POSTED BY April 15, 2015 7:51 pm COMMENTS (6)ON
I am planning to take an educational loan for my 2 years course for 5 years.
Course fees – 4 Lakh per year.
I will be taking 4 Lakh loan in 1st year and same for 2nd year course.
I have visited the online website for a bank and rate of interest is 10.50 % .
And the payments will start after the end of the course.
Now I want to find the emi which i will be paying after my studies for 5 years.
I tried searching for calculator but could not get one which is user friendly and easy to understand.
Can somebody point it to me?
Also, if i can pay the fees somehow by myself or family by breaking deposits(9%), Is it still a good idea to take a loan? Considering the tax benefits later and lower rate of interest for edu loan.
Hope to get an useful answer.