How to Plan Your Education Loan Repayment? | GyanDhan

by williamair1

Education loan repayment can be a concern if you don’t plan it in a smart and informed way. Many Indian students see the abroad education loan as a major liability. Very often, they overlook the fact that if there’s a little amount of contemplation and planning is done prior to selecting the loan, all these worries can be put to rest easily. 
For the purpose of planning the loan repayment, it is imperative for you to understand the policies and various other aspects of loan repayment in India. Read on to get profound know-how of policies and tactics to plan your education loan repayment process in an effective manner.

This is a companion discussion topic for the original entry at https://www.gyandhan.com/blogs/plan-your-education-loan-repayment

7 replies

suman1

Is it better to prefer abroad education loans with fixed interest rates?

SmritiA

Can I transfer my education loan to a different bank after getting a job post-study?

rahul.srivastava

Yes, my advice would be to go for fixed interest interest rates. The floating interest rate can change and thus affect your EMIs. If you have already opted for a floating rate of interest, I would recommend you to understand interest fluctuations and plan for increment accordingly.

rahul.srivastava

Yes, you will always have the option of transferring your existing education loan to a bank that offers a lower rate of interest. Once you get a job, your profile will improve and the lenders will agree on loan-takeover with a reduced interest rate.

sanketsavani1404

I am planning to approve loan from Bank of Baroda. Can you tell me which will be a better option between SBI and BOB? Since ROI in BOB is 9.0 (Floating).

sanketsavani1404

Even though SBI is better but nearby branch does not have any knowledge abt the loan? WIll it create the problem during disbursement?

rahul.srivastava

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