Mumbai based public sector bank, Union Bank of India (UBI) has reduced by 1.5 % to 2% on education loan interest rate.
UBIs rate on interest on education loans now stands at 12.75 per cent for the loans up to Rs. 7.5 lakh & 12.5 per cent for the loans above Rs, 7.5 lakh.
Discount For Female Students..!
It announced discount of 0.50% for the female students over & above these rates making effective rate of interest for female students at 12.25 per cent and 12 per cent respectively for the loans up to Rs. 75 lakh & loans above Rs. 75 lakh.
However, India’s largest bank SBI's (State Bank of India's) interest rate on education loans above Rs. 7.5 lakh is 11.75 per cent. However, the loans below between Rs. 4 lakh and Rs. 7.5 lakh and are charged at 13 per cent. Education loans below Rs. 4 lakh are charged at 13.25 per cent.
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