Wainaganga Krishna Gramin Bank came in to existence on 15th December 2008 through amalgamation of Wainganga Kshetriya Gramin Bank, Chandrapur, Solapur Gramin Bank, Solapur and Ratnagiri-Sindhudurg Gramin Bank, Ratnagiri.
The authorized capital of the Bank is Rs. 500.00 lakhs and the paid up capital is Rs. 400.00 lakhs. Government of India, Government of Maharashtra and Bank of India has contributed 50 %, 15%, and 35% of the share capital respectively
Purpose: This personal loan aims at providing financial assistance to the deserving / meritorious students for pursuing higher education in India and abroad.
Quantum of Loan: The maximum amount that is granted s loan for studies in India is Rs. 10 lakhs. In case of studies abroad the maximum loan amount is Rs. 20 lakhs.
Margin: There is no margin for loans up to Rs. 4 lakhs. For loans above Rs. 4 lakhs for studies in India the margin is 5% and for studies abroad the margin is 15%.
Repayment: The loan has to be repaid in 5-7 years in equated monthly / quarterly installments. Moratorium period is course period plus 1 year or 6 months after getting job whichever is earlier.
Security: Parents/Guardian should be the Co-obligator for the loan.