State Bank of Mysore

Trusted Service

MyBank Scholar Loan

MYBANK SCHOLAR- A SCHEME FOR STUDENTS OF PREMIER AND REPUTED INSTITUTIONS
Purpose
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.

Margin:
  • 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
Security:
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

Chief Manager
State Bank of Mysore
Personal & Services Banking Department
H .O.: K.G.Road, Bangalore - 560009, INDIA
Phone: 91 80 22353901extn.380
Fax: 91 80 22283684
Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it
 
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State Bank of Mysore,
H .O.: K.G.Road,
Bangalore - 560254, INDIA.
Phone (EPABX): 91 80 22353901 (30 lines of PRI)
Fax: 91 80 22283684

Download Application Form

 Application Form