Student Loans of Mysore Bank
Initially established in 1913, as Bank of Mysore Ltd, Mysore Bank came into existence as a result of decision of Government of Mysore. It got its current existing name when it became a part of the State Bank of India in the year 1960. Mysore Bank offers educational loan to the students who aspire to pursue higher education either in India or abroad which is known as the Gnanamitra Educational Loan.
Undergraduate and postgraduate courses in the fields of Engineering, Dental Science, Architecture, Medicine, Agriculture and Veterinary Science are considered eligible to apply for loan. Computer Certificate Courses are also eligible, if offered by reputed institutes approved by the department of electronics or certified by a university.
Quantum of Loan
The maximum loan amount provided to students studying in India is Rs. 10 lacs and for studies in abroad is Rs. 20 lacs. Candidates may apply for loan manually or online as per their convinience.
There is a margin of 5% for loans above Rs. 4 lacs in India. However, it is 15% for the same amount for studies abroad.
Repayment of State Bank of Mysore Education Loan
Candidates are given a time period of 60 − 84 months for the repayment of the loan amount after the repayment period commences either one year after the completion of the course or six months after the candidate gets a job, whichever happens earlier.
Securities need to be provided for loan sanction.
A collateral security is charged by the Mysore bank if the education loan is above Rs. 4 lacs till the range of Rs. 7.50 lacs.
For a loan above Rs. 7.50 lacs and up to Rs. 10 lacs, guarantee of third party or guarantee of guardians is also necessary apart from the collateral security.
In order to learn more about student loans of Mysore Bank browse through State Bank of Mysore