Even though the repo rate has been increased, some public sector banks have reduced the education loan interest as much as possible in the interest of the students.
Following is the list of banks that have lower interest rates after repo rate hike.
1. Central Bank of India:
The interest rate for student education loan in this bank is 6.85% to 9.0%. The interest rate will vary depending on your loan amount.
2. Bank of Baroda:
This bank offers an interest rate of 7.40% to 10.50% depending on the amount of your education loan and the degree/institution chosen.
3. SBI:
This bank also offers an interest rate of 7.50% to 10.05% depending on the amount of your education loan and the degree/institution chosen.
4. Bank of Maharashtra:
This bank offers an interest rate of 7.70% to 8.80% depending on the amount of your education loan and the degree/institution chosen.
5. Indian Bank:
Indian Bank offers an interest rate of 8.20% to 10.20% depending on the amount of your education loan and the degree/institution chosen.
6. Punjab and Sind Bank:
This bank offers an interest rate of 8.40% to 10.50% depending on the amount of your education loan and the degree/institution chosen.
7. Punjab National Bank:
This bank also offers an interest rate of 8.40% to 9.90% depending on the amount of your education loan and the degree/institution chosen.
8. Bank of India:
Only in Bank of India MCLR (Marginal Cost of Funds Based Landing Rate) is 9.05% per annum and the same if your education loan amount exceeds 7.5 lakhs it will give 9.85% interest per annum.