State Bank of Mysore Education Loan

State Bank of Mysore Education Loan is available to academically brilliant students, entails tuition and other fees/ maintenance costs/ book and equipment and travel cost for studies abroad, for pursuing studies at recognized school/ college/ institutions.

Diploma/ Graduate/ Post Graduate course 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

Technical/ professional higher studies in India / abroad 605 of mark (first class). Diploma / undergraduate/ postgraduate course in Engineering, Technology, Architecture, Medicine, Dental, Science, Agriculture Science, Veterinary Science and computer courses accredited by DOEAAC.

• Up to Rs.4.00 lacs - 12.50 Fixed Only
• Above Rs.4.00 lacs - 13.25% fixed only
• For students studying at elite institutions- 11.75 fixed only

Up to Rs.4.00 lacs Nil and Above Rs.4.00 Lacs.
For studies in India 5% and for studies abroad 15%

To enable the students for taking higher education, provided the student secures 60% marks in existing course. The second loan is to be availed only from the branch where the first educational loan has been sanctioned.

Repayment of education loan to commence immediately after disbursal, by the parent/ guardian, out of his/ her income. Installments may be nominal(to cover interest portion, at least) during the period the student is undertaking the studies, The installment 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 get repaid together with interest with in a period of 60 to 84 months thereafter

• Up to Rs.4.00 Lacs- NIL
• Above Rs.4.00 Lacs and up to Rs.7.50 lacs- Collateral in the form of a suitable 3rd party guarantee.
• Above Rs. 7.50 Lacs and up to 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 document on behalf of the minor and also in his capacity as co-borrower)/ third party guarantee where sufficient collateral security is not available.

An insurance policy will be taken on the life of 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 5year into one with endowment benefits. The Bank will pay the insurance premia on the policy by debiting it to the loan account. On liquidation of the loan, the policy will be reassigned and delivered to the borrower.

Completion of course + 1 year or 6 month 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.

HEAD OFFICE
OAD HEAD OFFICE BANGALORE BANGALORE URBAN KARNATAKA
BANGALORE,BANGALORE URBAN,Karnataka
Phone - 080-22353901
Fax -91 80 22283684
Website - http://www.mysorebank.co.in

Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.