Education  Loans

Eligibility

To extend financial assistance to deserving/ meritorious Indian National Students for pursuing higher education in India and abroad, to cover the expenses like fee payable, boarding lodging, Examinational/ Library/ Laboratory fee, purchase of books/ equipments/ instruments/ uniforms, caution deposit/ building fund/ refundable deposit supported by Institution bills/ receipts, travel expenses/ passage money for studies abroad, purchase of Computer-essential for completion of the course, study tours, project work, thesis etc.

Quantum of finance

Studies in India – Max Rs.10.00 lacs

Studies Abroad– Max Rs.20.00 lacs

Margin

Upto Rs.4.00 lacs                                        Nil

Above Rs.4.00 lacs  Studies in India          5%

                                    Studies Abroad         15%

Security

A.        Studies in India:

Upto Rs.4.00 lacs                                        No security

Above Rs.4.00 lacs & upto Rs.7.5 lacs: Collateral in the form of a suitable third party guarantee

Above Rs.7.5 lacs and upto Rs.10.00 lacs: - Tangible collateral security for full value of the loan.

B.        Studies Abroad:

Upto Rs.4.00 lacs                                        No security

Above Rs.4.00 lacs & upto Rs.7.5 lacs: Collateral in the form of a suitable third party guarantee

Above Rs.7.5 lacs and upto Rs.15.00 lacs: - Tangible collateral security for suitable value or suitable third party guarantee along with the assignment of future income of the student for payment of instalments.

Above Rs.15 lacs and upto Rs.20 lacs - Tangible security for full value of loan.

Rate of interest

Upto Rs.4 lacs - BPRL of our Sponsor Bank i.e. 10.5%

Above Rs.4 lacs – BPRL of our Sponsor Bank + 1%

(on floating rate basis)

Repayment

Course period + 1 year or 6 months after getting job, whichever is earlier?

For loans upto Rs.7.5 lacs for studies in India and upto Rs.15 lacs for studies abroad.

The loan to be repaid in a maximum of 5-7 years after commencement of repayment.

For loans above Rs.7.5 lacs for studies in India and above Rs.15 lacs for studies abroad

The loan to be repaid in a maximum of 5-10 years after commencement of repayment.

In order to provide excellent service to its customers, Malwa Gramin Bank imitated the process of computerizatin of its branches on 7th July 2005 and become a 100% computerized Bank on 13.10.2005 with full computerization of its all branches.Hon'ble Shri Yogesh Aggrawal ,Managing Director, State Bank of Patiala graced the occasion with his presence as the chief Guest of the function organised to celebrate the cent per cent computerization of Malwa Gramin Bank at its last computerized branch i.e. Badochi Kalan (District Fatehgarh Sahib) and declared Malwa Gramin Bank a "100% Fully Computerized Bank".

 Agriculture Debt Waiver

The List of Debt Waiver customers of Malwa Gramin Bank.
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