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Bank restricting repayment period from 15 yrs to 7 yrs can they do it
20-Nov-2023 (In Recovery Law)
In education loan bank is charging compound interest monthly basis instead simple interest annually. can we challenge. Repayment period restricted to 7 years from 15 years. IS IT Correct.
Hello,
you must know that all other Banks are charging only simple interest or compound interest . If you assure that simple interest is charged. In that case you can speak to the Branch Head of the Bank where you have raised Educational loan . You are at liberty to restrict the payment period according to your convenience. But at the same time you should bear in mind that when you reduce the payment period from 15 years to 7 years naturally your monthly payment will be doubled. for further details pl. call me in my mobile .
you must know that all other Banks are charging only simple interest or compound interest . If you assure that simple interest is charged. In that case you can speak to the Branch Head of the Bank where you have raised Educational loan . You are at liberty to restrict the payment period according to your convenience. But at the same time you should bear in mind that when you reduce the payment period from 15 years to 7 years naturally your monthly payment will be doubled. for further details pl. call me in my mobile .
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Adv. R. Sundaramurthi
Chennai | 100+ Answers
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