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SBI Reduces Interest Rates On Education Loans – Other Banks To Follow Suit

It is good news for all the students and education aspirants and also their parents as various banks are planning to decrease the existing interest rates. India’s largest lender, State Bank of India (SBI) is giving a thought to cut interest rates on education loans on basis points from 25-100 across various maturities.

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SBI Loans

This with be effective from Monday, February 20th. In form of numbers, for an education loan of Rs.4, 00, 000, the interest rate will be cut by 25 basis points to 11.75%. For a loan ranging from Rs.4, 00, 000 and Rs.7, 50, 000, the interest rate will be reduced by 100 basis points to 12.5%. For a loan above Rs 7, 50, 000, the interest rate will be lowered by 25 basis points to 12.25%.

While the public-sector bank is offering a reduction of 50 basis points on interest rates for loans to female students. Reserve Bank of India (RBI) reduced the cash reserve ratio (CRR) from 6% to 5.5%, releasing Rs.320 billion of primary liquidity into the banking system.

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