The State Bank of India, SBI, has taken in-principle decision to slash interest on education loans by up to one percentage point. SBI Managing Director and Chief Finance Officer Diwakar Gupta said, the bank will issue the notification shortly.
At present, interest rates on education loans range from 12.25 per cent to 14.50 per cent, depending on their quantum and the duration. SBI is also offering a concession of 0.5 per cent on interest rates for loans given to female students.
About the possible slashing of home loan rates, Mr. Gupta said, the possibility is less.
