Things You Should Know About Bank Of India Education Loan Interest Rate

The interest rate of Bank of India is based upon RBLR i.e. Repo based Lending Rate. Spread of 1 or 2% is added by the bank to finalise the landing rate.

External benchmark rates such as the Marginal Cost of Funds Based Lending Rate (MCLR) or the Repo Rate changes can affect your amount.

1. Base Rate or External Benchmark Rate

The total repayment period can affect the interest rate of your education loan. Taking loan for higher amount can also impact interest rates.

2. Loan Amount and Tenure

Loans with security may have lower interest rate charged as the bank worries about assets backing the loan.

3. Collateral and Co-applicant

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