State Bank of India is looking to woo students by offering lower interest rates on educational loans. While these loans are applicable to all students, for female students the deal is being made even more attractive.
The cost of higher education is increasing and most parents are not being able to afford to make a direct payment. However, their desire to give their children the best education possible is unabated. Couple this with students' penchant for higher education that is exclusive in terms of having better job-fetching power in the future, the rise in number of people approaching banks for these loans becomes more understandable.
The timing, by SBI, is handy too as the new season is starting wherein students who are leaving school and looking to join educational institutions of their choice will be beating a path to the doors of various banks offering these loans.
SBI, which offers these loans in a band between 11.75% and 13.25%, has indicated that it is looking at cutting these by as much as 0.25%. Girl students can look at receiving these loans with cuts as high as o.5%.