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Educational Loans in India By State Bank Of Mysore

State Bank of Mysore

Gnanamitra - Educational Loan Scheme

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 Approved - Higher studies
Diploma / Graduate / Post-graduate courses in the faculties of Engineering, Technology, Architecture, Medicine, Dental Science, Agricultural Science, Veterinary Science and Computer courses accredited by DOEACC.

Limit

Amount of loan (in Indian Rupees) Min(Rs.) Max(Rs.)
School / College going students in India 10000 1.00 lac
Higher Education- In India 10000 7.50 lacs
Higher Education- Abroad 10000 15.00 lacs

Margin

Upto Rs. 4.00 lacs -------- nil
Above Rs. 4.00 lacs
For studies in India ------------- 5%
For studies abroad ------------- 15%

Interest

Amount ` Rate of interest (wef01/06/2001)

Upto Rs. 4.00 lacs 12.50%
Above Rs. 4.00 lacs 13.50%

Upto Rs. 4.00 lacs at Bank PTLR; above Rs. 4.00lacs @PTLR+1%
Interest Rates: Schemes and Interest Rates are subject to changes from time to time

Period of Loan

Completion of course + 1 year or 6 months after getting a job, whichever is earlier.

The interest to be debited quarterly / half yearly on simple basis during the repayment holiday / moratorium period .

Penal interest @2% will be charged for amount above Rs.4 lacs for the overdue amount and overdue period.

Educational Loans by Other Banks
	Bank of India		Central Bank
	Dena Bank		Punjab National Bank
	State Bank of Hyderabad		State Bank of India
	Allahabad Bank		Bank of Baroda
	HDFC		UCO Bank
	IDBI Money Scholar		Vijaya Bank
	Indian Bank		Federal Bank Ltd.
	State Bank of Mysore		Citibank