State Bank of Mysore Educational Loans
Like many other banks, State Bank of Mysore also offers educational loan to deserving candidates who desire to pursue higher studies under the scheme Gnanamitra Educational Loans. This loan amounts considers and covers the cost of education as well as other expenses related to pursuing the course. The bank also sanctions a second educational loan if the student obtains 60% in the present course of study.
Student Loans of State Bank of Mysore are sanctioned for studying several kinds of courses.
Loan application is considered if a student plans to study a diploma, postgraduate or graduate program.
Programs in streams of Engineering, Medicine, Agricultural Science, Architecture, Veterinary Science, Technology and Dental Science are considered for loan.
Even Computer Certificate programs from a recognized institute are considered eligible for the loan.
Expenses taken into Consideration
As stated above, apart from the expenses related to fees, loan amount covers tuition fees as well as costs including that of books and instruments. It also includes maintenance costs as well as travel expenses.
Amount of Loan, Margin and Security
State Bank of Mysore offers educational loans upto Rs. 10 lacs and Rs. 20 lacs for studying in India and abroad respectively. However the minimum amount of loan in both the cases is Rs. 10, 000.
There is no margin on a loan amount upto Rs. 4 lacs.
For an amount more than Rs. 4 lacs, there is a margin of 5% for students studying in India. It is 15% for those studying in abroad.
An applicant needs to keep a guarantee by 3rd party if he takes an educational loan above Rs. 4 lacs.
If the amount of loan is between Rs. 7.5 lacs to Rs. 10 lacs, a collateral security, worth the amount of loan is to be submitted. In case of failure of non-submission of collateral security, guarantee by the parent, 3rd party or the guardian is necessary.
Mode of Repayment
The repayment can be started as soon as the loan is given. However the installments and the installments and the installment amount to be repaid remain minimum during the course of study. It increases 1 year after the program is completed or the student is employed, which ever is earlier. The loan amount is then to be repaid within 5 to 7 years thereafter. The interest is added on a monthly and simple basis during the moratorium or repayment holiday period.
To know more about the scheme, interest rate or other details of Gnanamitra Educational Loan offered by the State Bank of Mysore, you can click on State Bank of Mysore