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Wednesday, December 5, 2012

Andhra Bank cuts rates on educational loans

Andhra Bank has announced reduction in interest rates for fresh education loans.

For educational loans between Rs 4 lakh and Rs 7.5 lakh, the interest rate has been reduced from 14.25 per cent to 13.25 per cent. Loans over Rs 7.5 lakh will carry a lower rate of 12 per cent, down from the 13.25 per cent, the bank said in a statement.

For girl students, a further concession of 0.50 per cent has been decided.

Also, to encourage meritorious students, an interest concession of 0.50 per cent has been introduced on education loans—this is for students securing 90 per cent or above at 10th level.

In respect of loans for pursuing PG courses, a similar interest rebate of 0.50 per cent is allowed to students who secured 80 per cent or avove at degree/ graduation level examination, the statement added.


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