Private College Student Loan

how am i paying my loans?

Well this is a kinda long question. let me put it like this... with details... In the year 2009 I took up a loan for my further studies.. the loan amount was 4L and the bank was SBI. I was told that the education loan will be sanctioned and I will have to start paying, one year after the course is over. In Jan 2011, the course will be over and in 2012 i will have to start paying @ 13.25% Now, I want to know, how much will I have to pay from 2012 onwards (the time period given is four years from then which make 48months), adding the 4L and 13.25% interest along with that. I am not able to understand the interest funda, and I am also confused about the amount that will add to the principle amount! Is it like, by the time i pay off the entire loan thing, I will have had paid somewhere near to 4L + 3L = 7L overall :-o !!!! OMG!!!

Public Comments

1. You can collect a detailed account statement from your bank. You can start paying 50% of your salary for next 3 years, till 75% of your loan is repaid