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