What is the loan recovery process after studying abroad?
After studying abroad, you typically start repaying your education loan 6 to 12 months after course completion. This grace period allows you time to find a job and settle financially.
- Repayment usually begins 6 months after finishing your course, or sooner if you start working.
- Loan tenure can extend up to 15 years, with repayments made as monthly installments (EMIs).
- Interest may accumulate during your study and grace periods, increasing your total repayment amount. Some banks let you pay interest during this time to reduce the principal.
- Repayment currency can be Indian Rupees or foreign currency, depending on your location and lender policy.
- Prepayment is often allowed without penalty, helping reduce interest costs.
- Required documents include proof of course completion, visa status, and employment details.
Terms can vary by lender and are subject to change.
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