State Bank of Mysore

State Bank of Mysore’s Educational Loan - Gnanamitra

Objective of the 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.

Eligibility of the Student  :

  • The student should be an Indian National
  • The student  should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test / Merit Based Selection process after completion of HSC ( 10 plus 2 or equivalent ).

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

Liability of Finance :

Quantum of Finance :

  • Higher Education- In India -10.00 lacs
  • Higher Education- Abroad - 20.00 lacs

Margin :

Upto Rs. 4.00 lacs

Nil

Above Rs. 4.00 lacs

-

For studies in India

5%

For studies abroad

15%

Moratorium : NIL

Processing Fee / Mortgage Charges : NIL

Rate of Interest :

Existing

                                Revised

Floating

 

 

 

UptoRs.4.00 Lacs

3.25

13.40

13.50

4.00 to Rs.7.50 Lacs

3.00

13.15

13.25

Above Rs.7.50 Lacs

1.75

11.90

12.00

Repayment Period of the Loan :

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.

For more Details, Kindly refer the following link :

http://www.statebankofmysore.co.in/gnanamitra-education-loan.html

Application Form :

To Apply Online :

http://statebankofmysore.co.in/education_loan.php

To Apply Offline :

http://www.statebankofmysore.co.in/images/stories/gnana%20op%20form.pdf

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