Fintotal News Analysis | SBI Lowers Interest on Education Loan
SBI Lowers Interest on Education Loan
Ruby Jacob, 28 Feb 2012

Indias largest lender State Bank of India reduced interest rates on education loan by 25-100 basis points for different loan amounts. New rates are effective from 27 February 2012.

This makes SBI loans over Rs 4 lakhs cheaper than other banks active in the education loan arena. Interest will be charged at the rate of 13.25% on loans between 4 lakhs and 7.5 lakhs, which is 100 basis points lower than was earlier. On loans above Rs 7.5 lakhs interest of 12% will be offered, which is 25 basis points lower than the previous rate.

On loans less than 4 lakhs 13.5% interest will be charged. Although this is 25 basis points lower than the previous rate, SBI's education loan in this segment is higher than the rates offered in some other banks. 1 basis point is 1/100th of a percentage.

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