Kerala Gramin Bank Abroad Education Loan

Kerala Gramin Bank, a Regional Rural Bank (RRB) sponsored by Canara Bank and jointly owned by central and state governments, offers education loans to all Indian citizens. With a net asset value of INR 29.5 Cr the bank is headquartered in Malappuram, Kerala.

 

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The objective of Kerala Gramin Bank's education loans is to support students from rural areas in achieving their educational aspirations. When searching for the best education loan, consider Kerala Gramin Bank to take advantage of government benefits such as interest subsidies, tax benefits, and lower interest rates.

If you are new to education loans offered by Kerala Gramin Bank, this blog provides essential information on studying abroad with Kerala Gramin Bank's education loan options.

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Overview of Kerala Gramin Bank abroad education loans

Education loans by Kerala Gramin Bank can help those students who need an education loan under INR 20 Lakhs. You can get interest subsidies and tax benefits under section 80 E for education loans from Kerala Gramin Bank. The bank offers special interest concessions for girl students under its Sukanya scheme.

See the overview table below for a quick understanding of the Kerala Gramin Bank education loans to study abroad: 

 

KG Sukanya Scheme for girl students

KG Sukanya scheme by Kerala Gramin bank is for the higher education of the girl students. The scheme provides education loans with an interest rate of 10% for loans over INR 7.5 Lakhs, 11.60% for amounts up to INR 7.5 Lakhs, and 12.60% for loans less than INR 7.5 Lakhs. The rest of the terms and conditions are that of other Kerala Gramin bank education loans.

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Eligibility for Kerala Gramin Bank abroad education loan

One of the most important factors to consider before applying for a student loan is its eligibility criteria. Some criteria might change depending on case to case basis, but the overall eligibility pivots around the same points.

Below are the eligibility criteria for Kerala Gramin Bank abroad education loan:

1. The student must be an Indian national
2. If the student is minor, the parent/guardian must represent the student
3. The loan shall be in the joint names of the student and parent/guardian
4. Student must get admission to a recognized institution abroad through academic merit

Security requirements for Kerala Gramin Bank abroad education loans

Kerala Gramin Bank education loans are provided against collateral security of immovable properties such as plots, buildings, etc. The requirement of collateral security is determined according to the quantum of the education loan. 

1. Loan amount up to 4 Lakhs: No security is required
2. Loan amount between INR 4 Lakhs and INR 7.5 Lakhs: A third-party guarantee with net worth to cover the loan amount or equitable mortgage of landed property with sufficient value is required
3. Loan amount more than INR 7.5 Lakhs: EM (Equitable Mortgage) of property with sufficient value, covering at least 150% of the loan amount

 

In all the cases the parent should be a joint borrower and assignment of future income of the student is done for payment of installments.

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Expenses covered under Kerala Gramin Bank abroad education loan

Education loans by Kerala Gramin Bank cover all the necessary expenses within the loan amount limit. The borrower might request the bank to add some expenses or remove some owing to the bank's discretion. 

Study-abroad education loans generally cover the following expenses: 

1. Tuition fees for college
2. Hostel and mess charges
3. Examination, library, and laboratory fees
4. The cost incurred for uniforms, books, etc.
5. Cost of laptop or computer if that is required for the completion of the course
6. Expenses for traveling abroad as part of the study (for projects and thesis)