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My father, the sole breadwinner of the family passed away last week. It is now me, my mother & two younger sisters. Up until this point, he was paying for my college but after his passing, we are left with no steady source of income. Accordingly, we are considering an education loan.
I’ve had until this juncture rather limited interaction with banks. I have an account in SBI and from what I’m aware, can get a loan up to 20 lakhs without a tangible collateral security. Further, SBI provides 0.50% concession on the interest rates to girl students, so there’s that.
Can anyone kindly simplify the nitty gritties of the process? Explain how exactly does floating interest rate works? I would be immensely indebted if someone can take time off and provide an example, hypothetical or personal of the process and the repayment, just a gist would suffice.
I haven’t confided this news to anyone at college as I personally need more time to collect myself but I plan on confiding to a professor soon.
I’m also exploring other avenues to finance my education which I feel professor(s) can guide me better to but not withstanding that, I would be beyond grateful to have my question w.r.t education loan answered.
Thankyou.