State Bank of  Mysore Scheme
Gnanamitra - Education Loan Scheme

The scheme, for academically brilliant students, entails tuition and other fees / maintenance costs / books and equipment and travel cost for studies abroad.

Eligibility

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

Courses Eligible  - Higher studies
         
Diploma/ Undergraduate/ Postgraduate courses in Engineering, Technology, Architecture, Medicine, Dental Science, Agricultural Science, Veterinary Science and Computer courses accredited by DOEAC.

Limit

Margin
   
10% of the loan demanded.

Interest

INTEREST RATES
        
SCHEMES  AND  INTEREST RATES  ARE SUBJECT  TO  CHANGES  FROM  TIME  TO  TIME

Repayment

Technical / Professional Higher studies in India / Abroad
       
Repayment of loan to commence immediately after disbursal, by the parent / guardian, out of his / her income. Installments may be nominal (to cover interest portion, atleast) during the period the student is undertaking the studies. The installments 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 48 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.

Repayment 

Amount (Rs.)	Rate of Interest (wef 08/05/1999)	Monthly Interest (Rs) (Int. Portion Only )	Equated Monthly Installments
3.00 lakhs	15%	3750.00	8310/- (48 months)
2.00 lakhs	13%	2166.66	5360/- (48 months)
1.00 lakh	13%	1083.33	2233/- (48 months)

INTEREST RATES

SCHEMES  AND  INTEREST RATES  ARE  SUBJECT TO  CHANGES  FROM  TIME  TO  TIME
        
Contact your nearest Branch of State Bank of Mysore