Education and Career Forum

Hello sir, I want to study B.Ed course from private college and it cost approx 2 lakh. I want to apply for an education loan at SBI. Please what will be interest rate for it? What will be the Pre Payment charges?

The rate of interest depends on the orders from Reserve Bank of India as well as internal policies of State Bank of India. The rate of interest usually fluctuates from time to time, however SBI charges 1% lesser rate of interest as compared to other banks but with stricter norms of education loan. The rate of interest fluctuates in the range of 12-13% and is computed as simple interest for the entire study period. The processing charges is not high and is around 250-300 INR for cost of documentation. You can repay the education loan even before the repayment period starts or completes.