NEWS & ADVICE : EDUCATION LOANS
SBI: Education loan rates to cut by 25 basis points
By Neelima Shankar
Apr 28, 2009
Print    Email    RSS   

The largest lender, State Bank of India (SBI) is expected to bring down the interest rates on education loan so as to give a relief to the students aspiring to pursue higher studies with the support of education loan.

SBI is going to declare an increase in the education loan rates by 25 basis points during this week. The rate cut would benefit the students who take the loan between May 1st and September 30th.

An SBI official said, "The idea is to help students aspiring for higher studies with adequate financial support. Interest rates on all category of education loans are likely to come down by 0.25%. The scheme will be applicable for all education loans approved during May-September, 2009."

Presently the bank offers education loans at rates hovering between 11.75% and 13.25%. Further the female students are given a 50 basis points concession over the card rates across all the categories of education loan.

SBI extends the loan for tenure of five to seven years.

The bank does not demand any security in case of education loans up to Rs 4 lakh and loans between Rs 4 lakh and Rs 7.5 lakh, security in the form of third party guarantee needs to be provided by the applicant.

In additional loans above Rs 7.5 lakh and upto Rs 20 lakh, the borrower need to submit collateral in the form of some tangible properties like house or land.

 


(Comments Posted : 1) Post Your Comments
1. Dear sir
i am pursuing BCA from sikkim mani pal university So sir i want to change my future, So i want to loan .pls sir tell me how to take loan for study in India


Thanking you
Manoj kumar singh (Posted: May 6, 2009)
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Credit profile and its effect on loan...
Plan for your child
This is how a bank lends money
A chronicle of excesses by loan recovery...
Get the basics right before applying for...


ROPAR: CaℒL Giℛℒ In Kurali 09855660911...
Why Pitampura Tutors (Ph:- 9911742311) & Private...
kala jadu in hindi 9636854282

NEWS THIS WEEK
Banks to look forward to hire students from IIT/IIM Feb 18, 2015
Union Bank of India hiring for the post of specialist officers Feb 16, 2015
Canara bank launched scholarship Scheme Feb 13, 2015
AXIS bank started ‘My idea of progress’ Campaign Feb 12, 2015
RBI inviting applications for the guard post Feb 11, 2015
News Archive