Gnanamitra Education Loan – State Bank of Mysore | Information
State Bank of Mysore (SBM) offers education loans to enable students with academic brilliance to meet tuition and other fees / maintenance costs / books and equipment and cost of passage for studies abroad etc., for pursuing studies at recognised school / college / institution.
Courses Eligible- Higher Studies
Diploma / Graduate / Post-graduate courses in the faculties of Engineering, Technology, Architecture, Medicine, Dental Science, Agricultural Science, Veterinary Science and Computer Certificate courses of reputed institutes accredited to department of electronics or affiliated to university
Limit
|
Amount of loan
(in Indian Rupees) |
MIN(Rs.)
|
MAX(Rs.)
|
|---|---|---|
| Higher Education- In India |
10000
|
10.00 lacs
|
| Higher Education- Abroad |
10000
|
20.00 lacs
|
Margin
| Upto Rs. 4.00 lacs |
Nil
|
| Above Rs. 4.00 lacs |
–
|
| For studies in India |
5%
|
| For studies abroad |
15%
|
INTEREST RATES: SCHEMES AND INTEREST RATES ARE SUBJECT TO CHANGES FROM TIME TO TIME.
| EDUCATION LOANS:
(*0.50% CONCESSION FOR GIRL STUDENTS FOR LOANS SANCTIONED W.E.F.01.04.2009) |
Floating | |||||||||||
| Upto `4.00 Lacs | 3.25 | 13.40 | 13.50 | |||||||||
| `.4.00 to `.7.50 Lacs | 3.00 | 13.15 | 13.25 | |||||||||
| Above `.7.50 Lacs | 1.75 | 11.90 | 12.00 | |||||||||
| Fixed | No fixed rates | |||||||||||
Second Educational Loan
To enable the students for taking higher education, provided the student secures 60% marks in existing course. The second loan is to be availed only from the branch where the first educational loan has been sanctioned.
Repayment
Technical / Professional Higher studies in India / Abroad
Repayment of loan to commence immediately after disbursal, by the parent / guardian, out of his / her income. Instalments may be nominal (to cover interest portion, atleast) during the period the student is undertaking the studies. The instalments will be stepped up one year after the completion of the course or after the student gets a job, whichever is earlier, so that the loan gets repaid together with interest within a period of 60 to 84 months thereafter.
Security
|
Amount.
|
Security
|
| Upto Rs. 4.00 lacs |
NIL
|
| Above Rs. 4.00 lacs and upto Rs. 7.50 lacs |
Collateral in the form of a suitable 3rd party guarantee
|
| Above Rs. 7.50 lacs and upto Rs. 10.00 lacs | Collateral security by way of immovable property or equal to the loan amount in the form of Government securities / NSCs / Units of UTI |
| Guarantee of parents / guardians (in the case of minors, the parent / guardian will execute the documents on behalf of the minor and also in his capacity as co-borrower) / third party guarantee where sufficient collateral security is not available |
Contact your nearest Branch of State Bank of Mysore or
-
Chief Manager
State Bank of Mysore
Personal & Services Banking Department
H .O.: K.G.Road, Bangalore – 560009, INDIA
Phone: 91 80 22353901 to 22353909 ; 22353473.extn.380
91 80 22353467 Fax: 91 80 22283684
