12th October 2015, 12:55 PM
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What is BPLR in respect to educational loan? How to apply for educational loan to study MBBS?

Respected Sir/Mam,

I am Harish and I want to study MBBS. For this I want to apply for Bank Education Loan. I have searched online alot about Education Loan but couldn't understand BPLR. Please tell me what is BPLR and provide me all the information of it.?

15th November 2015, 11:34 AM
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Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: What is BPLR in respect to educational loan? How to apply for educational loan to study MBBS?

BPLR means Benchmark Prime Lending Rate. The base rate of interest is fixed by Reserve Bank of India which all the banks under it needs to follow. The rate of interest which will be charged by the bank against a loan should be around that base rate fixed by RBI. But the exact rate of interest will be decided by the concerned bank. The bank decides the rate of interest as per your customer value to the bank. Earlier the interest rate varied 4% from the base rate. Hence to curb such discretion of the bank, RBI made sure that the interest rate from then on should be in close proximity to the base rate fixed by RBI and any bank who do not follow this will face penalty.
For education loan, you need to contact the concerned bank from which you want loan and have a discussion with the branch manager regarding the loan. You need to put forward your request with the prospectus of the concerned institute. If positive response from the bank, follow the instructions from bank to get your loan sanctioned.

Do you have any question? or have anything to say?

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