The State Bank of India (SBI) has slashed education loan rates by up to 1%. The bank said in a statement that inorder to extend financial assistance to students pursuing higher education in India and abroad at affordable rate, SBI has reduced the rate of interest for eduation loans.Education loans up to 4 lakh have become cheaper by 0.25% point to 13.50percent against 13.75%. Loans between Rs4 lakh and 7.5 lakh will be available at 13.25% against 14.25%, a sharp reduction of 1 percentage point.Loans beyond Rs7.5 lakhs will cost 0.25 percentage point less at 12 percent.Under this education loan scheme, loans up to Rs10 lakh for studies in India and up to Rs 20Lakh for studies abroad are given.At present,111 institutes are covered under this scheme and loans upto Rs15 lakh are given.Girl students will get an additional 0.50 percentage. At the same time ,1 percent concession for the entire tenure of loan, if full interest is serviced during moratorium period.