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 graduation, post graduation, or other professional courses in India.
Eligibility: Target group for this personal loan is students pursuing higher education.
Rate of Interest: The rate of interest for loans of amounts up to 4 lakhs – 0.5 % below PLR i.e. 12.75%. In case of loans above Rs. 4 lakhs, the rate of interest is 0.5% over PLR i.e. 13.75%. There is 1% rebate on the interest rate for girl candidates.
Quantum of Loan: The maximum amount that can be granted as loan under Scholar Educational Loan scheme for school education is Rs. 7.5 lakhs.