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State Bank of Mysore - Educational loan
Posted Date: 04 Dec 2007 Resource Type: Articles/Knowledge Sharing Category: Education
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Posted By: Mala Member Level: Diamond
Rating:  Points: 3
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Gnanamitra - Educational Loan Scheme
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 Approved - Higher studies
Diploma / Graduate / Post-graduate courses in the faculties of Engineering, Technology, Architecture, Medicine, Dental Science, Agricultural Science, Veterinary Science and Computer courses accredited by DOEACC.
Limit Amount of loan (in Indian Rupees-) State Bank of Mysore:
School / College going students in India 10000 to 1.00 lac
Higher Education- In India 10000 to 7.50 lacs
Higher Education- Abroad 10000 to 15.00 lacs
Margin - State Bank of Mysore
Upto Rs. 4.00 lacs -------- nil
Above Rs. 4.00 lacs
For studies in India -- 5%
For studies abroad -- 15%
Interest Amount Rate of interest State Bank of Mysore(wef 01/06/2001)
Upto Rs. 4.00 lacs 12.50%
Above Rs. 4.00 lacs 13.50%
Upto Rs. 4.00 lacs at Bank PTLR; above Rs. 4.00lacs @PTLR+1%
Interest Rates: Schemes and Interest Rates are subject to changes from time to time.
Period of Loan -State Bank of Mysore
Completion of course + 1 year or 6 months after getting a job, whichever is earlier.
The interest to be debited quarterly / half yearly on simple basis during the repayment holiday / moratorium period.
Penal interest @2% will be charged for amount above Rs.4 lacs for the overdue amount and overdue period.
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