Reduction in base rate, a relief to students seeking overseas education

After witnessing a weakeningrupee inflate their overseas educationbudget in the last three months, students aspiring to study abroad finally have some news to cheer. 

Public sector banks - Bank of India, Central Bank of IndiaBSE 0.79 % and Union Bank of IndiaBSE -0.62 % - slashed their base rates by 25 basis points to 10% last week, resulting in reduced interest burden for students and their parents. Canara BankBSE 0.31 %, which also slashed its rate, is offering the lowest rate of 9.95%. 

Since education loans are linked to base rate, students aspiring to take education loans, will benefit with banks lowering rates. Other PSU banks are also expected to lower rates, bank officials said. 

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