Rushikulya Gramya Bank – Rushikulya Vidya Jyoti (Education Loan)

By | July 2, 2011

Rushikulya Gramya Bank, the first of three Regional Rural Banks sponsored by Andhra Bank was established on 14th day of February, 1981 under provision of Section 3 of the Regional Rural Bank Act, 1976 with its Head Office at Berhampur (Ganjam), Orissa.

As a Scheduled Commercial Bank, it is authorized to conduct all types of banking activities under Section-5B of the Banking Regulation Act 1949.  The Bank has been vigorously pursuing its social objective and is committed to serve the economically backward people, agriculturists, rural women and small business entrepreneurs for the all round development of Ganjam & Gajapati District. The bank offers home loan, personal loan, agricultural loan, business loan etc.

Purpose –           to meet cost of tuition fee, hostel fee, examination fee, books, project work, study tours and refundable deposits. Air passage and maintenance for abroad studies

Eligibility –           Age- 12 to 30 years for studies in India, 18 to 35 years for studies in Abroad ; Qualifying Marks Exempted

Quantum of Loan–     Maximum: Rs.10.00 lakhs for studies in India; Rs.20.00 lakhs for studies in Abroad.

Margin –           Up to Rs.4.00 lakhs exempted; above Rs.4.00 lakhs 5% in India and 15% for                       Abroad studies.

Security –           Up to Rs.4.00 lakhs guarantee of parents; Above Rs.4.00 lakhs – collateral security of suitable value and guarantee of the parent.

Interest                      – Up to Rs.4.00 lakhs -12.25%; above Rs.4.00 lacs-13.50%

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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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