SBI to Cut Interest Rates on Education Loans

The State Bank of India (SBI) may reduce interest rates on education loans by up to one percent.

SBI has decided to reduce interest rates on study loans by 0.25 percent to one percent across various maturities at a meeting of its asset, liability committee (Alco) during the weekend reported India Today

For a loan of Rs 4 lakh, interest rates are expected to be reduced by 0.25 percent to 11.75 percent while for loans in the Rs 4 to Rs 7.5 lakh range, interest rate is likely to be cut by one percent to 12.50 percent. For loans above Rs 7.5 lakh, the rate is likely to be lowered by 0.25 percent to 12.25 percent.

SBI is also offering a concession of 0.5 percent on interest rates for loans given to female students.