What interest rate will I pay on the JN Tata Endowment loan scholarship?
The JN Tata Endowment loan scholarship carries a 2% simple interest rate per year. It is covered by a 7-year agreement signed by the scholar and a guarantor. Repayment usually starts from the third year after disbursement and is made in five equal instalments, with no penalty for early repayment.
The loan carries a 2% simple interest rate per year. Because this is a loan scholarship, you repay it after your studies, and repayment does not start straight after graduation. A guarantor is needed before the award is formally made.
Repayment terms
| Term | Details |
|---|---|
| Interest rate | 2% simple interest per year |
| Agreement period | 7 years, signed by the scholar and guarantor |
| Repayment starts | Usually from the third year after disbursement |
| Instalments | Five equal instalments between the third and seventh year |
| Early repayment | Allowed with no penalty |
Guarantor
- A guarantor is required before the loan scholarship is formally awarded.
- Usually a parent or guardian acts as guarantor, but other arrangements may be considered in special cases.
My Advice
Treat this as a loan and not a grant when you plan your finances. Note the repayment schedule now so you can budget for the instalments once you start working. Talk to your guarantor early, and if you can repay sooner, you can do so without a penalty.
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