Karnataka Bank introduced two new cutting-edge financial products: KBL Peak, an education loan providing up to Rs 2 crore in funding along with comprehensive coverage, and KBL Genius, a student savings account featuring a unique free cyber insurance and exclusive benefits.
Srikrishnan H, Managing Director and CEO of the bank, said: “With the ‘KBL Peak’ education loan and ‘KBL Genius’ savings account, Karnataka Bank aims to help students pursue their academic goals and aspirations with financial freedom, contributing to a brighter future for both individuals and the nation.”
KBL Peak Education Loan
KBL Peak is a program that assists students in India and overseas who are seeking higher education. The KBL Peak Education Loan is a versatile solution designed to assist students pursuing advanced education both in India and internationally. With loan amounts reaching up to Rs 2 crore, the KBL Peak loan covers various expenses such as tuition fees, accommodation, travel, books, and laptops. The loan features a flexible interest rate system that takes into account factors like the educational institution’s ranking and the co-applicant’s credit score, making it accessible to students from diverse backgrounds.
In addition, the KBL Peak loan offers a pre-admission sanction letter to streamline the admission process, along with credit life insurance for both the student and parent to ensure complete financial protection. Moreover, the product provides a reduced rate of interest for female students pursuing higher education in STEM courses.
KBL Genius Savings Account
The KBL Genius Signature Account is a zero-balance bank account for students aged 18–25. It’s designed to help students manage their daily spending, save for school, and prepare for the future. The KBL Genius Savings Account comes in two variations: KBL GENIUS Signature and KBL GENIUS Advantage. This account aims to provide students with fundamental banking services and promote financial literacy for life.
Key features include a minimum average balance (MAB) requirement, convenient digital transactions, and special benefits on debit cards, enabling students to effectively manage their finances.
Notably, the KBL Genius Savings Account also offers groundbreaking free cyber insurance coverage, ensuring students are protected in the modern digital landscape.