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)
