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Union Bank, State Bank of India offer education loans at 6.8-6.85%

Sumary of Union Bank, State Bank of India offer education loans at 6.8-6.85%:

  • Educational loan rates are nearly at par with most home loan interest rates Much like several other loan categories, education loan rates have been heading southwards since last year…
  • As the Reserve Bank of India (RBI) slashed repo rates by 115 basis points cumulatively in March and May last year, interest rates nose-dived across loan categories, particularly home loans…
  • Given that average Indian families spend nearly one-third of their annual incomes on kids’ higher education, the education financing options are as important as home loans…
  • Data shows that the number of Indian students obtaining education loans has grown from 2.98 lakh in 2016-17 to 3.09 lakh in 2019-20….

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