PNB cuts education loan rates

Punjab National Bank on Friday said it has reduced education loan rates of its existing schemes by up to 1.25 per cent effective from April 1.

The Bank has reduced interest rates on education loans upto Rs 4 lakh under 'PNB Vidya Lakhshya Purti Schemes' by 1.25 per cent to 11.50 per cent while under 'PNB Sarvotam Sikhsha Scheme' by 0.5 per cent to 10.50 per cent, the bank said in a statement.

Further, interest waiver of one per cent will be offered provided it is serviced regularly during the study period, it said. The bank has taken this step to make affordable education loan to student, it added.