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What will happen if I dont pay my education loan in SBI?

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What will happen if I dont pay my education loan in SBI?

If you are unable to make repayment on your education loan, then you will receive notices and warnings from the lender. If you fail to comply with the same, then the lender is legally entitled to the assets you mortgaged. Your property or asset can be auctioned or used by the lender.

What happens if I Cannot pay my student loans?

Let your lender know if you may have problems repaying your student loan. Failing to pay your student loan within 90 days classifies the debt as delinquent, which means your credit rating will take a hit. After 270 days, the student loan is in default and may then be transferred to a collection agency to recover.

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How do I pay back my education loan?

The most common method to keep your education loan repayment organized and self-driven is EMI (easy-monthly-installment). EMIs are fixed amount of sum decided at the time of taking a loan which students can pay every month to repay the study loan step-by-step.

How do I clear my education loan?

How to Pay Education Loan Early?

  1. Begin Early. One of the primary considerations while looking for an education loan is repayment calculation.
  2. Create Income. You can start a part-time job and save a lot of money before the repayment period.
  3. Save More.
  4. Choose a Relatively Shorter Loan Tenure.
  5. Consider Balance Transfer.

How can I close my SBI education loan?

To close a loan account:

  1. Click Requests > Closure of Loan A/C. A Closure of Loan A/C page appears.
  2. Select the loan account you wish to close.
  3. Select the transaction account which will be debited to close the loan. Figure 1 shows sample settings.
  4. Click [Submit].
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How can I close my SBI education loan Account?

How can I settle my SBI education loan?

A one-time settlement is offered by the banks to the borrower to settle the outstanding loan balance at a negotiable amount….Check Education Loan Interest Rates Carefully.

Banks State Bank of India (SBI)
Loan Amount Up to INR 1.5 Crore
Interest Rate 6.90\% – 9.30\%
Maximum Tenure 15 years

How can I settle my SBI Education loan?