OBC Slashes Interest Rate on Education Loan

Oriental Bank of Commerce (OBC) has slashed rates on education loans across the board effective May 15.With the reduction, education loan up to Rs 4 lakh would be cheaper by 25 basis points, while interest rate on Rs 4-7.5 lakh loans has been reduced by 0.5%.

Interest rate on education loan up to Rs 4 lakh would now be available at 13%.The maximum reduction of 1% is on education loans above Rs 7.5 lakh. The rate has been reduced to 13%.