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
INTEREST
RATES: SCHEMES AND INTEREST RATES ARE SUBJECT
TO CHANGES FROM TIME TO TIME.
Second Educational Loan
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
Technical / Professional
Higher studies in India / Abroad
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 60 to 84 months thereafter.
Security
Amount.
Security
Upto
Rs. 4.00 lacs
NIL
Above
Rs. 4.00 lacs and upto Rs. 7.50 lacs
Collateral
in the form of a suitable 3rd party guarantee
Above
Rs. 7.50 lacs and upto Rs. 10.00 lacs
Collateral security by way of immovable
property or equal to the loan amount in the form of Government
securities / NSCs / Units of UTI
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
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 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.
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 Rs. 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 - 560009, INDIA
Phone: 91 80 22353901 to 22353909 ; 22353473.extn.380
91 80 22353467 Fax: 91 80 22283684
Email:cmpsb@sbm.co.in
