When I was looking at SBI site, I got this info:
Rate of Interest*
For loans upto Rs.4 lacs - 3.50% above Base Rate, currently 13.50% p.a.
What does it mean? interest rate is 13.5 or 3.5? I could not understand terminology.
also it says:
1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration
what is that?