State Bank of Mysore was set up as Bank of Mysore Ltd in 1913, under the patronage of the then Government of Mysore. It became a unit of the State Bank of India in the year 1960. The education loan offered by the State Bank of Mysore is also known as the Gnanamitra Educational Loan. This student loan scheme was launched to meet the educational expenses of the meritorious students in India and abroad. Scroll down this page to learn more about student loans of Mysore Bank.
Eligible Courses
The various courses eligible for State Bank of Mysore education loan are undergraduate and postgraduate courses in areas of Engineering, Dental Science, Architecture, Medicine, Agriculture and Veterinary Science. Computer Certificate Courses are also eligible, if offered by reputed institutes approved by the department of electronics or certified by a university.
Quantum of Loan
The maximum amount of loan offered by the State Bank of Mysore for studies in India and abroad is Rs.10 lacs and Rs.20 lacs respectively. Candidates may even apply online for the State Bank of Mysore student loan.
Margin
There is a margin of 5% for loans above Rs.4 lacs in India. However, it is 15% for the same amount for studies abroad.
Repayment of State Bank of Mysore Education Loan
Candidates are given a time period of 60-84 months for the repayment of the education loan. Repayment commences either one year after the completion of the course or six months after one gets a job, whichever happens earlier.
Security
Various kinds of securities are charged by the State Bank of Mysore for issuing the education loan.
• For Education loans above Rs.4 lacs and up to Rs.7.50 lacs -collateral security
• For a loan above Rs.7.50 lacs and up to Rs.10 lacs - collateral security, guarantee of third party or guarantee of guardians.
In order to learn more about student loans of Mysore Bank browse through http://www.statebankofmysore.co.in/
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