A Check List to Re­mem­ber

Consumer Voice - - Bfsi/ For Higher Studies Abroad -

(say, six months to one year af­ter com­ple­tion of study pe­riod), by which time one gets into em­ploy­ment when de­manded by the univer­sity/in­sti­tute), but re­mem­ber to check that you pay in­ter­est only for the amount availed (and not on the en­tire amount sanc­tioned). bank) till com­ple­tion of course of study. There­after, the en­tire in­ter­est amount will be added to the prin­ci­pal amount availed and EMI will then be fixed for re­pay­ment dur­ing the re­main­ing pe­riod of the loan. In the lat­ter sce­nario, com­pound in­ter­est will be ap­pli­ca­ble on the en­tire loan amount.

This is done on a reg­u­lar ba­sis so that the bank can track your per­for­mance from time to time.

ac­tion on the loan – else one may end up pay­ing over­due in­ter­est on the loan availed. on any change of ad­dress along with proof, so that any im­por­tant com­mu­ni­ca­tion from the bank can be re­ceived by you with­out de­lay/added cost. col­lat­eral prop­erty, cost for ob­tain­ing non-en­cum­brance cer­tifi­cate on the prop­erty mort­gaged, and re­newal of in­sur­ance pol­icy, if any, of self/sureties. loan amount) and for this the an­nual premium payable is very nom­i­nal. Wher­ever or not this is not done by the bank, It is ad­vis­able to take a per­sonal ac­ci­dent cover pol­icy (amount of cover equal to the loan amount availed) to cover the life of the stu­dent/surety) to en­sure that the loan bur­den does not fall upon the fam­ily.

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