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Date : Dec 13, 2008


I had taken an Educational Loan of 4 lakh from SBI in 2004 for my post graduation. They said me that they would charge a fixed interest rate of 9.25. I started repaying EMI of Rs.7512/- from January 2007 and paid this EMI upto December 2007. Then when I enquired I was still having 4 lakh 74 thousand of outstanding and the bank has started charging interest @11.25. How could they change a fixed interest rate from 9.25 to 11.25? I could not get any satisfactory answer regarding this from SBI. Then, because of my financial problems, I could not repay from Jan 2008. Last month I got a letter from the bank to repay the rest outstanding of 5 lakh


'Fixed' interest rates on education loans are 'fixed' for a certain period of time. The bank can revise these interest rates periodically. It is advisable to repay the loan in time to avoid being a defaulter. This will have an impact on you getting loans in the future.



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