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Monday, February 27, 2012

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

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  1. Personal student education loans are one type of education mortgage. It is more difficult to qualify for this mortgage than any other. Personal loans are issued by banks and other financial institutions and require the applicant has excellent credit score. Since many college students have no credit score - particularly those that have just graduated from high school - and many have less than perfect credit score, it is difficult to get a person mortgage. If you have a friend that has great credit score and trusts.

  2. Education loan financial debt could be the admission to remaining current and not defaulting on your debts. These types of financial loans cannot currently be released for ignored (except for mortgage absolution programs); not personal bankruptcy, not by hope and prayer. Not by neglecting the harmful selection broker characters. These financial loans must be repaid! So by merging, getting a lesser payment per month, and adhering to a pay back routine continually, over time you will pay off your financial debt.


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