Bharat Co-operative Bank (Mumbai) Limited – Suvidya Loan

By | March 29, 2011

Bharat Co-operative Bank (Mumbai) Limited which was established in 1978, now has a customer base of more than 12 lakhs. The Reserve Bank of India has conferred scheduled status to the Bank on 22nd April, 1996 and the Bank subsequently registered as Multi-State Scheduled Co-operative Bank on 26th September, 1997. Today the Bank has 36 Branches which includes 7 branches in Karnataka, four of which are located in Bangalore and one each in Udupi, Mangalore and Suratkal. The Bank has posted a net profit of Rs. 27.55 crores for the financial year ended 31st March 2010 as against Rs. 30.52 crores for the previous year after making necessary provisions in accordance with the extent guidelines of RBI.

Purpose: This is an education loan (Unsecured Loan) to meet the expenses for higher education.

Eligibility: Any individual with fair income for repayment for of loan can avail this loan.

Quantum of Loan: Maximum amount granted for this kind of personal loan is up to Rs. 2 lakhs.

Rate of Interest: The rate of interest is 15% per annum.

Repayment: Maximum repayment period is 60 months. Interest is applied on daily reducing balance.

Documents Required: Studentship related documents and 2 sureties are required to be submitted.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
Category: Articles Glossary Tags: , ,

About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

Leave a Reply

Your email address will not be published. Required fields are marked *