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School/+2

 




State Bank of  Mysore scheme

State Bank of  Mysore Scheme
Gnanamitra - Education Loan Scheme

The scheme, for academically brilliant students, entails tuition and other fees / maintenance costs / books and equipment and travel cost for studies abroad.

Eligibility

  • Technical/Professional higher studies in India/Abroad
  • 60% of marks (First Class)

Courses Eligible  - Higher studies
         

Diploma/ Undergraduate/ Postgraduate courses in Engineering, Technology, Architecture, Medicine, Dental Science, Agricultural Science, Veterinary Science and Computer courses accredited by DOEAC.

Limit

Amount of loan (in Indian Rupees)

  MIN   MAX

School/College going students in India

  10000   1.00 lakh
Higher Education- In India   10000   8.00 lakhs

Higher Education- Abroad

  10000

  10.00 lakhs

Margin
   

10% of the loan demanded.

Interest

Amount

Rate of interest (wef 08/05/1999)

Upto Rs. 25000

12.00% + interest tax

Above Rs. 25000 & upto Rs. 2.00 lakhs

13.00% + interest tax

Over Rs. 2.00 lakhs

15.00% + interest tax

INTEREST RATES
        
SCHEMES  AND  INTEREST RATES  ARE SUBJECT  TO  CHANGES  FROM  TIME  TO  TIME

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. Installments may be nominal (to cover interest portion, atleast) during the period the student is undertaking the studies. The installments 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 48 months thereafter.

Security

  • 1) The loan will be granted in the joint names of students and parent/guardian (in  case of minors, the parent/guardian will execute the documents on behalf of the minor and also in his capacity as co-borrower).
  • 2) Guarantee of suitable third party if deemed necessary and where sufficient collateral security is not available
  • 3)  Insurance : An insurance policy will be taken on the life on the student borrower for an amount equivalent to the loan amount and the policy should be convertible whole-life one for 25 / 30 years, convertible after 5 years into one with endowment benefits. The Bank will pay the insurance premia on the policy by debiting it from the loan account. On liquidation of the loan, the policy will be reassigned and delivered to the borrower.
  • 4) Collateral security equal to the amount of loan in the form of Government Securities / NSCs / Units of UTI and  / or immovable property.

Repayment 

Amount (Rs.)

Rate of Interest
(wef 08/05/1999)

Monthly Interest (Rs)
(Int. Portion Only )

Equated Monthly Installments

3.00 lakhs 15% 3750.00 8310/- (48 months)
2.00 lakhs 13% 2166.66 5360/- (48 months)
1.00 lakh 13% 1083.33 2233/- (48 months)

INTEREST RATES

SCHEMES  AND  INTEREST RATES  ARE  SUBJECT TO  CHANGES  FROM  TIME  TO  TIME
        
Contact your nearest Branch of State Bank of Mysore


Mysore Bank Professional Course Scheme for Doctors
      

To Meet

(i) Tuition and other fees.

(ii) Maintenance Cost / Hostel Fees

(iii) Cost of Books and Equipment.

(iv) Cost of Passage ( for studies abroad)
          

Pre Requisite

(i) Admission offer from any Recognized University.

(ii) Details of income of Parent / Guardian.
          

Margin 10% of the total cost.
      
Interest

Compounded at quarterly intervals on reducing balance.
     

Repayment

The loan to be repaid in 48 months installments after completion of the course or securing a Job whichever earlier.
    

Security

Security consisting of any of the following

Government securities, UTI Bonds, NSC's, LIC Policies, Bank Deposits of equitable Mortgage of immovable property. Third party guarantee, if is insufficient.
         


 
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