Malwa Gramin Bank – Education Loans

By Pradeep Yuvaraj | April 14, 2011

Purpose                      – To provide financial assistance to meritorious students for pursuing higher education

 

Eligibility                     – To extend financial assistance to deserving meritorious Indian National Students for pursuing higher education in India and abroad

 

Quantum of finance  – Maximum Rs.10.00 lakh for Studies in India, Maximum Rs.20.00 lakh for studies abroad

 

Margin                         – Nil Up to Rs.4.00 lakh, for loans above Rs.4.00 lakh, 5% for studies in India and 15% for studies Abroad

Rate of interest          – Up to Rs.4 lakh – BPRL of its Sponsor Bank i.e. 10.5%, above Rs.4 lakh – BPRL of our Sponsor Bank + 1% (on floating rate basis) unlike other personal loan

Repayment                 – Like any other educational loan the repayment period is course period + 1 year or 6 months after getting job, whichever is earlier, for loans up to Rs.7.5 lakh and for studies in India and up to Rs.15 lakh for studies abroad. The loan is to be repaid in a maximum of 5-7 years after commencement of repayment.

For loans above Rs.7.5 lakh for studies in India and above Rs.15 lakh for studies abroad, the loan has to be repaid in a maximum of 5-10 years after commencement of repayment.

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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.

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