Quicklinks: IBPS | Top Searches | Hindi News | SBI Clerk | CAT 2014 | IBPS RRB | GATE 2015 | Govt Jobs | MAT | Mobile Apps

Jagran Josh Logo

Go

State Bank Of Mysore Education Loan

 18-FEB-2011

Suggested Readings: Education Loans, Loans and Scholarships
State Bank Of Mysore Education Loan
State Bank Of Mysore Education Loan

Gnanamitra Educational Loan

Purpose : 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 10.00lacs
Higher Education- Abroad 10000 20.00lacs

Margin :

Upto Rs.4.00 lacs Nil
Above Rs.4.00lacs -
For studies in India 5%
For studies abroad 15%

 

INTEREST RATES : SCHEMES AND INTEREST RATES ARE SUBJECT TO CHANGES FROM TIME TO TIME.

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.4.00lacs NIL
Above Rs.4.00lacs and upto Rs.7.50lacs Collateral in the form of a suitable 3rd party guarantee
Above Rs.7.50lacs and upto Rs.10.00lacs 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

Insurance : An insurance policy will be taken on the life of the student borrower for an amount equivalent to the loan amount and the policy should be convertible whole-life one for 25/30 years, convertible after 5 years into one with endowment benefits. The Bank will pay the insurance premia on the policy by debiting it to the loan account. On liquidation of the loan, the policy will be reassigned and delivered to the borrower.

Repayment : Completion of course + 1 year or 6 months after getting a job, whichever is earlier.The interest to be debited monthly on simple basis during the repayment holiday/moratorium period. Penal interest @2% will be charged for amount above Rs.2 lacs for the overdue amount and overdue period.Interest concession of 1% per annum is available, provided the interest is repaid during moratorium period as and when the interest is applied.

 

Click here for further information

Read more articles on: 

By:Lingaraj sahoo | On:07-MAY-2014 13:22:33


this is good


By:rajan | On:01-JUL-2013 18:40:18


i m staying in delhi i want loan for my mba <ahref >www.completegate.com </a>


By:rupesh sakpal | On:25-NOV-2012 10:48:11


I am Rupesh. I am staying in mumbai. I ha e completed graduation ftom mumbai univercity. Now I want to do MBA. My education fees will be upto 400000 . what documents i need to submit, and when I suppose to repay loan amount69.28.182.189 please reply me as soon as possible.


By:Sadiya | On:18-JUL-2012 18:38:35


Sir/Mam I am BUMS doctor and I have secured 71% marks.I am doing a job earning 4000rs per month.I want to do MSc in clinical research its fees is 2.6lakh i dont have enough money to study but i want to study.My father is also jobless now. So plz tell me what I should do to geteducation loan for further study.


By:madhu | On:19-MAY-2012 17:56:18


Dear sir.., I am a student of ITM Business School, I did my graduation (BBM) with 65%. Then I am pursuing PGDM . The thing is that my Institute fee 8,00,000 /- Rs tution fee. I paid till now 5,00,000/- Rs. Then I required to pay remaining balance to my institute 3,00,000/-. Can you give more information on regarding this....Thank you very much


Register to receive latest updates for FREE!

All Fields Mandatory
(Ex:9123456789)
Please Select Your Interest
By clicking on Submit button, you agree to our terms of use