Applying for an educational loan.
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Hi
I am planning to go abroad for my masters. For that, I want to apply for the educational loan from the bank. I have some savings (from my previous job). So before applying for a loan, I have some questions regarding educational loans:
- Which bank should I choose for applying for a loan?
- How is the Rate of Interest is calculated?
- What is the repayment period? Is it flexible or fixed?
- What are the penalty provisions in case of default repayment?
- What are the additional benefits I get along with the educational loan?
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There are numerous banks that offer educational loans. SBI, HDFC, and Axis Bank are the best banks for educational loans.
The interest rate depends on the amount of the loan and the type of course which you will do.
Most banks offer flexible repayment terms, which usually start within 6–12 months after the course's completion..
There are some banks that provide zero processing fees or discounts on interest rates for particular courses. Each bank has different penalties, and the best way to find out is to visit the bank.
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