Скачать или смотреть Student loan repayment strategies in India

Understand Your Loan Agreement Thoroughly:
Key Details: Review your loan agreement from the Indian bank or NBFC (Non-Banking Financial Company). Note down the principal amount, interest rate (check if it's fixed or floating), loan tenure, exact end date of the moratorium period, and the EMI (Equated Monthly Instalment) amount.
Moratorium Period: Most Indian education loans have a moratorium period (course duration + usually 6 to 12 months). Repayment (EMIs) typically starts after this.
Interest During Moratorium: Simple interest is usually calculated during the moratorium. While you aren't required to pay it then, doing so can significantly reduce the total loan burden, as this interest might otherwise be added to your principal when EMIs begin.


Step-Up Repayment Options:
Some lenders in India offer repayment plans where the EMI amount starts lower and increases gradually over the loan tenure. This can be helpful if you expect your income to rise significantly in the initial years after graduation. Check with your specific lender if they offer such tailored plans.


Make Prepayments (Part-Payments or Full Payment):
If you have surplus funds (like a bonus, savings, or gift), consider making prepayments towards your loan principal.
Impact: Prepayments directly reduce the outstanding principal amount. This can either shorten your loan tenure (you pay it off faster) or reduce your future EMI amounts (check with your bank on how they adjust this). Either way, you save substantially on the total interest paid.
Check Prepayment Charges: Crucially, check your loan agreement for any prepayment penalties or charges. As per RBI guidelines, lenders generally cannot charge prepayment penalties on floating rate loans. However, fixed-rate loans might still have charges. Always verify with your bank.


Loan Transfer (Refinancing):
Transfer your existing education loan from one lender (bank/NBFC) to another. This is usually done to secure a lower interest rate or more favorable terms.
Process: This involves applying to the new lender, submitting required documents, getting approval, and obtaining a No Objection Certificate (NOC) from your current lender.

Leverage Tax Benefits (Section 80E):
Under Section 80E of the Income Tax Act, 1961, you can claim a deduction for the interest component of your education loan EMI.
Eligibility: This deduction is available for loans taken for higher education for yourself, your spouse, your children, or a student for whom you are the legal guardian.