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Andhra Bank slashes interest rates for education loans

Posted on Dec 06, 02:01PM | UNI

Public sector lender, Andhra bank today said that it has reduced interest rate from 14.25 percent to 13.25 percnt for educational loans between Rs 4 lakh and Rs 7.5 lakh.

Loans over Rs 7.5 lakh will carry a lower rate of 12 percent, down from 13.25 percent.

Bank has also decided to give additional concession of 0.5 percent for girl students.

To encourage meritorious students, an interest concession of 0.50 percent has been introduced on education loans for students securing 90 percent or above at 10th level, a Bank statement said.

The statement added that a similar interest rebate of 0.50 percent is allowed to students who secured 80 percent or avove at degree/ graduation level examination in respect of loans for pursuing PG courses