Kerala Gramin Bank has been offering many banking services for a long time and these include some really great education loan schemes to the public. The Kerala Gramin bank education loan is offered to students who want to pursue higher studies or professional courses from top institutes in India and abroad. This article will detail how you can apply for an education loan through the Bank. We will also discuss the eligibility criteria, documentation and the Kerala Gramin bank education loan interest rate required for the loan process.
Kerala Gramin Bank: Overview
Kerala Gramin Bank is a regional rural bank headquartered in Thiruvananthapuram, Kerala. It was established on 1st March 1964 under the Regional Rural Bank Act, of 1963. The bank has a network of 2,024 branches spread across all districts and four metropolitan cities of Kerala. It also operates through 1,90,000 business correspondents and provides banking facilities through ATMs and mobile services including SMS banking etc. The bank caters to about 9 million households covering over 14 lakh villages in this state alone.
The bank has set up its branches in all parts of Kerala and offers education loan schemes for students who want to pursue higher studies or professional courses from top institutes in India and abroad.
How To Apply For An Education Loan?
When it comes to applying for a Kerala Gramin bank education loan, you can do so in the following ways:
- Apply online – This is the most convenient method of applying for a Kerala Gramin bank education loan. You just have to visit their website and fill in all the required details in order to submit your application form. In addition to this, you also need to upload all your necessary documents along with scanned copies of them as well.
- Visit the nearest branch – If you wish to apply for a loan offline, visiting any branch of Kerala Gramin Bank will help you get started on that process without any difficulty whatsoever.
Eligibility Criteria For The Education Loan Of Kerala Gramin Bank
Kerala Gramin Bank is one of the best banks in India that provides education loans. It offers many benefits, such as attractive Kerala Gramin bank education loan interest rates and easy documentation.
Applicant Requirements:-
- The candidate must be a resident of Kerala
- The candidate must be a citizen of India
- The candidate must be a graduate with at least 50% marks
One of the primary reasons why the bank has gained popularity in recent times is its flexible and easy-to-understand education loan scheme. The maximum amount offered under the Kerala Gramin bank education loan scheme is Rs. 10 lakhs, whereas if the candidate wishes to study abroad then he/she can get up to Rs. 20 lakhs of loan sanction from this bank.
Kerala Gramin Bank Interest Rate
You can get a Kerala Gramin bank education loan for your studies in India at a 9% interest rate. However, if you want to study abroad, the rate of interest will be 10%. Loans up to Rs 7.5 lakhs will have an interest rate of 9% and loans above Rs 7.5 lakhs will have a 11% interest rate. You can repay your loan in monthly instalments. The maximum repayment period for the Kerala Gramin bank education loan scheme is 10 years if you are studying in India and 15 years if you are studying abroad. The government will also bear the processing fees and the cost of documentation for this scheme.
Conclusion
So, if you want to study at a reputed university and still be able to pay for it, then go ahead and apply for a Kerala Gramin bank education loan. It is one of the most convenient ways to get an education loan. One can avail of this loan by applying online on the website of Kerala Gramin Bank itself or at any of its branches across the state of Kerala. We hope that this guide has helped you with all your queries regarding educational loans.
FAQs
1. What is the interest rate of education loan in Gramin Bank?
Gramin Bank of Aryavart offers education loans with competitive interest rates, ranging from 12% to 12.50%.
2. Is Gramin Bank private or public?
It is one of India’s 43 rural banks supported by the government and is owned by the Ministry of Finance, Government of India,
3. Does Gramin Bank give education loans?
For the education loan, the student must be an Indian national, and if a minor, a parent/guardian should represent them. The student must have secured admission in a recognised institution in India or abroad through a merit-based selection process.
4. What is the minimum balance in Kerala Gramin Bank?
The minimum balance in Kerala Gramin Bank must be 2,000 INR
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