India’s biggest money lender – SBI (State Bank of India ) is contemplating to cut interest rates on education loans. SBI’s chairman Pratip Chaudhuri said on Monday (13th Feb,2012) that the bank would go for a rate cut in education loans along with other loan categories. However he did not disclosed the percentage point cut.
SBI Student Loan Scheme
|Loan Amount||Rate of Interest (w.e.f. 10.10.2011)|
|For loans upto Rs.4 lacs||3.75% above Base Rate, currently 13.75% p.a.|
|Above Rs.4 lacs and upto Rs.7.50 lacs||4.25% above Base Rate, currently 14.25% p.a.|
|Above Rs.7.50 lacs||2.25% above Base Rate, currently 12.25% p.a.|
(0.50% concession in interest for girl student)
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