Education and Career Forum

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.?

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.

Can I get education loan for foundation studies leading to full-time undergraduate course in foreign university?