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  #1  
7th December 2016, 04:13 PM
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What are the effects of demonetization on interest rate of education loan of all government banks?


Hello sir, I was taken an education loan for my son any have successfully paid it after completion of the course. Now, I want to apply for an education loan for my daughter. Please tell me what are the effects of demonetization on interest rate of all government banks?




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  #2  
13th December 2016, 02:13 PM
Blessmegod
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Join Date: Apr 2015
Posts: 4,947
Default Re: What are the effects of demonetization on interest rate of education loan of all government banks?

* Demonetization means that currency notes of Rs 500 and Rs 1000 has lost its legal tender from Government of India. Government of India has asked to deposit it to nearest bank by latest 31st March, 2017 after that it will not be accepted.

* So, with demonetization, more money will be deposited with banks. Banks will have more fund to lend to different sectors of economy, it will lead to reduction in interest rate. Each bank will reduce its interest on different loan products like education loan, housing loan, car loan etc by certain percentage as per its convenience.

*You can expect less interest rate on education loan of your daughter as compared to son, rest process will remain same.
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