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Monday, Mar 22, 2004

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Kerala State Co-op bank to give educational loans

Our Bureau

Thiruvananthapuram , March 21

THE Kerala State Co-operative Agricultural and Rural Development Bank has joined the commercial banks and other financial institutions that provide long-term loans for higher education.

According to Mr K. Sivadasan Nair, President of the co-operative bank, the loans would be extended for pursuing courses in institutions approved by the Union and State Governments and the All India Council for Technical Education (AICTE).

The loans will be given for doing IIM, IIT courses, engineering, medicine, nursing, agricultural science, computer, fashion designing, hotel management, foreign trade and similar other courses.

Besides, the bank will consider applications of those studying in recognised institutions abroad. The maximum limits for loans for pursuit of studies within the country and outside are Rs 5 lakh and Rs 10 lakh, respectively.

Loans up to 85 per cent of the total expenditure covering tuition fee, cost of books, hostel fee and study tours will be provided by the bank. The repayment of the principal amount will begin within one year of the completion of the course or six months after getting employment, whichever is earlier. Till then, only interest need be paid on half-yearly basis.

The interest rates for the loans are nine per cent for up to Rs 50,000, ten per cent for amounts above that but up to Rs 2 lakh and 11 per cent for amounts over Rs 2 lakh and up to Rs 10 lakh.

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