Education loan repayment implies paying back the money borrowed for educational purposes. Students apply for these loans when they wish to pursue higher studies in India or abroad. It is not easy to finance professional courses through lifetime savings, and education loans come in handy in such situations.
If you have availed of an education loan, you can repay it online through Bajaj Finserv's Bharat Bill Payment System (BBPS) platform in a few minutes. The BBPS ecosystem makes higher education loan repayment convenient and free from technical glitches or security problems.
Education loan repayment calculations
You can use the EMI calculator to calculate the EMI amount you need to furnish throughout your loan term. Educational loans are categorised under term loans and are usually cleared over ten to fifteen years.
Do you need to repay while studying?
The education loan repayment schedule varies from one bank to another. Usually, you do not need to repay the loan while studying as banks offer a moratorium period. This grace period lasts throughout the course term and extends to about one year after you attain the degree. It also ends when the applicant gets employed as per the terms and conditions laid down by some banks. Thus, you do not need to repay the loan while studying in most cases.
When to start repaying education loans?
You must start the education loan repayment as soon as the moratorium period expires. During the grace period, you do not have to pay the EMIs, but the bank charges interest, which accumulates over time. Therefore, you should repay the loan immediately after the moratorium period ends to prevent excessive financial burden.
Education loan repayment tips?
An education loan is a financial responsibility that covers a significant part of your life. Therefore, before borrowing and during the repayment phase, a few tips can always come in handy. Here are some of those tips that you can learn and follow.
- Avail yourself of exclusive benefits: Research and utilise the benefits of discounts, subsidies, and other offers extended by banks
- Choose a fixed interest rate: If you choose a fixed interest rate over a floating one, you will not be affected by market fluctuations
- Reduce your tax burden: Students can benefit from tax deductions on the interest paid
How to make education loan repayment using Bharat Bill Payment Systems
You can make higher education loan repayment through the BBPS platform by following these steps:
- Visit Bajaj Finserv’s BBPS login page
- Enter your name as mentioned on your PAN card
- Enter your mobile number and click on ‘GENERATE OTP’
- Key in the OTP and click on ‘SUBMIT OTP’
- Head over to the ‘FINANCIAL SERVICES AND TAXES’ section on the 'BILLS AND RECHARGES' home page
- Click on ‘LOAN REPAYMENT’
- Choose your bank or NBFC from the drop-down menu
- Enter your Loan number and click on ‘PROCEED’
- Make education loan repayment using your credit card, debit card, net banking, or UPI ID
What are the benefits of using BBPS?
Using Bajaj Finserv’s Bharat Bill Payment System (BBPS) platform to make education loan repayment offers you several benefits, which include:
- No transaction fees: You can use the Bajaj Finserv’s BBPS platform free of cost, and there are no hidden charges either
- Smooth and seamless transaction: You can repay the loan without facing any technical glitches
- Multiple payment modes: You get a variety of payment methods to choose from as Bajaj Finserv accepts payments made through credit cards, debit cards, net banking, and UPI ID
- No security threat: Your personal details remain confidential and free from potential security threats
If you have borrowed money from a bank or NBFC for higher education, you need to repay it after a certain period. Unlike yesteryear, however, you do not have to visit your bank physically to make the education loan repayment. Get it done from anywhere without paying any processing fees by using Bajaj Finserv’s Bharat Bill Payment System (BBPS) platform.
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