MoneyLens / Education loans
Your education loan, explained.
Education loan · Narmada Global Scholar · Narmada Bank Ltd · ••••5518
Illustrative
Education loan · abroad · Bank
Sanction10 Jul
Interest to pay while studying
₹5,63,836
paid as it falls due
Paid out
₹30,00,000
of ₹30,00,000 sanctioned
EMIs start
30 Nov 2027
in 13 months
EMI
₹32,238
for 180 months
100% of the loan paid out
An education loan of ₹30,00,000 from Narmada Bank Ltd at 10.50% a year (floating), for study abroad. Interest is paid as it falls due while studying; EMIs start on 30 Nov 2027 and run 180 months. The interest is tax-deductible for 8 years under the old regime.
Myra's most important observations
What Myra found for you
From your documents · each figure opens its findingYou may be owed
Up to ₹5,000
If the lender agrees, or through your tax return; each is separate
You could save
Your choice: options, not added together
Six questions, answered
Tap an answer for the detail01Product identity
- ProductNarmada Global Scholar
- LenderNarmada Bank Ltd (bank)
- CourseMS (2 years) · abroad
- Sanctioned10 Jul 2025
- Loan••••5518
- DocumentsSanction letter · Disbursement and remittance advice
02What this is
An education loan of ₹30,00,000 from Narmada Bank Ltd at 10.50% a year (floating), for study abroad. Interest is paid as it falls due while studying; EMIs start on 30 Nov 2027 and run 180 months. The interest is tax-deductible for 8 years under the old regime.
03Key numbers
Loan runningSanctioned
₹30,00,000
₹30,00,000 paid out
Rate a year
10.50%
Floating · Repo rate
Interest while studying
₹5,63,836
Paid as it falls due
EMI
₹32,238
180 months
Total interest
₹33,66,703
Studies and repayment
04Important findings
Most important first · tap to expandOn ₹30,00,000 at 10% over 180 months. A floating rate can change before and during repayment.
Sanction p.1, Repayment · Sanction p.1, Interest
08What Myra could not verify
0Nothing essential is missing.
09Suggested questions
05What you're committing to
- About ₹25,000 a month in interest while studying
- ₹32,238 a month for 180 months after the moratorium
- Your parent owes it equally
06What can change
- RateMoves with its benchmark, during studies too
- PayoutsEach payout adds to the loan from its date
- TaxDeduction for 8 years from the year you start paying interest; old regime only
07Closing the loan
- Repaying earlyNo charge allowed on a floating rate
- After repayingSecurity released and a no-dues letter issued
- Co-borrowerReleased from liability once it's repaid