Replying on behalf of the speaker -
Great question!
You can repay anytime you want after six months of the loan disbursement, be it secured loan or unsecured loan. There is no prepayment penalty. Suppose, you take an education loan of INR 20 lakhs today. After six months, you can repay the entire amount if you wish to and there won’t be any penalty.
And, yes, it is recommended to repay the loan as soon as possible. After the course, people get good jobs or get signing bonus, so they tend to repay a huge chunk of the loan reducing the financial burden. Early repayment would save you a lot of money that you’d have to otherwise pay as interest. So, repay the loan as soon as possible. Lower the outstanding principal amount, lower the interest you’d need to pay.
You can use the EMI calculator that is on our website to understand the calculations. You can also customize the settings according to your case.