Loans will be granted to deserving/meritorious students for pursuing full time courses in India at selected premier and reputed institutions identified by the Bank.
Eligibility
The applicant should be an Indian National and should have secured admission to full time professional/ technical courses in selected elite institutes
Eligible Expenses
- Fee payable to college/school/ hostel
- Examination/ Library/Laboratory fees
- Purchase of books/equipments/ instruments/ uniforms
- Caution deposit/ building fund/ refundable deposit supported by institution bills/receipts [not to exceed 10% of tuition fees for the entire course]
- Purchase of computers, if essential for completion of course
- Any other expense required to complete the course like study tours, visits to foreign universities in exchange programs, project work, thesis, etc
Institutes & loan amount:
Presently 100, which include IIMs and IITs etc. Maximum loan amount Rs.15.00 lacs depending upon the course/institute.
Courses covered
Regular full time Degree/Diploma Courses and not certificate/part-time courses, through entrance test/ selection process. In case of IIMs full time Executive Management Courses like PGPX are covered
Rate of Interest <-- Click here for details
A) 2.50% above BASE RATE (Refer Interest rates)
B) Simple Interest to be charged during moratorium/ repayment holiday. Interest concession of 1% for the entire period of loan if the interest is serviced during course period and moratorium. This concession will be released in two stages.
- Upto Rs. 4 lacs: Nil. Above Rs.4 lacs: 5%
- Scholarship/ assistantship to be included in the margin
- Margin may be brought in on year to year basis as and when disbursements are made on a pro-rata basis
Co-obligation of parent/guardian. In case of married person, co-obligation can either be of spouse or parent/parent-in-law.
Processing Fee
Nil
Moratorium Period
Up to 6 months after completing the course.
Repayment
Maximum 5-7 years after commencement of repayment
Contact your nearest Branch of State Bank of Mysore or
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: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
