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23rd December 2015, 01:23 AM
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Whether the rate of interest against Bank Education Loan is setup by RBI?


Dear Sir,
I am Manish Mehta and I am going to get admission in a B.Tech college. I am also going to apply for a Bank Education Loan. Can you tell me that the rate of interest which Banks takes against Education Loan is set by RBI?




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5th January 2016, 11:17 PM
palugulavenumadhav
Senior Member+++++
  
Join Date: Dec 2014
Location: Hyderabad
Posts: 3,103
Default Re: Whether the rate of interest against Bank Education Loan is setup by RBI?

The interest rates are dependable on Prime lending rate (PLR). The respective banks have different PLR and they are changed according to bank norms and conditions. As RBI has set the interest rate as for the educational loan above Rs.2 lacs the interest is PLR+1%.
 
5th January 2016, 11:21 PM
palugulavenumadhav
Senior Member+++++
  
Join Date: Dec 2014
Location: Hyderabad
Posts: 3,103
Default Re: Whether the rate of interest against Bank Education Loan is setup by RBI?

The interest rates are depend on Prime lending rate (PLR). The respective banks have different PLR and they are changed according to bank norms and conditions. As RBI has set the interest rate as for the educational loan above Rs.2 lacs the interest is PLR+1%. It is advised to go through the bank and enquire about the interest rates towards educational loan. Each and every bank has different interest rates which depends on PLR of that bank.
 
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