How Does Education Repayment Work in India
Starting the Process of Loan Repayment
1. Get a job & inform the Bank
2. Send your A/c details before the Moratorium Period ends
3. Set-up an auto debit system
4. Pay your EMIs on time
Paying the Loan Interest Amount During the Course
- Some lenders let you pay your loan interest during the course
- Pay Simple Interest instead of Compound
- Reduce your financial burden when paying the actual loan amount
Handling EMIs on Low Paying Jobs
- Request the Bank to increase your loan repayment tenure
- Try getting your EMis reduced to a suitable amount
Pre-Payment of Loan
- Lender might not charge you interest amount
- Make partial to complete payments
- Shift your focus to creating wealth quickly
Re-Financing your Loan
- Opportunity to get lower Rate of Interest
- Saves a large amount in the long run
Failure to Re-pay the Loan
- Deterioration of Credit Score
- Landing your next job becomes difficult
- Might lose your Collateral
Tax Benefits
- Available under Section 80E
- If working in India, you can claim deduction for 8 years
- Deducted amount depends on your income bracket
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You can also check more details about Education Loan at https://www.hdfcsales.com/education-loan
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