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  #1  
13th October 2015, 03:30 PM
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What is rate of interest of Education Loan? On what basis it is applied?


Sir,
Can you please tell me what is rate of interest in Education Loan? What is the basis of this interest applying in Education Loan? I am looking to apply for Education Loan. Kindly clarify me.




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  #2  
17th October 2015, 07:24 PM
ArunavaBasu
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Join Date: Mar 2015
Posts: 2,155
Default Re: What is rate of interest of Education Loan? On what basis it is applied?

The interest rates vary from time to time and the interest rate depends on the RBI policy for the interest rates.
Currently the interest rates for the Educational Loan is about 10% p.a on an average.
In SBI the rate of interest is 0.5% less than the other banks.
The basis of the interest rate depends on the RBI policy for interest rates.
  #3  
18th October 2015, 04:29 PM
SudeepKumarSaha
Senior Member+++++
  
Join Date: Dec 2013
Location: India
Posts: 8,583
Default Re: What is rate of interest of Education Loan? On what basis it is applied?

The rate of interest of education loan is decided by the Reserve Bank of India It fluctuates from time to time as per Reserve Bank of India orders. The interest rate usually fluctuates between 13- 14.5 percentage. However, SBI offers 1% lesser interest rate than other banks.

The interest is computed as simple interest for the entire study period. Every time you take the loan installment, interest will be calculated on the amount loaned.
Do you have any question? or have anything to say?



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