Personal Finance News

SBI and PNB including others offer cheap education loans

We all are aware of the economic crisis the world has gone through in the entire fiscal year of 2020. However, apart from the economy sector, there are other important sectors as well facing a lot of problems.

Students have faced a lot in the last fiscal year regarding all of their exams and studies with the unpredictable situation. However, on a contrary, the students who are in mid-school levels they don’t have as such problems.

Many universities and schools changed the traditional mode of studies into online classes. With this, there is another thing to know that process of funding the education has also become easier even in the difficult times.

The education loans are drifting in the country by around 6.8 to 7.15 percent as per the data records.

There are many banks which are offering the cheapest educational loan for the students. These are mostly the public sector banks like Union Bank of India, Indian Bank and Bank of Maharashtra.

The State Bank of India and Punjab National Bank are offering education loan at 6.9 % of interest rate.

However, the Union Bank is on the top list of providing the cheapest rates at 6.8% after Central Bank of India.

These rates are however for the educational loans of Rs 20 lakh falling under the tenure of 7 years.

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