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Our Bureau

Kolkata , May 4

UNITED Bank of India has reduced the rate of interest on educational loan under the United Educational Loan Scheme.

The rate has been slashed from 10 per cent to nine per cent for loan up to Rs 2 lakh and to 9.5 per cent for loan above Rs 2 lakh but not exceeding Rs 4 lakh.

For loan exceeding Rs 4 lakh, the rate of interest has been reduced from 11 per cent to 10 per cent.

The revised rates came into force from May 1, 2004, according to a press release issued by UBI.

There will be a concession of 0.5 per cent if the loan is serviced during the study period.

More Stories on : Consumer Finance | Interest Rates | Education

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