ND: PNB cuts interest on education loan

New Delhi, Mar 23: Punjab National Bank today announced a reduction in its education loan scheme by up to 11.50 per cent.

The interest rates on education loan up to Rs four lakh under PNB Vidya Lakshya Purti Scheme have been cut by 125 basis points, amounting to 11.50 per cent per annum and under PNB Sarvotam Shiksha Scheme by 50 basis points ie 10.50 per cent per annum.

Further, interest will be charged monthly on simple basis during the repayment holiday or moratorium period and a concession of one per cent in rate of interest is also allowed provided the same is serviced regularly during study period, the bank said in a statement.

The concession in interest rates is available to new borrowers who will avail education loan from the bank.

''The bank has taken this step to make education loan scheme more customer friendly thus facilitating aspirant students to avail education loan on comfortable and affordable terms,'' it added.

UNI