Karnataka Bank launches KBL Peak education loan and KBL Genius savings account for students

Karnataka Bank has unveiled two innovative products aimed at empowering students: the KBL Peak Education Loan and the KBL Genius Integrated Savings Account. Through these offerings, Karnataka Bank aims to strengthen its role in India’s expanding education finance market, bringing robust financial support to students pursuing higher education domestically and abroad. Both products were officially introduced on 13th November 2024, marking a significant step in the bank’s commitment to financially empower young students and their families.

KBL Peak: High-value education loans with flexible terms

Karnataka Bank’s KBL Peak Education Loan stands out by offering loan amounts of up to ₹2 crores, covering diverse academic expenses such as tuition fees, accommodation, travel, books, and laptops. The bank has structured this loan with flexible interest rates tailored to specific factors, including the applicant’s educational institution ranking and co-applicant’s credit score, enhancing its accessibility to a wide range of students. The KBL Peak also provides a unique pre-admission sanction letter to streamline the admission process and includes credit life insurance for both students and parents, ensuring comprehensive financial security.

The bank has incorporated a targeted concession for female students pursuing studies in STEM (Science, Technology, Engineering, and Mathematics) fields, reflecting its dedication to encouraging female representation in these sectors. This strategic move is intended to make Karnataka Bank a preferred choice for students seeking education financing, particularly in competitive, high-cost academic programs.

KBL Genius: A digital-savvy savings account tailored for students

Karnataka Bank’s KBL Genius Integrated Savings Account, introduced alongside the KBL Peak loan, provides a comprehensive savings solution aimed at young students. Available in two versions, Signature and Advantage, the KBL Genius account combines essential banking services with unique features like minimum average balance requirements, seamless digital transactions, and exclusive debit card benefits. Designed with a view to foster financial literacy, the KBL Genius account offers students a user-friendly platform to manage their finances while accessing various benefits.

Uniquely, the KBL Genius account includes free cyber insurance, which stands as a first in India for student-targeted savings accounts. This inclusion reflects the bank’s proactive approach in providing digital security, a feature that aligns with the needs of today’s tech-savvy students. The account also offers additional advantages, such as travel insurance, lounge access, and forex assistance, making it an all-encompassing solution for students.

Expert insights on Karnataka Bank’s strategic launch

Executive Director Sekhar Rao emphasized that these products represent more than just financial solutions; they signify Karnataka Bank’s broader mission to invest in societal growth through education. Rao observed that by empowering students, the bank not only secures a loyal customer base but also contributes to India’s knowledge economy. He highlighted that “KBL PEAK and KBL Genius are crafted to provide the necessary financial foundation for students to pursue their dreams,” stressing the bank’s strategic goal of capturing a larger share of the education finance market.

Managing Director and CEO Srikrishnan H reinforced this perspective, noting that India’s demographic dividend is at a critical juncture. He described investing in youth as a “strategic imperative” for the bank and shared that Karnataka Bank’s products are designed to provide students with the freedom to focus on their academic pursuits without financial constraints.

Building lifelong customer relationships through education financing

Through these offerings, Karnataka Bank intends not only to broaden its portfolio but also to cultivate lifelong relationships with young customers. The bank expects that the KBL Genius account will help students develop sound financial habits, while the KBL Peak loan will assist them in attaining academic and professional success. By addressing both financial needs and lifestyle demands, Karnataka Bank aims to foster strong customer loyalty, enhancing its market position and profitability.

The launch of KBL Peak and KBL Genius demonstrates Karnataka Bank’s commitment to bridging the gap between financial support and educational advancement. Both products reinforce the bank’s role in supporting India’s youth on their academic journeys, ultimately contributing to a well-rounded financial ecosystem for the next generation. For additional information, students are encouraged to visit Karnataka Bank’s official website or their nearest branch.