I hv taken education loan for pursing MBA. In case I got a job whether Bank will recall loan or reschedule it?
Since I hvn't availed full loan amount the o/s amt should be rescheduled.
- 1 decade agoFavorite Answer
Since your question does not gives out fact very clearly , some of the answers you have received , even though correct , are general answer.
Whether you have availed full or partial is no issue , Rules says 6 months after the date of completion of your course, repayment along with interest in form of EMI should commence. Now in your case,
Question No.1 - has your course completed ?
Q.No.2 - Why you think bank shall recall loan ? Have you defaulted in your EMI or have very large Overdues outstanding pending with the bank ?
Q.No.3 - Why you want rescheduling of loan ? Are you still unemployed after completion of the course ?
If answer is yes , whats the guarantee that you will get the secure job after sometime ? Do you have a potential offer from some company ?
If yes, you do have potential offer , then perhaps bank could consider rescheduling .
Friend, be careful , now a day Personal Credit Rating Agency have open shop in India. Even default of one EMI could spoil your credit rating & in future you will have problem getting any kind of loan. Bank wont pass on adverse report if you rescheule the loan & then maintain regular payment record as per reschedule chart .
- TinaLv 44 years ago
Contact the Bank nearest to you to apply for educational loan .Commercial as well as co-operative bank shall help you in extending an educational as per the prevailing rate of interest .The loan amount shall be re-paid either in monthly instalments after getting job or interest shall be remitted now on wards . All the terms and conditions can be settled on contacting with the bank .
- charlatanLv 71 decade ago
usually after six months from the date of completion of the course,the bank will send you / borrower a letter indicating the amount of the loan disbursed and monthly installment to be paid by the borrower and duration for which payment is to be made.
you need to repay the loan amount actually disbursed and the interest there on.
six months is a moratorium period,which is allowed to you, to get a job or starting earning. interest will be charged for that period as well.
rescheduling arises when you default and accumulate a large outstanding.
an MBA is expected to understand / be aware of such essential information.
- 1 decade ago
Rescheduling is not possible in normal course,you have to pay availed loan including interest after gettin the job.
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- Anonymous1 decade ago
EDU LOAN IS GIVEN FOR PURSUING A SPECIAL COURSE IN A SPECIFIC TIME & THE PAYMENT IS MADE DIRECTLY TO THE INSTITUTION.REPAYMENT USUALLY STARTS AFTER 6 MONTHS OF COMPLETION OF COURSE OR GETTING JOB WHICH EVER IS EARLY.SINCE YOU HAVE GOT A JOB ,R U STILL PURSUING UR COURSEOR LEFT IT.IN FIRST CASE U CAN ASK THE BANK TO RESCHEDULE REPAYMENT TO START EARLY AS U R IN POSITION TO REPAY ,IN 2nd CASE BANK WILL RECALL THE LOAN ALONG WITH SOME PENALITY CHGS.
- SRINIVASAN RLv 51 decade ago
You have taken education loan on pledging some property or with guarantor. Once the term you have informed over then you will get the notice from the Bank.