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Mumbai (Maharashtra) [India]Jun 7 (ANI / BusinessWire India): Saraswat Bank, India’s largest municipal credit union, is now offering a pre-approved educational loan to help students achieve their educational goals and aspirations.
The Covid-19 pandemic has had a drastic impact on the financial situation of many households. Banks and other financial institutions have played a vital role during this time by reducing their borrowing costs. Saraswat Bank has already lowered its interest rates on various loan products such as home loans, auto loans, real estate loans, gold loans and education loans.
Saraswat Bank offers a pre-approved educational loan at 8.50% pa. In addition, it offers other advantages such as 100% financing of the course fees, a special rate of 8.00% pa for girls, no processing fee, etc.
* Terms and conditions apply
Covid-19 and the frequent lockdowns have had a major impact on the education system. But amid these challenges, the pandemic has also opened up various avenues, including open and distance learning (ODL). This has gained widespread recognition recently for many online courses. As a new feature in their education loan, Saraswat Bank has made arrangements to fund these courses (in India and abroad) as well, thus accepting and supporting the new curriculum.
Another impact of the pandemic is to exacerbate the fluctuations in exchange rates that users experience when doing foreign exchange transactions. A 25% discount on commissions when buying foreign currency or currency transfers, which the bank offers to borrowers, has proven to be a little relief in this scenario.
When deciding on the Saraswat Bank educational loan, various parameters such as a reduced interest rate, flexibility in the loan period through a moratorium, reductions in processing fees and other taxes, special advantages for female students, etc. help to reduce the financial burden on students.
Even in these challenging times, Saraswat Bank can boast commendable growth figures. The bank’s business exceeded Rs. 67,000 crore in 2021 with a net profit of Rs. 270.24 million euros. It also kept its NPAs at a low 1.04%, demonstrating a strong business position.
Saraswat Bank has been named one of the world’s best banks by the prestigious Forbes survey for two years in a row. It also won the “Best Technology Bank” award for the fifth consecutive year at the Indian Banks’ Association (IBA) Technology Awards 2021 in the credit union sector, along with an award for Best IT Risk & Cyber Security Initiatives and second place for Best Digital Financial Inclusion Initiatives.
This story is provided by BusinessWire India. ANI assumes no responsibility for the content of this article. (ANI / BusinessWire India)
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source https://collegeeducationnewsllc.com/saraswat-banks-pre-approved-education-loan-at-its-lowest-ever-interest-rate-theprint/
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