Corp Bank launches student loan with online facility

Mangalore, June 29 (UNI) Corporation Bank today launched the revised 'Corpvidya Education Loan' which will now come with an online request facility In his address here, Bank Executive Director K L Gopalakrishna said the bank had endeavoured to launch the unique online facility for the convenience of students who secured admission to professional courses.

Under the scheme, the student, after securing admission to the college, could make an online request for loan over the bank's website in the prescribed format.

The bank would then scrutinise the details and give in-principle sanction which would be communicated to the applicant through e-mail with a copy sent to the nearest branch and zonal office.

This would ensure hassle-free and timely credit dispensation to the needy students. No collateral security was required for loans upto Rs 4 lakh.

The maximum loan amount was Rs 10 lakh in the case of study in India and Rs 20 lakh in case of study abroad, he said.

Mr Gopalkrishna said during the last fiscal, the education loan portfolio of the bank recorded 63 per cent growth.

Till 2006-07, the bank had sanctioned a total student loan of Rs 269 crore. It also planned to add Rs 100 crore during the current fiscal under the portfolio.

The product was earlier launched by Manipal University Vice Chancellor R P Warrier.

UNI