A especial system is launched to disburse teaching loans to needy students across the country. Bank of Bharat is organizing Education Loan Camps pan Bharat for 2 months to cater to the teaching finance needs of the parents in addition to children. This loan tin last repaid inside vii years afterward a twelvemonth of the cast completion or half dozen months afterward getting the project whichever is earlier.
The stimulate was inaugurated on sixth July past times Chairman & Managing Director of Bank of India, Mr. Alok K. Misra inwards Chandigarh zone consisting Chandigarh, Haryana in addition to Himachal Pradesh. Students from Chandigarh based colleges received on-the-spot sanction for teaching loans covered nether Shiksha Suraksha Plan. The camps are run throughout the province every bit land South Bharat is an existing teaching hub, North Bharat is the upcoming one. With increasing displace of students for higher education, the financing needs accept enlarged significantly.
Bank of Bharat (BOI) holds fourth position amongst 5% part inwards the full outstanding inwards the Education Loan past times all Public Sector Banks every bit on 31st March 2010. An overall increment of 29% in addition to Chandigarh Zonal increment of 22.50% was witnessed at the destination of concluding fiscal twelvemonth 2009-2010. The teaching loan rates of Bank of Bharat are 9.5% upwards to Rs. iv lakhs in addition to a farther concession of 0.5% involvement upwards to Rs.50,000 in addition to 1% to loans over Rs.50,000 for daughter students is likewise provided. Not exclusively this, 1% involvement concession is given to all the students upon service of involvement during moratorium menses of loan.
The higher teaching sector inwards Bharat is developing at a swift measuring amongst to a greater extent than in addition to to a greater extent than release of students opting for post service graduate studies. This is farther encouraged past times tardily availability of teaching loans in addition to finances that hence back upwards their career goals.