SBI to slash interest rate on education loans

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SBI to slash interest rate on education loans The   country's largest lender State Bank of India (SBI) today reduced   interest rates on education loans by up to 1 percentage point across various   segments, a move likely to be followed by other lenders. Education   loans up to 4 lakh have become cheaper by 0.25 percentage point to 13.50 per   cent against 13.75 per cent. However, loans between Rs 4 lakh and 7.5 lakh will be available at 13.25 per   cent against 14.25 per cent, a sharp reduction of 1 percentage point. Loans beyond Rs 7.5 lakh will cost 0.25 percentage point less at 12 per cent. Under this education loan scheme, loans up to Rs 10 lakh for studies in India   and up to Rs 20 lakh for studies abroad are given At   present, interest rates on education loans range from 12.25 per cent to 14.50   per cent, depending on their quantum and the duration. SBI is also offering a   concession of 0.5 per cent on interest rates for loans given to female   students. Interest   rate on loans given to students undergoing courses at premium institutes such   as IITs, IIMs have also been cut by 25 basis points to 2 basis points over   the Base Rate Share and Care

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