SBI to slash interest rates on education loan by up to 1 pc

Updated on: Monday, February 20, 2012

The country's largest lender SBI is likely to cut interest rates on education loans by up to 100 basis points (1 per cent), effective Monday.

According to sources in the know of the development, the State Bank of India has decided to reduce interest rates on education loans by 25-100 bps across various maturities, after its Alco (asset, liability committee) met over the weekend.

Accordingly, for a loan of Rs 4 lakh, interest rate will be down by 25 bps to 11.75 per cent; for loans in the Rs 4-7.5 lakh range, the rate is down 100 bps to 12.50 per cent, while for loans above Rs 7.5 lakh, the rate is lower by 25 bps to 12.25 per cent.

SBI is also offering a concession of 50 bps on interest rates for loans given to female students.

More Education news

• Karnataka department of higher education to further strengthen protection to women students and employees
• Heads of government and private schools directed to keep a close watch on the behaviour of teachers
• Chairman of the National Commission for Minority Educational Institutions submits his report
• Everyone will be given due representation says Goa CM
• Pune Education Department to hold meetings with schools to ensure a smooth RTE implementation
• Health and Medical Education, Forest and Home departments within the ambit of Public Services Guarantee Act
• 'value education' courses in engineering colleges to inculcate better values and character building
• students challenge new NET gidelines
• Proposed multi crore edu city project nearing completion
• 21 engineering colleges affiliated to the Dr Babasaheb Ambedkar Marathwada University to seek accreditation
• MBBS and PG medical seats to be increased by 50% and 100% respectively from academic year 2013-14
• M S University's faculty of fine arts mired in controversy over a painting hurting religious sentiment
• IICA inks MoU with Bangalore-based National Law School of India University for forging academic partnership
• President asks private players to contribute in improving the standards of higher education
• First technical and medical university at picturesque Apatani Plateau in lower Subansiri district
• Prayas scheme to be extended to 4 more districts
• Jamia Millia Islamia Professor gets Japan Society for the Promotion of Science Fellowship
• Japans new government will not waive tution fee to pro-Pyongyang high schools
• Most Israeli high school students found accessing Mobile phone during class hours
• UGC notifies the procedure and criteria for declaration of result for NET to be conducted on 30.12.12