Kolkata: United Bank of India has reduced the rate of interest on educational loans under the United Educational Loan Scheme.
The rate has been cut from 10 per cent to 9 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.