Education loan Interest rates for education loans are directly affected by The RBI’s constant raising of the repo interest rate from the previous quarters of financial reporting.
Education loan terms and conditions of banks
Many parents desire the highest quality schooling for their children. But, investing in top-quality education can be costly and requires cautious budgeting. Education loans are the most preferred method to finance programs and degrees not just at colleges overseas, but as well in India. They are often used to pay for a variety of costs associated with courses, including the cost of tuition, accommodation in dorms as well as uniforms as well as access to labs and libraries, and course materials, such as laptops and textbooks as well as refundable deposits as well as transportation costs, and much more. Below is the list of banks that are still offering student loans at extremely low-interest rates.
Central Bank of Indian’s policies on education loans
According to online information according to online data, it appears that the Central Bank of India now has the rate lowest, which is 6.95 percent. The equivalent monthly amount for a loan amounting to Rs 20 lakh for 7 years of repayment is Rs 30,136.
Policy of Punjab National Bank regarding loans for education
The state-owned Punjab National Bank (PNB) charges an interest of 7.45 percent and is the second-lowest lending institution. The total EMI is 30,627 rupees.
SBI’s policy regarding education loans
SBI has a 7.5 percent interest rate for student loans that’s a bit more than what is typical. The EMI will cost you Rs. 30,677. Two other banks owned by the government, Union Bank of India and IDBI Bank, charge student customers the same interest.
India Bank’s Policy regarding education loans
Indian Bank charges an interest rate of 7.9 percent for a 20 lakh (7-year) education loan. The EMI payable from the borrower is around Rs 31,073.
BoB’s policy regarding education loans
The Bank of Baroda levies an interest rate of 7.9 percent on a 20 lakh education loan that has a 7-year term. The borrower has to be able to pay an EMI of 3107 rupees.
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BOI’s policy for education loans
The state-owned bank offers an 8.25 percent interest rate. The EMI is 31.422 rupees in total.
Canara Bank’s education policy
A loan for education offered by Canara Bank for Rs 20 lakhs with a seven-year repayment period offers thannterest of 8.3 percent. The EMI is 31,472 for the entire term.
Bank of Maharashtra education loan policy
The Bank of Maharashtra’s rate for interest loan rate is 8.35 percent. In this case t,he monthly repayment is 31,522.
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