Nainital-Almora Kshetriya Gramin Bank (NAKGB) was established on 26th March, 1983. It is sponsored by Bank of Baroda. Presently the bank has over 58 branches across 4 districts of Uttarakhand, Udham Singh Nagar, Nainital, Bageshwar and Almora.
The bank aims to provide banking facilities in rural area and provide financial assistance particularly to small, marginal, landless labourers and other weaker sections. NAKGB is a joint venture of Government of India, Government of Uttarakhand and Bank of Baroda. NAKGB has its headquarters situated in Nainital.
Purpose: This education loan aims providing finance for school education from nursery to 12th standard.
Eligibility: Target group for this personal loan is parents of students pursuing school education from nursery up to 12th standard.
Rate of Interest: The rate of interest for loan of amounts up to 4 lakhs – 0.5 % below PLR i.e. 12.75%.
Quantum of Loan: The maximum amount that can be granted as loan under Gyan Educational Loan scheme for school education is Rs. 4 lakhs.