Why For/Purpose /Objective:
State Bank of Mysore education loan provides the finance support to enables 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.
Eligibility Criteria
- Student should be an Indian National
- Secured admission to professional/ technical courses through Entrance Test / Selection process.
- Secured admission to foreign University / Institution.
Courses Eligible
- 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.
Quantum/ Amount of Loan
Higher Education- In India: 10000 to 10.00 lacs
Higher Education- Abroad: 10000 to 20.00 lacs
Margin/ Allowance:
- Upto Rs.4.00 Lacs – NIL
- Above Rs. 4.00 Lacs
Studies in India - 5% AND Studies Abroad - 15%
Rate of Interest :
At competitive rates on reducing balance only. Please check-up for latest rates at your nearest branch Interest is compounded at quarterly basis.
Repayment/ Tenures:
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.
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
Delhi Tel: 011- 23341798,23345854,
Bangalore Tel: 080- 25591748,
Chennai Tel: 044- 28523470, 28587228,
Hyderabad Tel: 040- 23203059,23203274,
Kolkata Tel: 033- 22102270,
Mumbai Tel: 022- 22042836.
Website
www.statebankofmysore.co.in
