Sarva U.P.Gramin Bank, sponsored by Punjab National Bank one of the leading commercial Bank of India, came into existence by amalgamation of 4 Regional Rural Banks. The Bank has its Head Office in Meerut.
Purpose: To provide financial support to deserving/meritorious students for pursuing higher, professional and technical education this loan scheme is offered.
Eligibility: Any Indian citizen who has secured admission through entrance test/selection process can avail this personal loan if parents are in the command area of branch office of the bank.
Quantum of Loan: Maximum amount that can be granted as loan is Rs.7.5 lakhs.
Margin: Up to Rs. 4 lakhs loan there is no margin. Above Rs.4 lakhs loan there is a margin of 10%.
Rate of Interest: Up to Rs.2 lakhs the rate of interest is 11%. Above Rs.2 lakhs loan the rate is 12% per annum.
Security: Co-obligation of either or both parents or guardian(s) and collateral security or suitable third party guarantee is required.
Repayment: The interest to be debited monthly on simple interest basis during the repayment holiday period. Repayment Holiday period is Course period + 1 year or 6 months after getting job whichever is earlier. After commencement of repayment within 5-7 yrs, the repayment has to be completed.