Banking News: Cheapest Education Loan In These Banks, What Are The Interest Rates: Banks are becoming easier to get various types of loans in the country. Good options if you need a loan to go abroad.
Banks are becoming easier to get various types of loans in the country. There are good options available if you need a loan to travel abroad. Once there was a lot of processes to get a loan. But with the advancement of technology, taking loans is becoming easier. Banks also have the facility of getting loans within a few minutes. Moreover, if you want loans from banks, you can get them with low interest. Keeping the customers in mind, banks are also offering low-interest loans. Loans can be taken from the State Bank of India (SBI) and other government private banks at low-interest rates. With the growing focus on technology, you can apply for gold and other loans online and at home.
In some banks, there is no processing fee to get a loan. It is easy to get loans at low costs. You can find out how much interest there is on any kind of loan through the websites of banks.
Apart from the interest, you also need to keep in mind the education loan processing fee, eligibility to get the loan, etc. To know the rate at which a bank is lending, you can visit the bank’s website or get the information by visiting the bank’s branch. For example, the State Bank of India offers education loans from 7.95 to 11.15 percent, the Bank of Baroda from 8.45 to 10.75 percent, and the Punjab National Bank from 8.65 to 11.40 percent.
- State Bank of India: State Bank of India (SBI) is currently offering education loans at the lowest rate. The interest rate of this bank ranges from 7.95 percent to 11.15 percent. SBI is giving education loans to students up to Rs.50 lakh. No processing fee is charged on loans up to 20 lakhs. A processing fee of Rs 10,000 will be charged for loans above 20 lakhs. Zero processing fee for scholar loan. No margin for loans up to Rs.4 lakh, and a 5% margin for loans above Rs.4 lakh. SBI education loan of Rs.7.5 lakh without any security. But more than that amount of security has to be given.
- Bank of Baroda: Bank of Baroda offers education loans from 8.45 percent to 10.75 percent. This bank is giving loans up to Rs.1.25 crores to customers. Rs. No processing fee for loans up to 7.5 lakhs. However, there is a 1% fee for loans above that. The maximum amount of processing fee is Rs. 10,000. Rs. There is no margin on loans up to 4 lakhs. But if you borrow more than that, you have to pay a 5% margin. No security for loans up to 4 lakhs. 4 lakh to 7.5 lakh loan requires a third-party guarantee. For loans above ₹ 7.5 lakh, a quarter of the loan amount is required to be deposited as security.
- Punjab National Bank: Punjab National Bank Education Loan interest rate is 8.65 to 11.40 percent. There is no limit on the loan amount. Any amount of money can be borrowed. 1% of the loan amount is to be paid as a processing fee. No margin on loans up to 4 lakhs. But there is a 5 percent margin on loans above Rs 4 lakh. No security for loans up to 7.5 lakhs. More security is needed.
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