This fiscal year, the interest rate on education loans has spiked due to RBI opting rate hike cycle to tackle inflationary pressure. The policy rate hikes have led to a substantial increase in the cost of funds at banks and other financial firms which resulted in an increase in their benchmark lending rates. And hence, the end rate for any form of loan increased significantly in FY23.
Speed up your education loan repayment: 5 steps to pay off ₹30 lakh faster
livemint.com - 22 Mar 2023 16:03
This fiscal year, the interest rate on education loans has spiked due to RBI opting rate hike cycle to tackle inflationary pressure. The policy rate hikes have led to a substantial increase in the cost of funds at banks and other financial firms which resulted in an increase in their benchmark lending rates. And hence, the end rate for any form of loan increased significantly in FY23.
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