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State Bank Of Mysore
- Categorized in: Education Loans in India
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 courses accredited by DOEACC.
|School / College going students in India||10000||1.00 lac|
Upto Rs. 4.00 lacs -------- nil
Above Rs. 4.00 lacs
For studies in India ------------- 5%
For studies abroad ------------- 15%
|Upto Rs. 4.00 lacs||
|Above Rs. 4.00 lacs||
SCHEMES AND INTEREST RATES ARE SUBJECT TO CHANGES FROM TIME TO TIME
Repayment of 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 48 months thereafter.
Upto Rs. 4.00 lacs --------> nil
Rs. 4.00 lacs
1) Collateral security by way of immovable property or equal to the loan amount in the form of Government securities / NSCs / Units of UTI.
2) Guarantee of parents / guardians (in the case of minors, the parent / guardian will execute the documents on behalf of the minor and also in his capacity as co-borrower) / third party guarantee where sufficient collateral security is not available
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 to the loan account. On liquidation of the loan, the policy will be reassigned and delivered to the borrower.
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 periodPenal interest @2% will be charged for amount above Rs.4 lacs for the overdue amount and overdue period
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