State Bank of Mysore Education Loan

The Gnanamitra scheme is aimed to enable academically brilliant student submit their fee from the loan granted to them for study.

Bank Name Amount of Loan Repayment Tenure Interest Rate

10 - 20 lacs

5-7 years

11.65 - 13.15 %

Eligible Courses

Here is given the description of some courses however for appropriate information you are required to contact nearest branch of state bank of Indore.


Studies in India:

  • Post-graduate, graduate and diploma courses in various faculties like technology, architecture, engineering, dental science, medicine, veterinary science, agricultural science or any one of the computer certification course from some of the reputed institute affiliated to electronics department or to any of the university.


Studies abroad:

  • The courses of graduation abroad are eligible to apply for education loan that can promise to enable the student to get a good job.
  • Some of the other post graduation course can also apply.
  • For more detail visit the nearest bank of Mysore branch


Expenses that can be considered for granting loan

Tuition fee of the student, books cost, equipment & maintenance cost and passage cost if the student likes to study abroad.


Amount of loan granted

  • Loan amount maximum limit for education in India is Rs. 10 lakhs whereas the minimum limit is Rs. 10,000/-
  • Loan amount maximum limit for education abroad is Rs. 20 lakhs whereas the minimum limit is Rs. 10,000/- again


Interest rates

The interest rate and concerned schemes is subject to change from time to time.The current interest rates for upto 4 lacs is 13.15 % while 12.90 for the rage of 4 to 7.50 lacs and above than 7.50  lac is 11.65.


Processing fee

No processing fee is charged for loan of amount up to 4 Lakhs. For more detailed information on processing fee you contact to nearest branch.


Repayment tenure

  • The repayment tenure is usually 60 to 84 months which may subject to the loan scheme. For more than 10 lakhs of amount of loan the tenure is usually higher than low amount loans.
  • The repayment starts from the time either course duration + one year or course duration + 6 month post getting a job. What time of them is earlier is chosen by the bank as the commencement of repayment tenure.


Security

  • No security is needed to be submitted for loans of amount less than 4 Lakhs.
  • Any of the third party collateral security is needed for the loan of amount greater than 4 lakhs and less than 7.5 lakhs
  • Immovable property value equal to the loan amount is needed as collateral security for the loan of amount greater than 7.5 lakhs


Margin

Below is given the right criteria for giving margin for any loan in India or abroad.

  • No margin is given for the loans of amount less than or equal to 4 lakhs
  • Above Rs 4 lakhs the margin of 5 % is given in case if the student wishes to study in India.
  • Above Rs 4 lakhs the margin of 15 % is given in case if the student wishes to study abroad


Required Documents

  • The high school and 10+2 standard or equivalent mark sheet
  • Last exam qualification mark sheet if any.
  • Proof of the document that the applying candidate has got admission in the eligible course
  • Income of the co-borrower
  • 4 passport sized photographs

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