Education Loan by UBI

Union Bank of India Reduces Education Loan Interest Rates

Good news for students planning to take education loans!

Union Bank of India Reduces Education Loan Interes

The Mumbai-based public sector lender Union Bank of India has announced reduction in interest rates on education loans by 150-200 basis points. Its rate on interest on education loans now stands at 12.75% for the loans up to Rs 7.5 lakh and 12.5% for the loans above Rs 7.5 lakh.

The bank announced a discount of 50 basis points for the female students over and above these rates making effective rate of interest for female students at 12.25% and 12% respectively for the loans up to Rs 75 lakh and loans above Rs 75 lakh.

Despite the reduction, these rates are higher than SBI's interest rate on education loans - 11.75%. for loans above Rs 7.5 lakh. However, the loans between Rs 4 lakh and Rs 7.5 lakh are charged at 13% while loans below Rs 4 lakh are charged at 13.25%.

Source: www.htcampus.com
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FAQ

avatar
I take education loan from ubi india? What i do to keep it interest free?? Plz tel? | Yahoo Answers

All Banks charge interest on Educational loans.The interest depends on the amount of the loan taken. For girls many banks allow 0.25% to 0.50% less interest. The only way is you have to arrange payment of interest every month to avoid compounding of interest quarterly. But there is no way to get a interest free educational loan.

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