Education Loan in State Bank of Mysore ( SBM )

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Education Loan in State Bank of Mysore ( SBM )

Gnanamitra Educational Loan

Purpose of State Bank of Mysore Loan :

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, Medical, Dental Science, Agricultural Science, Veterinary Science and Computer Certificate courses of reputed institutes accredited to department of electronics or affiliated to university.

State Bank of Mysore Education Loan Limit

DepartmentSubjectTotal vacancy in the subject
Agronomy, Soil Science, Agricultural Engineering, Plant Physiology and Animal Science ( ASEPAN )Agronomy11
Soil Science & Agricultural Chemistry20
Agricultural Engineering4
Animal Science4
Crop Improvement, Horticulture & Agricultural Botany ( CIHAB )Genetics and Plant Breeding7
Horticulture1
Agricultural Extension, Agricultural Economics & Agricultural Statistics ( EES )Agricultural Extension4
Agricultural Economics2
Agricultural Statistics4
Plant Protection ( PP )Agricultural Entomology3
Plant Pathology16

State Bank of Mysore Education Loan Margin :

  • Upto ₹ 4.00 lacs : Nil
  • Above ₹ 4.00 lacs :
    1. For studies in India : 5%
    2. For studies abroad : 15%

Rate of Interest

Fixed Rate * :

  • Upto 4.00 lacs : 12.50%
  • Above 4.00 lacs : 13.25%
  • For students studying at Elite institutions : 11.75%

Floating Rate * :

  • Upto 4.00 lacs : 11.00%
  • Above 4.00 lacs & upto 7.50 lacs : 10.75%
  • Above 7.50 lacs : 10.50%

* 0.50% concession for girl students for loans sanctioned [ w.e.f 01-04-2009. ]

State Bank of Mysore Interest Rates : Schemes and Interest rates are subject to changes from time to time.

Second Educational Loan in State Bank of Mysore :

To enable the students for taking higher education, provided the student secures 60% marks in existing course. The second loan  is to be availed only from the branch where the first educational loan has been sanctioned.

Repayment of Education Loan in State Bank of Mysore

Technical / Professional Higher studies in India / Abroad :

Repayment of Education 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.

Collateral Security for Education Loan in State Bank of Mysore :

RankName of the B-SchoolsInfrastructure ( Physical & Academic ) ( 160 )Faculty, Research, Consultancy, MDP & Other Programmes ( 455 )Admission, Curriculum, & Delivery System ( 320 )Placement ( Domestic & International ), USP, Social Responsibility, Networking & Industry Interface ( 465 )Total ( 1400 )
1.Indian Institute of Management, Ahmedabad, Gujarat158.00355.48284.27355.181152.92
2.XLRI, Jamshedpur, Jharkhand139.71302.10245.75350.801038.35
3.Management Development Institute, Gurgaon, Haryana126.78300.29229.79314.48971.34
4.National Institute of Industrial Engineering ( NITIE ), Mumbai, Maharashtra118.90280.49219.49311.23930.10

Insurance :

An insurance policy will be taken on the life of 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 State Bank of Mysore will pay the insurance premia on the policy by debiting it to the loan account. On liquidation of the  loan, the policy will be reassigned and delivered to the borrower.

State Bank of Mysore Education Loan Repayment :

Completion of course + 1 year or 6 months after getting a job, whichever is earlier.The interest to be debited monthly on simple basis during the repayment holiday / moratorium period. Penal interest @2% will be charged for amount above ₹ 2 lacs for the overdue amount and overdue period. Interest concession of 1% per annum is available, provided the interest is repaid during moratorium period as and when the interest is applied.

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 – 560 009, India,
Phone No. : 91 – 80 – 22353901 to 22353909, 22353473, extn.380, 91 – 80 – 22353467,
Fax : 91 80 22283684,
Email : cmpsb@sbm.co.in.

JEE Main

Application Form Submission 16 Dec 2020 to 16 Jan 2021.