Shitikanth with his family. File picture

Ranchi, June 4: In this season of exam results, successful students are being wooed by all and sundry — from the friendly neighbour and the elder relative who want to throw a party for the “local hero” to television channels and newspaper reporters. Now, add bankers to that list.

For, with over 300 students qualifying for IIT from Jharkhand, money houses see in them a business opportunity. So, study loans at attractive interest rates are on offer, that, too, with bouquets, sweets and a healthy dose of praise at well-organised felicitation ceremonies.

State Bank of India was first off the block with a May 31 function to “honour” successful students with spot sanction counters being set up in the small towns of Dhanbad and Bokaro, too.

Canara Bank is organising its own function early next week, while Punjab National Bank hopes to catch them young by targeting those who have only now cleared Class 10 or Class 12 boards from either CBSE or Jharkhand Academic Council.

The state has done particularly well in IIT this year. Shitikanth, the IIT entrance exam topper, has his roots in Jharkhand, while eastern India topper Ankit Kumar is a Ranchi boy.

Naturally then, would-be IIT-ians were the toast of banks. State Bank of India DGM Anil Kumar Gupta said they were ready with loans of up to Rs 15 lakh for students getting into IITs and IIMs, that too without a guarantor. Already, the Ranchi circle has disbursed education loans to the tune of Rs 250 crore with Sushil Kumar, the chief manager, adding that SBI has set up central processing cells at Ranchi, Jamshedpur, Bokaro and Dhanbad to speed up paper work. “We are the best so far as the rate of interest is concerned,” he maintained.

Not to be left behind, Canara Bank has lined up a special camp on June 9 to give loans to over 50 students who have got into IIT. It has also invited 20 toppers from Class X and Class XII — both from CBSE and the Jharkhand Academic Council.

“These students could be our future customers,” said marketing manager Sanjiv Srivastava, adding they were offering loans at special interest rates of 8.75 per cent for girls and 9.75 per cent for boys against the usual rate of 12 per cent.

“We will not be asking for a guarantee and disbursal will be on the basis of residential proof and marksheet,” he said.

Canara Bank, which disbursed loans of around Rs 5.5 crore to 580 management and engineering students last year, is also offering special rates to students of the three premier institutions of the state: BIT Mesra, XLRI, Jamshedpur and ISMU, Dhanbad.

With such serious competition among banks, Punjab National Bank’s (PNB) Amitabh Moitra, who has joined recently, has already asked his officers to hold a felicitation programme for IIT graduates.

The bank offers PNB Sarvottam Siksha Reen Yojana for students planning to join premier educational institutions and PNB Vidya Lakshya Purti Yojana for those in general education.

“The rate of interest for loans of up to Rs 4 lakh for studying in premier institutions is pegged at 10.75 per cent,” said senior marketing manager Sanjay Prasad.

“We take 5 per cent as margin money when the loan is above Rs 4 lakh. We give Rs 10 lakh for education in India and Rs 20 lakh for abroad,” he added.

Till two years back, banks were wary of lending to students. But now, there seems to be a huge rush. According to senior bankers, with demand reaching sky high there was no way banks could ignore the market of educational loans.

“The real picture will emerge only after two years or so when the students whom we granted loans, graduate and get jobs,” said an SBI bank official.