Vidharbha Kshetriya Gramin Bank, sponsored by Central Bank of India, is established on 12/09/2005 amalgamating three RRBs working in Akola, Washim, Buldhana and Yavatmal district from 1983-84.
The thrust area of the Bank is to include all rural poor, totally into the formal Banking systems through financial inclusion. The Bank offers home loan, educational loan, personal loans etc.
PURPOSE – The loan is offered in order to provide financial assistance to meritorious scholars for higher education
ELIGIBILTY – Should be citizen of India, such students, who posses excellent academic record and have secured admission to Professional or Technical courses in India or Abroad
AGE LIMIT – The age limit is 16 to 40 Years
EXPENSES CONSIDERED – Fee payable to college, school, Hostel. Purchase of Computer-essential for completion of the course examination, library, laboratory fee Expenses on books, equipments, Implements, uniform etc
QUANTUM OF FINANCE – Maximum Rs.7.5 Lakh
MARGIN – Up to Rs.4 Lakh it is NIL, Above Rs.4 Lakh – 5% to 15%
QUANTUM OF FINANCE – As per project cost
RATE OF INTEREST – 9.5% p.a. for female students 10 % p.a. for male students (1% rebate in interest will be given if the interest is serviced during the study period).
REPAYMENT – In 5 to 7 years, after getting employment or after six month of completion of course whichever is earlier;