State Bank of Mysore Educational Loans are offered to meritorious students, who want to pursue higher studies. Gnanamitra Educational Loans, as the student loans of State Bank of Mysore are known as, cover the cost of education as well as other expenses related to pursuing the program. The bank also sanctions a second educational loan if the student obtains 60% in the present course of study.

Eligibility

• Should be an Indian National.
• Secured admission to Professional / Technical courses in India or abroad through Entrance Test / Merit based Selection process.

Courses Eligibility
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.

Documents to be Submitted
Previous academic records, admission approval, address proof, income proof, and introduction.

Maximum Amount of Loan

• Studies Abroad : Maximum Rs. 20.00 Lac.
• Studies in India : Maximum Rs. 10.00 Lac

Expenses Covered by the Loan
Student Loans of State Bank of Mysore covers tuition fee as well as other costs including that of books and instruments. It also includes maintenance costs as well as travel expenses.

Security

• Upto Rs. 4.00 lacs - NIL
• Above Rs. 4.00 lacs and upto Rs. 7.50 lacs - Collateral in the form of a 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

Rate of Interest

• Upto 4.00 lacs - 12.50%
• Above 4.00 lacs - 13.25%

Repayment
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.