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Loan Faqs
Faq

Do I have the option of pre-paying the entire loan amount? :

Yes. One can pre-pay the loan any time after 6 months of availing of the loan. One merely has to pay a small prepayment fee on the outstanding loan amount.
Faq

How is the loan amount disbursed? :

The fee for all years is normally disbursed to the college/institute directly by the bank. While applying for a loan, the bank will verify the tenure of the course and determine its total cost as applicable at that point of time. Every year, you are required to submit a form to the bank which...
Faq

Can the amount of loan be increased or decreased even after it has been sanctioned? :

Yes, the loan amount can be changed any time before disbursement. Any increase in loan amount will however be subject to the eligibility conditions. The bank might also charge you excess fees on requesting an increase in the loan amount. However, the bank is not obliged to return excess fees paid...
Faq

Do I get any tax benefit by taking an educational Loan? :

Once you start repaying the loan, you can deduct the interest amount from your total income while calculating tax. So, the effective interest rate on the loan works out to a lower amount for that particular year.  
Faq

If the value of the underlying property falls does it affect the EMI amount or the tenure of the loan? :

No. fluctuating value of the property does not affect the EMI or home loan liability.
Faq

What is the interest benefit that I get on the Educational Loan? :

Banks offer lower interest rates if you start repayment during the moratorium period. If you have opted for a floating rate loan, you cannot switch to a fixed rate option mid-course. However, you can transfer your loan from one bank to another, if you find a more attractive offer. Normally, one...
Faq

Can I prepay my loan? :

Yes, you can prepay the entire loan outstanding after paying 6 installments of availing the same. The Bank charges a prepayment penalty which varies from 2%-5 % paid at the time of preclosure (returning the money before the stipulated tenure of the loan). Prepayment charges as applicable would be...
Faq

How do I know about my eligibility for a home loan? :

There are eligibility criteria that have to be met for getting a home loan. You can not get any amount of home loan irrespective of your income. The amount of loan given by financial institutions depend on lots of factors, including your income, age, qualifications, work experience, number of...
Faq

Can I apply for loan, jointly with my spouse? :

Yes. It's always a good idea to apply jointly with a co-applicant (either be your spouse or your parents) for a personal loan. This helps you to increase your income eligibility and you can also avail for a larger amount of loan, if you want to, as your co-applicants income also gets added to...
Faq

How soon can I get my loan money? :

Depending on the documents that you furnish the Banks can take 72 hours to a maximum week to disburse the loan amount. So it is recommended that you keep all your documents ready and in order to avoid any delays. The loan is disbursed only after the completion of submitting of all required...
Faq

Can I get a loan for purchasing a land? :

Yes, you can get loan for purchasing land as far as it is only for residential purposes only. Some banks offer up to 85% of the purchase amount based on your credit profile and paying capacity.


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