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#1
3rd October 2015, 06:03 AM
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Which Bank offered cheapest Interest rates against Education Loan of Rs. 15 Lacs? Which is among Floating and Fixed interest rates better if want to repay before 1 year completing of education?
Respected Sir,
Kindly tell me to avail Rs. 15 Lacs of Education Loan which bank provides lowest rate of interest and also between floating and fixed rate of interest which is advisable to apply for an Education Loan because I have plans of settling the amount of Loan before one year of my education? |
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#2
3rd October 2015, 01:09 PM
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Re: Which Bank offered cheapest Interest rates against Education Loan of Rs. 15 Lacs? Which is among Floating and Fixed interest rates better if want to repay before 1 year completing of education?
The interest rate of the government undertaking banks is fixed by Reserve Bank of India and it is safest to take education loan from these banks. The interest rate fluctuates between 13-14.5 percent as per orders from Reserve Bank of India and all the banks have to comply with it. However, State Bank of India charges one percent lower interest rate as compared to other banks. Apart from these banks, there are other financial organizations which provide loan at fixed rates which is usually higher than 13%. It is not advisable to take education loan from them as there can be downfall in these organizations leading to discontinuation of loan or revision of interest rate. Thus,it is advisable to opt for loan from a bank near your residence in which you have an account or your family member has an account.
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