Get educational loan from State Bank of Mysore

Get educational loan from State Bank of Mysore

State Bank of Mysore

Bank Type : StateBankGroup

Provided study loan amount in India
Upto 10 Lakhs

Provided study loan amount in Abroad
Upto 20 Lakhs

Eligibility :

Technical/Professional higher studies in India/Abroad.60% of marks (First Class)

Coverage :

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 recognized school / college / institution.

Margin

10% of the loan demanded.

Interest Rate :

1.In India

• Upto Rs 400000 : 12.5%
• Above Rs 400000 : 13.5%

2.For Overseas

• Upto Rs 400000 : 12.5%
• Above Rs 400000 : 13.5% Collateral and Third Party Guarantee required.

Re-Payment :

Technical / Professional Higher studies in India / Abroad.Repayment of loan to commence immediately after disbursal, by the parent / guardian, out of his / her income. Instalments may be nominal (to cover interest portion, atleast) during the period the student is undertaking the studies. The instalments will be stepped up one year after the completion of the course or after the student gets a job, whichever is earlier, so that the loan gets repaid together with interest within a period of 60 to 84 months thereafter.

Security :

1) The loan will be granted in the joint names of students and parent/guardian (in case of minors, the parent/guardian will execute the documents on behalf of the minor and also in his capacity as co-borrower).

2) Guarantee of suitable third party if deemed necessary and where sufficient collateral security is not available

3) Insurance : An insurance policy will be taken on the life on the student borrower for an amount equivalent to the loan amount and the policy should be convertible whole-life one for 25 / 30 years, convertible after 5 years into one with endowment benefits. The Bank will pay the insurance premia on the policy by debiting it from the loan account. On liquidation of the loan, the policy will be reassigned and delivered to the borrower.

4) Collateral security equal to the amount of loan in the form of Government Securities / NSCs / Units of UTI and / or immovable property.

Website : www.statebankofmysore.co.in