Question: What is moratorium period for an education loan?
Answer: One good thing about an education loan is that you do not need to start repayment of the loan from the first day of you finishing your education since it may take a few weeks or a couple of months for you to find a job. Moratorium period is the time period the bank offers the student to find a job and start working before starting the loan repayment. The time period between finishing your education and starting of loan repayment is a good time to save money and build a financial corpus.
The Moratorium or waiver period varies from bank to bank and you are better off checking with your bank about the waiver period before planning your education loan repayment. While a bank offering a waiver period is a good idea but since banks are expected to earn of each loan they offer, they start charging the interest on education loans immediately and not wait till the waiver period ends.
Question:
What is moratorium period for an education loan? Answer:
One good thing about an education loan is that you do not need to start repayment of the loan from the first day of you finishing your education since it may take a few weeks or a couple of months for you to find a job. Moratorium period is the time period the bank offers the student to find a job and start working before starting the loan repayment. The time period between finishing your education and starting of loan repayment is a good time to save money and build a financial corpus.
The Moratorium or waiver period varies from bank to bank and you are better off checking with your bank about the waiver period before planning your education loan repayment. While a bank offering a waiver period is a good idea but since banks are expected to earn of each loan they offer, they start charging the interest on education loans immediately and not wait till the waiver period ends. Source: CoolInterview.com
If you have the better answer, then send it to us. We will display your answer after the approval.
Rules to Post Answers in CoolInterview.com:-
There should not be any Spelling Mistakes.
There should not be any Gramatical Errors.
Answers must not contain any bad words.
Answers should not be the repeat of same answer, already approved.
Answer should be complete in itself.
Related Questions
View Answer
I require a loan of Rs. 10 Lakhs for higher education of my daughter. Can i keep my FD as collateral while taking an education loan for my daughter?
My family had taken up an education loan for my college education. Now that I have graduated and started working, can I avail tax benefits on the same while filling my income tax return?
I am a female and need education loan for a non regular course in photography. I checked with many banks but they are not keen to lend for a non UGC certified course. What are my options?