An article in The Times Of India on April 25th details the different ways students can avoid the burden of student loan repayments and how to avoid having to repay student loans when they graduate.
The article was published on the first day of the April 26 National Day of Students, marking the 100th anniversary of India’s first national university.
The article also explains how to get the maximum credit you can in the current financial year and how you can avoid being penalised for late payments.
In an effort to ensure that everyone who applies to study at the University of Rajasthan gets the opportunity to take up a degree, the article also lists ways that you can get a loan from your school if you fail to pay the student loan balance.
Students can also apply for a loan through the National Payments Corporation (NPC) to help them pay their debt.
The National Payments Corp (Npc) is a national bank that is charged with providing loans to people in need.
According to the Times of Indian, if you get a student loan, the Npc will deduct 5 per cent of the amount of the loan for interest charges.
The loan you get can be used for any purpose and the loan repayment process is done online.
However, the repayment process can take up to three months.
According to the article, if a student is late on the student loans and doesn’t repay the loan within three months, the loan will be cancelled and the student will be ineligible for further financial aid.
Students who graduate without completing the student education can also be penalised by the government for late fees.
The Times of India reports that if you don’t repay student loan by the end of the three months period, the government can impose fines of up to Rs. 10 lakh per day.
Students who fail to repay the loans after the three-month period will also be punished by the department.
The student loan repayment option is available to all students from all educational institutions.
The list of loan providers includes a number of banks, including Bank of Baroda, BofA, ICICI Bank, HDFC Bank, ICSE Bank, Birla, and ICICICI Securities.
There are also a number and variety of loan companies, like Axis Bank, Bank ofBaroda, State Bank of India, ICBC, ICDE, and other private lenders.
The Npc website offers a number more loan options.
The website offers loans at various rates from as low as 2.5 per cent to 6 per cent, depending on the circumstances of the individual borrower.
If you have an application for repayment of the student’s student loans, it is also possible to choose an interest rate of up and down from 0.05 per cent.
In some cases, borrowers can pay back more than the total amount due.