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Education Loan Rate Vs Interest Rate

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The interest rate is most important factor for any loan and the same goes for an education loan as well. The interest rate determines the overall cost of the loan. Education loan rates are usually lower than the interest rate charged on a personal loan but slightly higher than the home loan rates. The rate charged differs from lender to lender and also depends on the loan amount. Higher the loan amount, higher is the interest charged and vice-versa. Some banks offer a ‘fixed' rate of interest while others offer ‘floating' rate of interest. So if the difference between the two types of rate is only of around 1% then it better to go in for a fixed rate as these loans have shorter repayment period of 5 to7 years. However some banks offer fixed

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