Kerala Bank has launched a new financial initiative, the GenZ Tech loan scheme, designed to help college students purchase essential electronic gadgets such as laptops and tablets. Under this programme, eligible students can secure loans of up to ₹1 lakh to support their digital learning requirements. The official launch of this initiative took place in Kochi on 27 July.

Loan details and exclusions
While the loan covers vital study aids like laptops and tablets, the bank has specified that the funds cannot be used to purchase mobile phones. The GenZ Tech loan comes with a highly competitive interest rate of 6.99%, and borrowers will have a flexible repayment period of 30 months.

Eligibility and guarantor requirements
To apply for the scheme, students must submit a joint application along with their parent or guardian. In addition to the parent, a relative must also stand as a guarantor. Since the loan disbursement is linked to creditworthiness, the applicants' CIBIL scores will be considered during the evaluation process.

Additional benefits for education loans
Kerala Bank President P Mohanan and Vice President TV Rajesh announced that students who avail of the GenZ Tech loan will receive an extra incentive. If these borrowers choose to take a standard education loan from Kerala Bank, they will be eligible for a 0.5% concession on the interest rate.