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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