The public sector lender Andhra Bank has cut its interest rates on education loans.
The new interest rates on education loans of Rs. 4 lakh to Rs. 7.5 lakh have been slashed to 13.25 percent from the existing 14.25 percent. For loans above Rs. 7.5 lakh the interest rates have been lowered to 12 percent, a decrease from the earlier 13.25 percent.
In addition to this, the bank will also be extending a 0.50 percent concession to girl students.
Further, meritorious students, those who have obtained 90 percent or above in 10th standard, have been given an additional rebate of 0.50 percent. Another 0.50 percent interest rebate has been introduced for students pursuing PG courses, if they have obtained 80 percent or above at the graduation level.