State Bank of Mysore Educational Loans are offered to meritorious students, who want to pursue higher studies. Gnanamitra Educational Loans, as the student loans of State Bank of Mysore are known as, cover the cost of education as well as other expenses related to pursuing the program. The bank also sanctions a second educational loan if the student obtains 60% in the present course of study.
Courses:
Student Loans of State Bank of Mysore are sanctioned for studying several kinds of courses.
• A student is given Gnanamitra Educational Loan if he plans to study a diploma, postgraduate or graduate program.
• These programs can be studied in streams of Engineering, Medicine, Agricultural Science, Architecture, Veterinary Science, Technology and Dental Science.
• Even Computer Certificate programs from a recognized institute are considered eligible for the loan.
Expenses taken into Consideration:
Student Loans of State Bank of Mysore cover tuition fee as well as other costs including that of books and instruments. It also includes maintenance costs as well as travel expenses.
Amount of Loan, Margin and Security:
State Bank of Mysore offers educational loans upto Rs 10 lacs and Rs 20 lacs for studying in India and abroad respectively. However the minimum amount of loan in both the cases is Rs 10,000.
• There is no margin on a loan amount upto Rs 4 lacs.
• For an amount more than Rs 4 lacs, there is a margin of 5% for students studying in India. It is 15% for those studying in abroad.
• An applicant needs to keep a guarantee by 3rd party if he takes an educational loan above Rs 4 lacs.
• If the amount of loans exceeds Rs 7.5 lacs and is upto Rs 10 lacs, you have to offer a collateral security, worth the amount of loan. If a collateral security can not be submitted, there should be guarantee by the parent, 3rd party or the guardian.
Mode of Repayment:
Soon after the loan is disbursed to a student for pursuing higher studies in technical or professional program in India or abroad, the amount can be repaid. The installments, though minimum during the course of study, increases 1 year after the program is completed or the student is employed, which ever is earlier. The loan along with the interest needs to be repaid within 5 to 7 years thereafter. The interest is added on a monthly and simple basis during the moratorium or repayment holiday period.
To know more about the scheme, interest rate or other details of Gnanamitra Educational Loan offered by the State Bank of Mysore, you can click on http://www.statebankofmysore.co.in/
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