Bank of India launched special scheme for education loan

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INVC,,

Chandigarh ,,

Bank of India would organize Education Loan Camps throughout the country in next 2 months. In Chandigarh Zone, 10 such camps would be organized in Chandigarh, Himachal Pradesh & Haryana.

Shri Alok K.Misra, Chairman and Managing Director, Bank of India today inaugurated the campaign from Chandigarh by disbursing loans to needy students in presence of gathering of parents and students at PHD Chamber, Sector-31, Chandigarh. Many students of Chandigarh based Aryans Group of Colleges got on the spot sanction of the Education Loan.

Addressing the media Shri Alok K.Misra, CMD, Bank of India said that Bank of India is financing this segment very aggressively. Shri Misra mentioned that North India has emerged as Education Hub in the recent years, whereas earlier students used to go to South India for higher education. He also added that Bank of India’s Education Loan has very low rate of interest i.e. 9.5% p.a. upto Rs.4.00 lacs. Further interest concession of 0.5% upto Rs.50,000/- and 1% to loans over Rs.50,000/- for girl students is provided. 1% interest concession is provided to all students upon service of interest during moratorium period of loan. He also added that not only education loan but Bank of India is financing education project also. Dr.Anshu Kataria, Chairman, Aryans group of colleges was also present on the occasion.

Mr. Rakesh Sethi, Zonal Manager told that Education Loan is covered under Shiksha Suraksha Plan and finance for insurance amount is available. Loan is repayable within 7 years after one year of completion of course or six months after getting the job whichever is earlier.

The total outstanding in the Education Loan by all Public Sector Banks is Rs.34,192.03 crore as on 31.03.2010, out of which BOI’s share is Rs.1720.00 crore i.e. 5% of total with fourth position. During the year 2009-10 there was growth of 29% i.e. from Rs.1333.00 cr. to Rs.1720.00 cr. in the Education Loan portfolio of the bank. Chandigarh Zone total Education Loan are to the tune of Rs.27.08 cr. as on March 2010 registering a growth of 22.50%.

Alok K.Misra, Chairman and Managing Director, Bank of India
Alok K.Misra, Chairman and Managing Director, Bank of India

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