The education loan offered by the State Bank of Mysore is also known as the Gnanamitra Educational Loan. This student loan scheme was launched to meet the educational expenses of the meritorious students in India and abroad

Purpose

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 recognised school / college / institution.

Courses Eligible- Higher Studies

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.

Quantum of Loan

The maximum amount of loan offered by the State Bank of Mysore for studies in India and abroad is Rs.10 lacs and Rs.20 lacs respectively. Candidates may even apply online for the State Bank of Mysore student loan.

Margin

Up to Rs. 4.00 Lakhs there is no margin Above Rs. 4.00 Lakhs   5% for India studies 15% for studies abroad

Repayment of State Bank of Mysore Education Loan

Candidates are given a time period of 60-84 months for the repayment of the education loan. Repayment commences either one year after the completion of the course or six months after one gets a job, whichever happens earlier.

Security

Various kinds of securities are charged by the State Bank of Mysore for issuing the education loan.

For Education loans above Rs.4 lacs and up to Rs.7.50 lacs -collateral security For a loan above Rs.7.50 lacs and up to Rs.10 lacs - collateral security, guarantee of third party or guarantee of guardians.

For updated information please visit : http://www.statebankofmysore.co.in/gnanamitra.htm