Bank of Maysore Education Loan

Bank of Maysore

Chief Manager
State Bank of Mysore
Personal & Services Banking Department
Head Office
K.G.Road,
Bangalore - 560009,
INDIA
Phone: 91 80 22353901 to 22353909 ;
22353473.extn.380, 91 80 22353467
Fax: 91 80 22283684
Email : cmpsb@sbm.co.in

Education Bank Loan in India: Bank of Mysore

State bank of mysore offer educational loans to the students who wish to pursue higher studies. Gnanamitra educational loan is designed by the state bank of mysore to provide financial help to students to take up higher education and join professional courses. The bank also sanctions a second educational loan if the student obtains 60% in the present course of study.

Eligible Criteria for Bank Of Mysore Education Loan:
   Study Abroad  Study India
Course Graduation Graduation
Loan Type Term Loan Term Loan
Loan Purpose Tuition and other fees / maintenance costs / books and equipment and cost of passage Tuition and other fees / maintenance costs / books and equipment
Loan Amount Min. - Rs 50000  
Max. - Rs 2000000 Min. - Rs 10000  
Max. - Rs 1000000    
Margin Money Upto Rs. 4.00 lacs - Nil  
Above Rs. 4.00 lacs - 15% Upto Rs. 4.00 lacs: Nil  
Above Rs. 4.00 lacs: Nil    
For studies in India: 5%    
Interest Rate Upto 4.00 Lacs : 11.25%  
4.00 to 7.50 Lacs : 12.75%    
Above 7.50 Lacs : 11.75%    
(floating rate) Upto 4.00 Lacs: 11.25%  
4.00 to 7.50 Lacs: 12.75%    
Above 7.50 Lacs: 11.75%    
Time to Process Loan 7 days 7 days

Courses Eligible for Getting Education Loan:

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.

Details of Education Loan:
Limit:
  • Higher Education - In India 10000 10.00 lacs
  • Higher Education - Abroad 10000 20.00 lacs
Margin:
  • Upto Rs. 4.00 lacs Nil
  • Above Rs. 4.00 lacs –
  • For Education in India 5%
  • For Education abroad 15%
Security:
  • Upto Rs. 4.00 lacs : NIL
  • Above Rs. 4.00 lacs and upto Rs. 7.50 lacs : suitable 3rd party guarantee.
  • Above Rs. 7.50 lacs and upto 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 documents on behalf of the minor and also in his capacity as co-borrower) / third party guarantee where sufficient collateral security is not available.
Details & Contact:

Chief Manager
State Bank of Mysore
Personal & Services Banking Department
H .O.: K.G.Road, Bangalore - 560009, INDIA
Phone: 91 80 22353901 to 22353909 ; 22353473.extn.380
91 80 22353467 Fax: 91 80 22283684
Email:cmpsb@sbm.co.in

Note:

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.

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