 2017,2018,2019) increasing my loan amount by 3 lacs under "capitalize int liability".
also, monthly interest is also getting charged under student loan...is it okay?
Hi Karan! The addition of unpaid interest to the main sum of your loan is known as capitalization. When interest payments are postponed during the moratorium period, the unpaid interest is capitalized, and The principal balance of a loan rises. As a result, more interest amounts may be charged during the loan's term, the monthly payment amount may increase, or additional payments may be necessary.
@@WeMakeScholars so, the interest gets charged from the time the loan gets sanctioned....and it shows up after the 6 months or 1 year period ?
Yes, But with few banks you also have the option to pay interest during the moratorium. We suggest to talk to our Financial Officer about the same, so they can provide much clarity. Please connect to our loan team by requesting a callback on this link:bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further
Hi WeMakeScholars
I have availed education loan and currently working in a firm. My moratorium period ends in July 2021. Can I start my Repayment in terms of EMI from now onwards? Will I be able to declare the interest(paid in the installments) in deductions for Income tax purpose for this financial year April 2020- mar 2021.
Hi, Sathish! Yes, you can start your EMIs now. Tax claiming is as per financial year. So, from 1st April to 31st March next year, whatever interest portion is paid, tax can be claimed on that.
@@WeMakeScholars thank you very much. Hope you reach heights
How do we calculate the interest amount incurred during the study period from a govt. Bank ?
Hi, Parth! You may watch this video on how to accurately calculate EMI for an education loan: ua-cam.com/video/jcl5wMoeBKk/v-deo.html If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Mam m about to take education loan can for nursing GNM can you please tell me which bank is better for low interest plzzzz mam
Hi, Nikita! What is your required loan amount?
Please tell me incase I don't give the revival letter to bank then what will be the consequences?
The present situation is pandemic and the bank did not posted the revival letter over post but dropped me personally and forcing me to sign it even the amount mentioned there is not the current due amount but the previous principal amount which was six years back
Hi, Arnab! If you don't submit the revival letter to the bank, they can cease your loan account and other bank accounts. They will not disburse any amount from the loan if you don't give the revival letter.
@@WeMakeScholars my loan has already been disbursed since 6years back and I have also giving my emi's since then but all of a sudden the bank is wanting me to sign a revival letter against the loan taken six years back and the amount mentioned there is not the present outstanding but the previous loan amount which I took six years back.
@@handy9933 Please contact your branch manager. They will look into this.
Is any benefit if we pay education loan at one time ?
Hi Sarang! There can be some benefits of paying the education loan in advance but it also doesn't let you take advantage of Tax dedication under 80E, We suggest you to check this video : ua-cam.com/video/xd_bo4f-gJc/v-deo.html
We also suggest you to please connect to our loan team by requesting a callback on this link:bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
Mam Psu banks se non colleteral loan lene pe bhi monatory period me bhi interest pay krna hota h ?
Hi, Varun! If you take a loan from a government bank, you will not have to pay interest during the moratorium period. For further guidance, please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
If I pay full interest in moratorium period than will I have to pay emi only for principal amount or principal+interest?
Hi, Devang! Interest will apply. Please watch this video on How to accurately calculate EMI for education loan: ua-cam.com/video/jcl5wMoeBKk/v-deo.html If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
I have been charged interest in holiday period by sbi ...I didn't knew that ..and no one told me that when loan was sanctioning ..now after 3 years of course completion I have to pay 2 lakh extra ...what to do
Hi, Vinod! Yes, government banks charge interest during the moratorium period. It can be paid once the moratorium period ends.
1)In NBFS, Is ROI calculated after the end of partial payment period? suppose my course is of 2years and am paying partial ROI for 3 years and after that making repayment within 7 years. I am confused if ROI is applicable within this 7year (tenure after the completion of partial payment)
2) Do they only sanction University fees of 1year if course is of 2 years ?(as am enrolled for a year now)
Hi Girgilani! Interest will be charged on the amount you are disbursing from the loan but during the moratorium period i.e. Course duration plus 6 months but you will be paying the partial amount of interest that is charged by the lender then after you will be paying EMI's that is repayment of the loan starts after the moratorium period. They sanction your loan based on the admit letter that is provided by the college. For further guidance on the same please connect to our loan team by requesting a callback on this link:bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
is this loan include tje GIC fees ??? or not
Hi, Raman! Yes, GIC can be included in the loan amount. You may watch this video for further details: ua-cam.com/video/iqdCXQEnMZk/v-deo.html If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
My course is 6 yrs if i take loan in private bank how many years wil be given to me to pay back the amount as EMIs ?
Hi Charan, It depends on your profile, as per the general norms, not more than 6 yrs, but if you are really needing more time, we can negotiate with the bank on the policies. For more information, please get in touch with our team by requesting a callback on this link: bit.ly/education-loan
Mam is there any possibility to repay principle amount without interest?
My total loan amount is 2 lakhs and 50 thousand..i had paid nearlyy 1 lakhs with interest after that I'm not able to paid as I had left my job.I'm ready to pay remaining amount, is there any possibility to repay remaining amount at a time without interest.
Hi, Prasika! The interest has to be paid along with the EMIs every month.
All rules also on unsecured loan??
Hi, Khushi! Yes, they apply to unsecured loans as well. The video has been divided based on type of lender. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
After the course over we get 15yr max to repay them... If a person arrange it in 6-7yr... Will bank accept it?
Hi, Mayank! Yes, you can repay the loan earlier if you are able to. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
mam ..can we take 3rd study loan.. as we have already taken 2 loans ( home loan and personal loan) ..and father's job is only of 2 years left ????
Hi, Kundal! Yes, you can but we would have to evaluate all the parameters to confirm that. Please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
Which bank offers educational loan with minimum interest? I already have an educational loan in corporation bank. Can I shift the loan to another bank?
Punjab national bank
Hi, Akshatha! For which degree had you taken the loan? What was the loan amount? Was it secured or unsecured?
@@WeMakeScholars It's an unsecured loan for engineering and the amount was 1,40,000 per year so a total of 5,60,000 excluding interest..
@@akshatha5151 Sorry, we will not be able to help you with this transfer.
Hi Team,
I have Taken SBI Education loan to study Aboard 6 months back, Now i want to pay interest amount during my study period, How can i pay ? Can you help me on this ?
I have taken education through wemakescholars ,
Hi Praveen! Yes, you can start paying Full simple interest and we can help you with this. Kindly share your registered E-mail address so we can locate your profile. Or you may revert to your Financial Officer. They will help you.
Hey I have question please, answer if PNB bank allows no interest in repayment period #WeMakeScholars
Hi, Priyuu! The education loan product of PNB is not very competitive compared to the other options in the market. I would suggest you speak to your Financial Officer to see which bank will offer you the best terms. You can do so by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you within 24 hours.
If I pay more amount than interest in moratorium period, can you reduce the principal amount.......
Hi Gobikrishnan! Yes, If you pay an amount more than the interest incurred in the moratorium period itself you can reduce the principal amount and your repayment can be done faster. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan