2 crores from Syndicate Bank with
| Eligibility Criteria | Students who have secured the admission |
|---|---|
| Loan Amount | Up to 2 crores |
| Interest Rate | 13.25% |
Hereof, can I repay education loan early?
As education loans run for as long as 15 years, the interest liability can be much more than you could think of. But you can pay off the loan early to reduce interest payments. Paying off education loans before the scheduled close can be difficult. But if you plan your loan payment, you can do it.
Accordingly, how is EMI calculated for education loan?
You can calculate your education loan EMI amount with the help of the mathematical formula: EMI amount = [P x R x (1+R)^N]/[(1+R)^N-1] where P, R, and N are the variables. … As EMIs are paid each month, the duration is calculated in the number of months.
How is EMI calculated?
Equated Monthly Installment (EMI) Formula
The EMI flat-rate formula is calculated by adding together the principal loan amount and the interest on the principal and dividing the result by the number of periods multiplied by the number of months.
How much education loan can I get on 40000 salary?
Multiplier Method
| Salary | Expected Personal Loan Amount |
|---|---|
| Rs. 20,000 | Rs. 5.40 lakhs |
| Rs. 30,000 | Rs. 8.10 lakhs |
| Rs. 40,000 | Rs. 10.80 lakhs |
| Rs. 50,000 | Rs. 13.50 lakhs |
How much loan can I get if my salary is 25000?
25,000, you can avail as much as Rs. 18.64 lakh as a loan to purchase a home worth Rs. 40 lakh (provided you have no existing financial obligations.)
How much loan can I get on 35000 salary?
Here taking a salary as ₹ 35k, & without any fixed monthly obligation, you can pay a maximum of ₹ 17,500 as EMI considering 50% FOIR. If the interest rate is 10% per annum, the loan amount eligibility can be arrived at ₹ 20,46,586 using a home loan eligibility calculator (assuming 3 household members).
How much loan can I get on my salary of 15000?
A: A salary of Rs. 15,000 generally falls in the category of a low-income borrower group. So, an instant personal loan app with a maximum approval amount of 1.5 Lakhs can be availed by the borrower with a starting salary of Rs. 15,000.
Is education loan a good idea?
The quantum of loan also takes into account the course fee and the total income of the student’s family. Who is eligible? A student can avail the loan with the parents or guardian taken as co-applicants. Basically, the soon-to-be student is the main borrower.
What is Mclr?
Marginal Cost of Funds based Lending Rate (MCLR) is the minimum lending rate below which a bank is not permitted to lend. MCLR replaced the earlier base rate system to determine the lending rates for commercial banks. … It is an internal reference rate for banks to determine the interest they can levy on loans.
What is the interest rate for education loan in Canara Bank?
Education Loan And Other Priority Sector Loans
| Purpose | Skill Loan Scheme has been developed to support the national initiatives for skill development. |
|---|---|
| Quantum of Finance | Need based Finance in the range of Rs.5000 to Rs.1,50,000/- |
| Rate of Interest | On-going One Year MCLR+1.50% |
| Margin | Nil |
What is the minimum balance of Syndicate Bank?
Syndicate Bank is a nationalised bank with its headquarters in Manipal, Karnataka.
| Type of Savings Account | Average Monthly Balance Requirement |
|---|---|
| Special Premium Savings Account | Rs. 20, 000 |
What is the rate of interest for education loan in Syndicate Bank?
Syndicate Bank Education Loan Interest Rates
| Schemes | Maximum Loan Amount | Interest Rates |
|---|---|---|
| Synd Vidya | Rs.20 lakh | 9.75% to 11% p.a. |
| Synd Super Vidya | Rs.2 crore | 8.25% p.a. |
| Synd Vidya Abroad | Rs.1.5 crore | 10.25% p.a. |
| Synd Vidya Skill Loan Scheme-New | Rs.1.5 lakh | 9.65% p.a. |
Which bank is good for education loan?
Compare Top Education Loan Offers 2021
| Name of Bank | Interest Rate (p.a.) | Processing Fees |
|---|---|---|
| SBI | 6.85% to 8.65% | Rs.10,000 + tax |
| Axis | 13.70% to 15.20% | Nil to Rs.15,000 + tax |
| Bank of Baroda | 7.85% to 9.85% | 1% of loan amount up to Rs.10,000 |
| HDFC | 9.55% to 13.25% | Up to 1.5% of loan amount + tax |