PNB slashes rates on education loan by 20 bps under Vidyalaxmi Scheme

State-owned Punjab National Bank (PNB) on Tuesday said it has reduced interest rates on its education loan offering under the Vidyalaxmi Scheme by 20 basis points.

This initiative further strengthens the bank's commitment to enhance education accessibility, PNB said in a statement.

The Vidyalaxmi Scheme is designed to provide comprehensive financial support to students towards quality-driven higher education, it said.

This initiative is available to candidates who secure admission on merit to 860 identified Quality Higher Education Institutions (QHEIs) across India, it said.

With the revision, the education loan would start from 7.5 per cent depending on institutions, it said.