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- Опубликовано: 10 апр 2019
- Education loan interest rate: Simple or Compound?’ is the 12th episode of our web-series, ‘Loanflix - abroad education loans simplified.’ Start your abroad education loan process by requesting a call back @ www.wemakescholars.com/study-...
Our Financial officer will get back to you and assist you until the sanction
Think along these lines if you plan on approaching private lenders for a non-collateral education loan. While discussing your education loan interest rate terms with any of the private lenders, what exactly do they tell you? Is the word ‘simple interest’ used wrongly? Are there hidden meanings in their terms and conditions regarding education loan interest rate? If these questions worry you, look no more! This episode- ‘Education loan interest rate: Simple or Compound’ will clear the most basic doubts regarding education loan interest rate. Our experts do so, by taking the example of HDFC Credila interest rate, which is one such private lender of education loans.
The following are the important sections of this episode:
Definition of simple interest and compound interest with examples (1:34)
Here’s the Catch (2:57)
Example: Credila education loan without collateral (3:59)
There’s more to it! (6:28)
Who actually charges Simple Interest? (7:17)
The conclusion and hack (7:56)
Loanflix is the most comprehensive web-series on abroad education loans. The motive is to empower students and their guardians so that they can take an informed decision about the education loan.The titles of our previous 11 episodes in this series and their links are as follows:
#1. Introduction to study abroad education loan - y2u.be/-TJ0XCrL0dw
#2. Secured education loans - • Collateral #EducationL...
#3. Abroad Education Loan without collateral - • Abroad #EducationLoan ...
#4. Documents for Education loan - y2u.be/5PtpYVQ7Oo8
#5. SBI education loan for abroad studies - • #SBI Education Loan fo...
#6. SBI Education Loan- Documents, Process & Timeline - • #SBI #EducationLoan: D...
#7. Bank of Baroda Education Loan for abroad studies - • BOB Abroad Education L...
#8. Education loans from Government Banks, Issues and solutions - • #EducationLoans from G...
#9. Unsecured education loan from NBFCs - An overview- • #Unsecured #EducationL...
#10.1 International Student Loan: Prodigy finance student loan & MPower finance (Part 1) - • International #Student...
#10.2 International Student Loan: MPower finance & Prodigy finance foreign education loan (Part2) - • International Student ...
#11. Education loan for abroad: Public banks vs. Private banks/NBFCs - • #EducationLoan for abr...
We hope that by the end of this 12th episode, you may be clear on the interest rate policies of private lenders for education loans. If this episode has helped you, and if you look forward to watching more such of them in this series, please do subscribe to our channel to avoid missing important updates regarding our future episodes. Also, do like and share with your friends. Good luck!
Script editor- Arjun R Krishna
Shot, Edited & Directed by Sreeman Reddy
About the Presenter - Damini Mahajan is a visionary entrepreneur and the co-founder of WeMakeScholars.com, an education finance start-up for international education. Damini has been mentioned in the "Top Women in Tech" list by The Asian Entrepreneur. She has also been awarded as the winner of the Silicon Valley Challenge by Action for India 2016 and was in Top 75 start-ups in Power of ideas by Economic Times at IIM Ahmedabad.
Stay connected to know more:
- Like us on Facebook - / wemakescholars
- Follow us on Twitter - / wemakescholars
- Follow and tag us on Instagram - / wemakescholars
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- Contact us at hello@wemakescholars.com
wow.., this is such an eye opener..!! you guys are amazing, keep up the good job and god bless you for helping all those students who come to you.
Thanks for your kind words! :)
For more such information on education loans, you can request a callback with our team on the following link: bit.ly/education-loan
Its totally fake don't waste ur time.. without colletral they don't provide u loan.. even ur abroad university is of top level
@@manpreetchahal7757 Well.., you are wrong!, I Applied for SBI loan and it was exactly as they said., I didnt have any collateral, i just had to declare my families total assets and income to prove that it can be paid of.
Thank you so much for helping us, students. I'll be the first one to request a call back next year when I'm applying for a student loan.
Hi! Thanks a lot! We are always glad to help students with their education loans! We look forward to guiding you with the same when you're ready for it.
Mam I won't know about subsidiary. I saw that below 4.50 L/annual income will get subsidiary.Is that the simple interest is paid by the government by this subsidiary at the moratorium period.
Hi Abind, yes, in such scheme if you are selected, then the interest during the moratorium period is waived off by the govt. It is not open for all. They do have a selection for the same. This is with nationalized banks like SBI. Drop an online application for SBI @ www.sbieducationloan.co.in/
Hello, thanks for amazing video.
Please answer the below questions:
a. What is the range of moratorium period provided by lenders?
b. How is the interest charged during moratorium period? (Simple or Compound)
c. Is the interest charged on a monthly/quarterly/yearly basis?
d. What if the (Principle amount + Interest) is completely repaid during moratorium period (after graduation)?
I'm sure many of us have these questions, please provide your response for the same.
Even I would like to know this.
Hi Shreyas,
a. The range of moraorium period for government banks is course duration + 6 months or 1 year.
b. During moratorium period, government banks calculate interest on Simple Interest basis.
c. Interest is charged on a yearly basis.
d. That is possible.
@@WeMakeScholars what about the NBFCS LIKE Auxilo,Incred& Avanse
@@srikanthpotta970 Hi Srikanth!
a. Moratorium period for private lenders also would be course duration + 6 months
b. During the moratorium period, private banks lenders charge you either simple Interest/partial simple interest and it is made mandatory to pay.
c. Interest is charged on a yearly basis.
d. You can repay your loan amount during the moratorium period but some private lenders say that you can only close the loan after 6 months of your first disbursement
@@srikanthpotta970 If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
do other NBFC's like Avanse, Incred and auxilo charge Compound or simple interest and how are they difference from Credila
Hi Giridhar, when coming to the rate of interest, other NBFCs also charge the same way. WeMakeScholars is associated with all these lenders except Credila. WMS was associated with Credila too until a few months ago. But, Credila has been blacklisted due to a high volume of student complaints. WMS team regularly checks the terms and conditions offered by these lenders so that they don't overcharge students for the education loans. If found any major issues, WeMakeScholars blacklists such lenders. Like what happened with Credila.
Other than this, make sure you apply via WeMakeScholars as there are multiple benefits like:
1) Lowest Interest rates offered
2) Necessary deviations possible in your case with negotiations
3) Best customer service with end-to-end coordination
4) Upto 3K is offered as cashback
Check out your eligibility @ www.wemakescholars.com/check-your-eligibility
Hello, there's two types of personal loan
1. state run cooperative bank is giving 6 lakhs for 6 years on 12% simple interest
2. SBI Xpress loan is offering 6 lakhs for 6 years on 11.7% compound interest.
Which one will be best?
Hi! You may watch this video on why education loans are a better option than personal loans to fund your higher studies: ruclips.net/video/qePGET8yE3M/видео.html If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
You're are really wonderful.... I'm sure whoever watched this series (like me) will definitely extremely impressed by your honesty level....
Hi Johnny! Glad that you found the videos helpful. For further one-on-one guidance with the loan process, please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
Hi,
I have doubt about conversion rate or commission while converting INR to USD. What would be the effective rate considering this? [ Assumption is that loan is from public bank may BoB or SBI ]
Hi Sumit, the average bank charge will be 90 paise to 1.1 rupees per dollar. To check it by yourself, google USD to INR, you will get a rate. That is called as mid-rate. Then, google SBI selling rate USD today, you will see a PDF which will be updated less than 24 hrs ago. Check the selling rate in that.
A doubt: If I pay an amount in the first year more than the interest monthly or yearly will the total interest reduce?
Eg: In a 10L loan, I paid 1,50,000 in the first year, will my next interest be calculated on 9.5L from the next year?
Thank you
Hi, Ashik! Yes, the interest will be calculated on the outstanding principal amount. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Just a month ago I got them red handed! They were deliberately equivocal. Beware guys. a good eye opener that most of them don't speak about. Thanks a ton for doing to the community !
Hi Akash! Thanks for your words of appreciation. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
I just contacted credila regarding the same and they said the difference gets added on the principle amount. All other NBFCs also do it the same way right? What difference can Wemakescholars create with respect to this parameter?
Hi, Tom! Yes, all the other NBFCs follow the same. This video was made to create awareness about the differences in the policies between government banks and private banks/NBFCs. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hello Dhamini, the video was very informative. I have a doubt tough , just wanted to know if the loan would under simple interest post the moratorium period (2.5 years for MS) . And also to sanction the loan money will there be conversion fee (USD to INR)
Hi Jatin, thanks.
1) Any bank (public/pvt/NBFC) would charge compound interest after the moratorium period. Thing is during the moratorium, the public banks charge simple interest, which saves a lot for you.
2) No conversion fee to sanction the loan.
Better drop a callback request and check the advantages of applying via WeMakeScholars @ www.wemakescholars.com/study-abroad-education-loan so that the financial officer can guide you better.
So what is the compounding policy for incred, avanse and auxillo?
Hi Biljith, Apologies for the delayed reply.
It remains the same for all the NBFCs. But, when you apply via WeMakeScholars, you get a guaranteed 0.5% discount on the usual rate of interest when compared to applying directly or via other means. Also, you get up to Rs 3000 as cashback (as per your disbursements) as the initiative is funded and supported by the Digital India Campaign and you're indirectly supporting it by applying via WeMakeScholars. Check @ www.wemakescholars.com/study-abroad-education-loan
Thank you so much for these videos.
I see a lot of misinformation out there, it is good to have a reliable source to crosscheck the facts and be guided down the right track.
A friend suggested me to check this out, I love the concept and have requested a call back request.
You guys really made my task easier to seek education loans. I was going for an expensive bank, but now I know after watching your videos I do have cheaper options where I can understand all the terms and conditions before hand and go ahead reassured.
Hi, Deepanshu! Glad to know that you are benefitting from the videos. Please feel free to reach out to our team for any queries.
@@WeMakeScholars How long does it take to receive a call back From We Make Scholars? I have requested a callback a week back and I still haven't received a callback
@@deepanshuagrawal6300 Sorry to hear that. Please share your registered email address. The loan team will contact you ASAP.
@@WeMakeScholars deepanshuagrawal440@gmail.com
Thank you for replying here.
I will be expecting a call back
@@deepanshuagrawal6300 Your Financial Officer got in touch with you. Hope your queries have been resolved. Please feel free to reach out to him for any further questions.
If we take 25lakhs loan in collateral with interest rate is 10% for 6years with 2years morotoriam period, how much money we have to pay with principal amount
Hi Prudhvi, the most important factor is the date and amount you disbursed from your loan account. Please speak with our loan team who will answer all your queries in detail: bit.ly/education-loan
Great Information thank you so much u guys are doing great job
Nice to know that it was useful.
Hey, they have changed it now. I asked the question to the representative and he replied it won't be compounded. Interest would only be charged on the principle amount.
Hi Nishit, No. It is incorrect. Credila representatives do tell that it will be on the Principle amount. But did you cross-question him asking if your interest per month is 30,000 and you have been given approval to pay partial interest of 5000 per month during study period, what happens to the remaining 25,000? Does it get added to the Principle amount or not? Ask with this clarity, then only you will get the right answer. There is no change in policy at their end, that I'm sure of.
@@WeMakeScholars I'll verify again, thank you for your response
@@haricharan408 Hey so what happens after our education is over, the accumulated unpaid interest will be added to principle amount and no interest will be charged on it. After our education is over that principle amount plus unpaid interest will be compounded from next year right?
Hello maam, ICICI Bank has offered me simple interest in which I do not have to pay any interest during the moratorium period. So can yu confirm if it is simple interest or compound ?
Hi Vibhuti, it's important to clarify that during the moratorium period, you don’t have to pay EMI. However, in the case of private banks like ICICI, paying simple interest is mandatory in this period. If you fail to pay the simple interest during the moratorium, it may result in the interest being compounded. If you’re facing any issues in your education loan process, kindly contact us at bit.ly/48cTdcR. Our loan team will get back to you shortly and provide necessary assistance and guidance.
What if we cannot pay simple interest to govt banks during the moratorium period?? Does it get added to principal like how private lenders do?
Hi, Sumanish! Government banks charge simple interest during the moratorium period but you can pay it after the moratorium period. This means that the interest accumulates during this time but only has to be paid after the moratorium period. No, compound interest does not apply in government banks. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hi ma'am,
I actually have a doubt or just need a clarity again,
For suppose i took an education loan of 10 lakhs.
Ante the repayment holiday period is 3 years where as my course is of 2 years.
In this span of 2-3 years, if i have collected some money, can i repay the loan amount i.e principal+ interest at a time. For say i have 2 lakhs, can i deposit it at the bank and my loan amound will reduce to 8 lkhs?
Hello, Sanjana! Yes, it is possible. However, private banks and public banks have different repayment rules. Request a callback with our loan team by clicking on the following link: bit.ly/education-loan They will explain it to you.
Beautifully explained. But the problem with psu banks is they dont provide the loan on time , they would ask tonnes of documents which in cases of property mortgages ( without any existing loans ) becomes explicitly difficult. A middle class salaried employee is not the one who would run away after taking the loans ,they would rather die repaying the loans so that their families aren't burdened. If our psu banks operate in a similar fashion as of their counterparts, there would have been no need for privatisation of banks.
Hi, MSanat! Yes, we are aware of the problems students face when applying to public banks on their own. That is why we recommend applying via WeMakeScholars from the very beginning so the process becomes easier. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Mam punjab national bank considers compound interest or simple interest ?, I took 1 lakh rupees for 2 year what will they charge, and after 2 year what will be my all amount with interest ?
Hi, Deepak! Please watch this video on How to accurately calculate EMI for education loan: ruclips.net/video/jcl5wMoeBKk/видео.html
Mam, I've applied for education loan through WMS , and my lender (from avanse) is saying that I'm not eligible for simple interest so I've to pay partial interest, but I want simple interest, what should I do
Hi Kalpana! NBFCs ask only for the partial interest payments but the full simple interest. Your Financial Officer will be reaching out to you soon regarding the same.
Does my loan interest starts after the (2 yrs+ 6months)grace period or just after the day I take out the loan ?
Hi! It depends on the type of loan. If you have taken a secured loan from a government bank, you will not have to pay interest during the moratorium period (course duration + 6 months/1 year). The interest accumulates and you can pay after the moratorium period. If you take an unsecured loan from a private bank/NBFC, you will have to make either full or partial interest payments even during the moratorium period. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hello ma'am, you said that they charge Simple interest during the study period but they don't take margins in the loan amount while the banks take 15% percent of the loan money, for example, I applied the loan for 30L after the margin they gave 25 lakhs. So isn't it almost same even if we pay SI during 2years, it will be less than the margin or equal to that of margined money?
Hi Imran, I believe you are confusing two concepts. Watch this video to get an idea about loan margin: ruclips.net/video/dBe8ssqusYE/видео.html
Hello mam
Please clarify my doubt....
If I take a loan of 10 lakhs. And I want loan for undergraduate studies abroad. So, during moratorium period which is 4 yr+6months, which interest is calculated in this period (sbi).
Hello! During the moratorium period, interest will be calculated in Simple Interest basis. Compound Interest begins only after the moratorium period. You can start your SBI Loan process by filling the form in this link: sbieducationloan.co.in/
Very informative,Explained very precisely
Cleared my doubts ... ....
Hi Sachin, I am glad that this video helped you. Please get in touch with our team by requesting a callback on this link: bit.ly/education-loan
Hi madam i have taken education loan amount of rs 2.5lakh on 2006 and Rs 3000 interest is paying by my parent , after complete my education and till 2019 still havent pay any amount only intetest is paying by parent . I want to know what should be the total amont is remaning and i want to do one time settlement , but now i am not working. I forgey about this loan and i got information from my parent compound interesy is going on. I want to clear this issue and help me out.
Hello Amit, WeMakeScholars is not authorized to process loan schemes from government banks that are below Rs. 8 Lacs. I suggest that you visit the branch you took the loan from. They will tell you how much is the outstanding amount, and whether one time settlement is possible for your loan scheme. Good luck!
In case of scholars loan if coborrower can repay in excess of accrued interest during moratorium period/study course of borrower student?
Hi! It depends on the type of loan. If you have taken a secured loan from a government bank, you will not have to pay interest during the moratorium period (course duration + 1 year/ 6 months). The interest accumulates and you can pay after the moratorium period. If you take an unsecured loan from a private bank/NBFC, you will have to make either full or partial interest payments even during the moratorium period. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
She is not only clearing the doubts but is also ready to play with the cheap rules that banks are using to play with the students. Brave lady. Gratitude. ✌🏻
Hi, Sharath! Thanks for your words of appreciation. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
I had disbursement from sbi 15 days ago and now today I got message of EMI overdue can you please tell me that can if i pay interest yearly to the bank then weather it is acceptable or not
Hi RK Patil, Did you report this to your financial officer at WeMakeScholars? If not, do this at the earliest. We might be able to help you on this. Please get in touch with our team by requesting a callback on this link: bit.ly/education-loan
Please provide few more detailed information about prodigy finance...like prodigy provides option to strat paying emi after successfull completion of masters ...and exact tenure starts from 6 months after graduation..... One last and final question...will you please tell about How is University of Dayton for masters in computer science?
I need overall overview about University along with job and career insights....
Hi Sai, apologies for the delayed reply.
Think twice before you go to Prodigy. You tried all other options but was it on your own or you tried via WeMakeScholars? If it was on your own, just try via WeMakeScholars also one. There have been many cases wherein the students were not getting a sanction when they applied on their own, but got one when they applied via WeMakeScholars. Hence, that would be the first thing you should try.
Speak with our team @ www.wemakescholars.com/study-abroad-education-loan
Secondly, I'm not sure if you went through the 10th episodes in our Loanflix series? if no, check them right away, You can see how you'll be paying a few lacs extra by going with an international lender:
10.1: ruclips.net/video/YEcdfZ0bh1M/видео.html
10.2: ruclips.net/video/D5BdvJd113g/видео.html
www.wemakescholars.com/blog/prodigy-finance-and-indian-public-banks-myth-vs-reality/
Great and informative 🙂 . Can you do video on how loan disbursement in SBI global edvantage takes place ?
Thank you! Sure, noted that.
Please share the episodes with your friends.
Indian Bank is offering me education loan but applying compound interest right from the loan is sanctioned should I consider it
Hi Aryan! The education loan product of Indian Banks is not very competitive compared to the other options in the market. I think it will be a better idea to speak to our Financial officer to see which bank will offer you the best terms. Please connect to our loan team by requesting a callback on this link:bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
But sbi is also asking to repay interest generated every month and if not paid this will be added to principal amount
Hi! Government banks charge simple interest during the moratorium period but it can be paid after the moratorium period. After the moratorium period, interest is compounded. Please fill up the application form on this link: sbieducationloan.co.in The loan team will get back to you to guide you further.
Hello, Ma’am this was a very informative video,
But can you make video where total amount is not disbursed at once and disbursed semester wise every 6 months, also some banks such as SBI changes “simple Interest” till Moratorium +grace period and charges “Compound Interest” during your payback, so how to calculate combination of Simple and Compound interest - with the help of we make scholar calculator it does not count simple and compound interest combination. Can you make a video or guide us how to calculate it?
Hi Henry! Thanks for the suggestions we will definitely look into it, and we are glad you found the video informative. For further one-on-one guidance with the loan process, please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
Ma'am I'm a undergraduate Btech student, 7th semister.
i took SBI educational loan where the past bank maneger told us about simple interest, and terms condition explained as interest will charge after 1 yr of course completation or 6 month of joining any job..
But recently, present bank maneger said that interest already started upto 35k.....
How's possibly...??
i neither complete my course.... nor join any company !!
What should i do now ma'am.....please suggest me..
Hi, Samim! For the SBI 7.5 lakhs loan, the interest payment starts during the course period. Please approach your bank manager and clear any pending amount.
Mane 4 lakh ka education loan liya h 2014 m,2 017 m education puri ho gyi sbi se liya h ab tk repaymnt start nhi kiya h. Kaise payment karna hoga emi kya hoga?? Kaise jaldi khatam kare??
Hello Sugandha, hum sirf abroad education loans process karte hai. Aap aapke bank mein jaake ye issue clarify kariye.
If i takem loan of 22 lac and my for 5 and course fee is 3.5 lac per year so interest on it will taotal 22 lac or only interest of 3.5 lac or total 22 lac interest i have to calculated please tell me about yearly fee basis
Hi, Aftaf! Interest will be charged on the whole loan amount (22 lacs in this case) which you will have to repay along with the EMIs after the moratorium period. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Could you please explain by paying principal amount does the repay amount gets lesser ?
Hi, Divya! Yes, if you keep paying the principal amount, the total amount that has to be repaid will reduce. You may watch this video on how to calculate EMI for an education loan: ruclips.net/video/jcl5wMoeBKk/видео.html If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Mam i can't pay simple interest rate every month ?? I there any option please tell me mam ... Even m also talking with ur team .. but I don't get any solution 🙏
Hi Anisha! Kindly share your registered E-mail address so we can locate your profile and help you out with the same.
icici bank is also having the same clause, not just hdfc credila , what can i do to waive this off?
Hi, Annanya! All private banks and NBFCs will have this clause. Hence, it is better to go with public banks. For assistance with your education loan, please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you within 24 hours.
Thanks for your Helping hand... no body explain underlying things in current time... thanks again..
Hi, Anmol! Glad you found the videos helpful! If you need more detailed guidance on your education loan, you can request a callback with us here: bit.ly/education-loan
Could you tell me what is part period interest?? Now iam in moratorium period but every end of the month part period interest is implemented on my loan amount...will I need to pay that part period interest??
I availed loan in sbi and the manager said there will be no interest during moratorium period.
Hi Prakash, we will have to check on this. Please email us the concern to hello@wemakescholars.com along with your WeMakeScholars registered email id.
Could we change our choice of interest like right after graduation? For example, if I wanted to take a compound interest with accumulated interest, and then unable to find a satisfactory job which lets me pay that accumulated interest each year, could I change the plan to simple interest? I will definitely call you when it’s my time to apply for an edu loan in the next few years.
Hi, Bhavana! To be honest, I didn't get your question completely, but let me clarify. Whether the loan interest rate is charged as simple interest or compound interest, that is not your choice. The lender will decide this. For further guidance on your education loan process and repayment terms, you may connect to our loan team by requesting a callback on this link: bit.ly/education-loan
What about Avanse? They charge simple interest or compund interest?
Hi Zertab! Simple interest will be charged during during the moratorium period and after the moratorium period ends it will be compound interest. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Extremely informative series!
Pls keep sharing, thanks!
Thank you very much for your help ❤️
Hi, Pujaarchana! Glad to be of help! If you haven't yet gotten in touch with WeMakeScholars, you can do so by requesting a callback on this link: bit.ly/education-loan
maam thank you for the information,maam i just want to clear if i take 15 lakhs loan from WMS how much monthly intrest i have to pay.
Hello Parveen, please note that WMS is not the lender here. We connect you to the best lenders and at the best terms :) Interest depends on many factors... ROI and the amount that you disburse are the major criteria. Please speak to our loan team here: bit.ly/education-loan They will explain everything to you...
What will be the emi for the loan amount of 15 lacks and my moratorium period is of 6 years, and repayment period is of 14 years......plz tel
Hi, Rishabh! You may use this EMI calculator to calculate this: www.wemakescholars.com/education-loan-emi-calculator If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Thank you for the information mam.
Hi, we're glad you found the video helpful. Do subscribe to our channel and share it with your friends in need. Thanks for writing to us.
What about prodigy finance
Do they employ simple or compound interest
During the moratorium period they charge Simple interest, but in US Dollars. After that, it is starts compounded.
@@WeMakeScholars Do they compound annually or monthly?
Help me mam , union bank se education loan liya hai and they are charging 8.80 % monthly from the 1st day i take loan
Hi, Ishank! Sorry. As your loan was not sanctioned via WeMakeScholars, we will not be able to help you with this.
really amazing.... just one doubt...suppose I've taken a loan of 10 lakh rupees...my course duration is of 24 months and your telling that simple interest is added every month from the beginning...shuld I pay that every month or can I pay that simple interest 24 months after completing my course...kindly reply ASAP...
Hello Suraj, since you mentioned Simple Interest, I'm assuming you are talking about an education loan from a government bank. Both options are open. You can pay either while studying, or 6 months after course completion... You can clear any further doubt that may arise, with our loan team here: bit.ly/education-loan
so, by paying full simple interest every month is beneficial?
Hi Shaik! Yes, it is beneficial to the applicant and the co-applicant to pay full simple interest instead of partial simple interest because the difference gets accumulated and it is added to your principal amount, as a result, your interest starts getting compounded. It might be a little confusing to understand all at once, so we suggest you request a callback using bit.ly/education-loan , So our Financial Officer can contact you and help you get an education loan suiting your profile, clearing your doubts regularly along with your loan process.
When Will start the interest after getting education loan... ?
Hi, Faruk! For secured loans with public banks, interest payments start after the moratorium period (course duration + 6 months/1 year). If you go for an unsecured loan with a private bank/NBFC, interest payments will start immediately after disbursement. For further guidance with your education loan, you can connect to our loan team by requesting a callback on this link: bit.ly/education-loan
Is it possible mam that we pay the whole intrest plus loan amount after we complete our graduation?
I didn't completely understand your question Harsh. But yes, payment of your loan- the interest and the principal amount begins after you graduate. If you have any other query, you can speak to our loan team here: bit.ly/education-loan
Suppose if I take loan for 2 years course. Do I have to pay intrest for duration of course too ? Or intrest would start after my graduation.
Hi, Kiran! It depends on the type of loan. If you have taken a secured loan from a government bank, you will not have to pay interest during the moratorium period (course duration + 6 months/1 year). The interest accumulates and you can pay after the moratorium period. If you take an unsecured loan from a private bank/NBFC, you will have to make either full or partial interest payments even during the moratorium period. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
I spoke with branch manager. He's saying intrest will start from day one.
First of all, it's a great initiative.
Second of all, I have applied for an education loan in bank of baroda. I have few queries regarding how simple interest is calculated if payments are done on partly basis to college.
Example: if i take a loan of 12 lakhs, and bank disburse only 3 lakhs as my first installment, later on after 3 months, bank pays another installment for 3 lakhs. How it will calculate the simple interest, will they calculate on total 12 lakh or disburse amount at that time?
Looking for a fast and positive response.
Manish, thanks for your comment. As your query needs a detailed explanation, I would highly recommend you to drop an application with your basic profile at bit.ly/BOB_ApplicationForm so that the financial officer will contact you and discuss your profile in detail. You may list down all doubts and ask too. Thanks.
Mam i want study mbbs in Russia i want to know interest rate will count in date of taking loan or after completing the mbbs intereste start
The interest will be calculated from the date that you withdraw some money from your loan account. But payment will begin only 6 months after graduation.
Mam bank apply interest after the loan sanction or after the completion of my course period? Please reply mam
Hi, Harsh! It depends on the type of loan. If you have taken a secured loan from a government bank, you will not have to pay interest during the moratorium period (course duration + 6 months/1 year). The interest accumulates and you can pay after the moratorium period. If you take an unsecured loan from a private bank/NBFC, you will have to make either full or partial interest payments even during the moratorium period. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hello Ma'am, can I pay more than what I have asked to pay on Simple interest? For eg. My simple interest in 10000 INR per month. Can I pay 15000 per month during moratorium period? What benefit will it give me?
Hi, Asmita! Yes, you can do that. It will help you repay your education loan faster. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Mam. I took an education loan in 2016 january. The money was given to me in 8 parts in each semester. I want to ask u how the interest will be calculated?? Bcz the bank didnot give me the total sanctioned amount at once.
Hi, Anand! The interest will be included in your EMIs. Every month, you will pay a component of the principal loan amount + annual interest on total loan amount disbursed/12.
@@WeMakeScholars mam if i m able to pay the loan including the interest till now , can i do it??
@@WeMakeScholars mam i m giving u the details. My loan amount is 296000. Tha bank gave it in 7 parts.
During my moratorium period interest has been charged.
From 2020 july . I have to pay the emis.
If interest rate is 11.5 percent, and time is 5 years then what should be emis??
Bank is telling that i have to give 10000 per month
Mam, what about other NBFC like Auxilo and Avanse?
Hi ! Interest will be compounded in case of NBFC's but however they will only ask for partial interest payments during the moratorium period. For further guidance please connect to our loan team by requesting a callback on this link:bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
Mam CSIS scheme (2009) applicable for abroad study's?
Hi, Harsh! No, the CSIS subsidy is only for students studying in India.
I took education loan of 19lac at 15% for 10 years and also paid 3 lakh in advance as pre MI and now i want to pre close after 6 months , so can you please suggest me how much I have to pay after 6 months.
Hi, Bashant! You can directly let the bank know that you want to pre-close the loan and close it. You will have to pay the remaining loan amount.
Hi Damini, I have taken loan of 5 lakh at 10.4% interest rate. I am now paying tax in top bracket, should i keep paying my EMI for a tenure of 8 years or should i pay it as soon as possible. Will it help me in tax saving and reduce my tax burden and overall rate of interest also by saving tax
Hello Swapnil? Is this an education loan you are talking about? Was it to study in India? Which course?
@@WeMakeScholars Yes, Education loan for MBA course in India
Hello Swapnil, we process education loans and provide guidance only for Study Abroad cases.
If we take collateral free loan say 20 lac.. .... Nd 1st disbursement say 2 semesters fee...for examples 10lac. transfer to college ....then exactly when should we have to pay the interest amount and on which amount 10lac or complete 20 lac...
Hope uhh understand whats my query is???
Hi, Deepika! You will only be charged interest on the disbursed amount. You do not necessarily have to use the entire amount that is sanctioned to you. The sanctioned loan amount refers to the loan amount allotted to you by the lender. The disbursed loan amount refers to the money that is actually being used by you to fund your studies.
If you have taken a secured loan from a government bank, you will not have to pay interest during the moratorium period (course duration + 6 months). The interest accumulates and you can pay after the moratorium period. If you take an unsecured loan from a private bank/NBFC, you will have to make either full or partial interest payments even during the moratorium period. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
@@WeMakeScholars moratorium period starts right from the end of course....
Or it means aftr 1st disbursement we have to pay aftr course completion or before course completion
@@deepikabisht2428 If your course is a 2-year course, the moratorium period will be 2 years + 6 months/1 year. You can start repayment after this. However, if you take an unsecured loan from a private bank/NBFC, you will be paying interest even during the moratorium period. For further guidance, please connect to the loan team here: bit.ly/education-loan
Good catchy point. But how about NBFCs? what differently wlll they do as against credila?
Hi Vidya! Can you please eloborate your question.
Dayum it seems like you really have a problem with Credila 😄 .... Good explanation though 👍🏼
The video does sound like a debate in favor of one party, but believe me if you have to bring out the truth, you really need to brutally open the whole matter and read between each and every line.
Hello..!
I've taken a loan in corporation bank unde vidya lakshmi scheme for an amount of 750000 , @10.65% they processed and gave it immediately, but they charged interest from the day they reimbursed it. And they asked me to start paying after 2 years. it got summed up to 9lakhs.everything was fine. But now they charge an emi of 8320 rs, but they still also keep adding interest to it. Is it legitimate , if so please explain .if emi is started , evn then why they are still charging interest ?
Hi, Pavan! Yes, banks charge interest even during the moratorium period. Please speak to your bank branch. They will explain the break up to you.
@@WeMakeScholars glad you replied. I will talk with them and tell the further update. THANKYOU so much. We need more startups like these. 🙏
pavan nitish Sure. Meanwhile, do use our EMI calculator so that you can get the numbers right www.wemakescholars.com/education-loan-emi-calculator
Ma'am thank you so much for your explanation..... I am an account background student and that's why as per our agreement Nd everyone's agreement around me with credila let me inform you that yes they do charge compounding on monthly basis also infact in the partial interest case the interest amount left is also compounded..... you're doing a lovely work ...... Unfortunately I have seen this video a little late and now stuck in the debt trap of credila idk what to do or how to do
Hi Aryaman, we can help you by transferring your Education Loan to the public bank where you only need to pay simple interest. To request a call you can visit bit.ly/3MVP0Sy our team will contact you within 48 hours.
A very good article . Do all nationalized banks charge compound interest during study period plus moratorium ?
Hi, Arun! Nationalized banks do not charge compound interest, but they do charge simple interest. This accumulates during the moratorium period (course duration + 6 months/1 year) and can be paid after the moratorium period. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Mam can you make the video on CGTMSE loan scheme...
Hello Chetan, I will forward your request to the relevant team. They will review it.
Very informative!
Can you Plz make a video abt how to pay back education loan quicker by EMI
Hi Varun, that's a great idea! We will work on it :) Meanwhile, you could make use of the help provided by our able loan officers by requesting a callback here: bit.ly/education-loan
When should I start loan process l govt bank for fall 23
Hi Mukesh! We suggest the students to talk to our team before they plan their academic journey abroad. Being one step ahead when it comes to funding your higher education is a good decision. You may register your details with us and request for a callback from our team at bit.ly/wmscallback and they will get back to you at the earliest. Thank you for writing to us.
Hello there,
Leapfinance have offered me an non collateral educational loan of 40k USD at 9.3% interest. Although their Non collateral interest rate is comparitively lesser than other NBFC's, is it really good to go for this ?
Hi, Silvister! I would suggest you get in touch with WeMakeScholars so the team can advise you further on this after evaluating your profile. Please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
Mam I have taken a 226000 education loan on 9.3 from SBI for two years 1 year moneturium period how much I gave to pay as emi
Hey! Use our EMI calculator at www.wemakescholars.com/education-loan/emi-calculator. Input your values to know your EMI effortlessly! Experiencing any hurdles in your education loan process? Request a callback at www.wemakescholars.com/education-loan and our loan team will promptly assist you with your queries.
Hello ma'am thanks for this eye opening video .
Actually My father's income is below 1.5 lakh p.a. Do i get the benefit of EWS(economical weaker section) if yes then what type of documents will be required?
Hello Yogesh, there are some other criteria that will be taken into consideration. Please get in touch with our loan team so that they can guide you accurately. bit.ly/education-loan
Hi
I have taken 10lacs loan for 3 years and my EMI is 34178/month, I want know how much % I am paying.
@@jameelakhtar190 Hi! Which bank did you take the loan from, and when?
@@WeMakeScholars HDFC, 1st instalment 6th April-2019
Can u please explain me how vidyalakshmi portal interest works
Hi, Vidyalakshmi is a portal where you may apply for education loans. The interest
rate would depend on the bank you take the loan from. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
HI Madam good afternoon.
I don't have any co-applicants and co-borrower, and don't have security also.
Can I eligible for education loan
I want up-to 8 Lakhs loan
Hi Sri Shailam, to be very frank it will be quite difficult for you to get a loan without a co-applicant or collateral.... The lending agency has no backup to fall back on. Try arranging some collateral?
Hi maam you told that there will be no amount should be paid during the moratorium period . And the interest will be started calculating after the moratorium period . Now in this video you're saying that we should pay the interest of the moratorium period after completing the graduation ☹️ .
Hi, Nikhil! If you apply for a secured loan with a government bank, you will not have to pay EMIs or interest during the moratorium period. However, unsecured loans with private banks/NBFCs require you to make interest payments during the moratorium period. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Intrest kaise lagega simple or compound interest???
Hello Sugandha, saare banks ka interest calculation alag hota hai. Voh depend karta hai aap kaunse bank ke saath loan karvaate ho. Aap humare loan team ke saath aapke profile discuss kar sakte ho aur voh aapko required information denge: bit.ly/education-loan
Eyeopening Video.... 👏🏻👏🏻👏🏻
Hi! Glad you found the video helpful. For further one-on-one guidance with the loan process, please connect to our loan team by requesting a callback on this link: bit.ly/3KLb0zu Once you fill out the form, they will get back to you to guide you further.
Nice explanation, thanks my eyes are opened.
Hi! Glad you found the video helpful. For further one-on-one guidance with the loan process, please connect to our loan team by requesting a callback on this link: bit.ly/education-loan Once you fill out the form, they will get back to you to guide you further.
Mam make video on vidyalakshmi loans.. Plz
Hi Uday, thanks for the suggestion. I will forward your request to our team. Meanwhile, we have published a very informative article on the Vidyalakshmi scheme on our blog. You can check it out here: www.wemakescholars.com/blog/vidyalakshmi-portal-schemes-application-procedure-tracking-process/
I requested for a call back but no one has called me! I was in contact with priya from we make scholar but she also stopped responding. I feel they are same like government banks. They give promise but no result. I need a loan urgently i am pinging them every day!
Hi Roshni, Priya spoke to you on 3rd March and has mentioned that BOB rejected your loan because of 9-10 backlogs. The same day she connected you with NBFCs. On 4th March, Pooja Patil from one of the NBFCs mentioned that you are not reachable and she has emailed you and I guess you spoke to her later on 5th. On 6th Mar, Atitosh from another NBFC mentioned you disconnected his call. So, Can you please tell me where is the delay from our end. It is very easy to blame others in your frustration but please try to look for good things around you. We are unconditionally trying to help you and if we miss one of your call, you start throwing stones at us. Anyone can miss a call, like you did on 4th Mar and 6th March. So are you like a Govt. bank?
Hi , i have no frustration. I just wanted a quick response and i did not get any response for 2 days . I already mentioned i am not looking for loan from nbfc so i did not pick up the call on purpose. Yeah i am maybe being hyper coz i am very particular about the response i get. But so far i feel you guys are more response then other organisations. So thanks
Is interest on education loan or repayment start after completing my course.
Hi, Nazir! It depends on the type of loan you take. If you take a secured loan from a nationalized bank, you will not have to make any payments during the moratorium period (course duration + 6 months/1 year). If you take an unsecured loan from a private bank/NBFC, you will have to make interest payments even during the moratorium period. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hello,
How to change compound interest to simple interest?
Hi! You will not be able to change that as that is up to the lender. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
@@WeMakeScholars thank you so much for your reply.
Mam I take a loan about 240000 from SBI bank and interest rate is 10% then how much it's interest
Hi, Neha! The interest rates are revised by the banks every now and then, and each loan scheme has different terms. Our team will be able to update you on the current interest rates and their payment terms for abroad education loans. So please get in touch with them by requesting a callback on this link: bit.ly/education-loan
Hi Damini,
Thanks for such an informative video.
I have availed education loan.
Graduated summer 2020.
And moratorium period is June2021.
My question is
if I start repaying before my moratorium period i.e, say October 2020.(monthly basis)
Is compound interest added to the loan amount from Oct,2020 onwards?
Or
Will it be simple interest till June 2021 and then compound interest from then?
Awaiting for your reply,
Thanks in advance:)
Hi, Sathish! All banks have a different way of calculating the interest during the moratorium period. Some banks add the accrued interest to the principal every month making it monthly compounding, others add it every year, making it annual compounding and some banks do not compound the interest portion at all. So it really depends on how your bank does it.
Hello, Thank you for wonderful information. I took education loan from SBI through we make scholars. Now, I am facing few issues with my loan agreement with SBI. How should I request call back from you. Your help would be appreciated !!
Hi, Anusha! Sorry to hear that. Please write to hello@wemakescholars.com with the details and we'll get back to you ASAP.
What about annuity...
The repayment policies vary with every bank, based on your profile. The bank too will take many factors into consideration. Have a discussion with our loan team by requesting a callback here: bit.ly/education-loan After understanding your profile, they will explain the terms, conditions and repayment policies.
Will the rate of interest be fixed or floating?
Hi! It depends on the bank. Some lenders have a fixed interest rate while others offer a floating rate. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Hi...ur video was encouraging...I want to know..In case of Home loan , Should I go for SI or CI?? If SI is 10% and CI is 7% ?? Pls guide
Hi Prakash, We are a scholarship listing portal and help Indian students with education loans as well. Unfortunately, we do not have the expertise in the required field to help you out.
I read most of the comments , I have one important question. If I take a secured collateral loan for 20 lacs you mentioned in comments two different answers I will explain it,
1) you said the interest will start after the Moratorium period ( course duration + 6 months to 1 year)
2) you also mentioned that if you take loan from government then you need not to pay the interest during Moratorium period. The interest will be accumulated. Is it means the interest starts after you you take the initial loan amount? It would be nice you would mention It clearly like "if you take loan from government then you need not to pay the interest during Moratorium period. BUT interest will be accumulated. So it means actually simple interest starts after you start taking loan?
3) you mentioned in a comment that the bank will allow you pay the interest only after the Moratorium period.
Could you please answer these questions...
HI Saran! The moratorium period would always be your course duration plus 6 months. If you are taking an education loan from a public lender, simple interest will be charged on the amount that you are disbursing from the loan but it is not made mandatory to pay so the interest will be accumulated to the principal amount, and as mentioned if you wish you pay the interest amount that is being charged during the moratorium period you can pay it to the lender. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Thank you thank you so much
Hi, Omkar! Glad you found the video helpful. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
Madam Trenure Month Also includes Interest Aloso Na???
Hi Hari Kishan, I am not getting your question. Could you please clarify?
Mam will interest start on my loan after completion of my course?
Hi, Aniket! It depends on the type of loan. If you have taken a secured loan from a government bank, you will not have to pay interest during the moratorium period (course duration + 6 months/1 year). The interest accumulates and you can pay after the moratorium period. If you take an unsecured loan from a private bank/NBFC, you will have to make either full or partial interest payments even during the moratorium period. If you are seeking help from our team with the loan process, please get in touch by requesting a callback on this link: bit.ly/education-loan
HDFC Bank education loan for abroad for the amount of 30 lakhs is simple interest or compound interest
Hi, Sai Krishna! The education loan product of HDFC Bank is not very competitive compared to the other options in the market. I think it will be a better idea to speak to your financial officer to see which bank will offer you the best terms. Please request a callback: bit.ly/education-loan