The largest lender in the country, State Bank of India has finally announced its decision on reduction of education loan rates. Education loans offered by the bank have been made cheaper in the range of 25-100 basis points.The bank has earlier allured that it was considering reducing the interest rates on education loans.
The interest rate on the education loans above Rs. 4 lac but below Rs. 7.50 lac has been reduced from 14.25% to 13.25%. Also, the interest rates for the education loans above Rs. 7.5 lac have been reduced by 0.25%.