To finance individuals who
opt for training which require skills needed to join a
job/profession. Such courses are generally for durations
of up to one year, and are currently not covered under
Education Loan.
Courses Eligible-
Higher Studies
The scheme is
in the form of personal loan secured by Mortgage of Immovable
property/Govt. securuties, public sector bonds, NSCs/KVPs/RBI
Relief Bonds/Bank's TDR/LIC policies etc., The details
of the scheme are given below
Individuals who undertake a
course for training / skill development. Initially
this scheme will be restricted to persons joining
Commercial Pilot Training courses and Airhostess
Training courses in India and abroad, From
institutes recognised by the Ministry of Civil
aviation / DGCA.
Nature
of facility
Term Loans with the applicant
and Parent / Guardian / Spouse as co-borrowers.
Age
i) Applicant-
Minimum 18 years
ii) Co-borrower - Maximum 60 years
Quantum of Loan
Maximum of Rs.
20.00 lacs.
Repayment
36 months in equated
monthly instalments commencing from one month
after date of completion of course. No penal
charges would be levied in case of early repayment
of loan by borrowers. Accrued interest during
the moratorium to be added to the principal.
Interest
Sl.
no
Type
of security
Rate of interest
%
1
Land
/ Building
0.25% above SBMPLR i.e.,
14.50 P.a.
2
Bank's
TDRs / STDRs
1%
above the rate of interest payable on deposits.
i) Equitable Mortgage of non-encumbered
residential house / flat, non-agricultural urban
immovable property, commercial or inustrial property
in the name and possession of the borrower/co-borrower,
i.e., either self-occupied or vacant. Where equitable
mortgage is not feasible and the customer is
willing to execute a Registered mortgage deed,
it can be accepted. OR
ii) Security in the form of Govt. securities / Public sector Bonds / NSCs /
KVPs/RBI Relief Bonds / LIC Policy / TDRs of the Bank.
Margin
Sl.
no
Type
of security
Rate of interest
%
1
Land
/ Building
20%
2
Govt.
securities, Public sector Bonds, NSCs, KVPs,
Bank Deposits, RBI Relief Bonds
10%
on the face value of the security.
3
LIC
Policies
10%
margin on surrender value of LIC policies
Insurance
The property being mortgaged
would be insured against the risk of fire / earthquake/lighting/floods
etc., in the joint names of the borrower/co-borrower
and the Bank for the full market value of the
property.
Qualification
The minimum qualification required
for the above course will be 10+2 and should
have secured admission to the training.
Period of course
The institutes do not specify
period of training. However, the minimum required
flying hours should be completed within a miximum
of three years. (Which differs from country to
country). The License can be procured within
a period of 3 years if studied in India and within
a period of 2 yaers if studied abroad.
In case of Air Hostess training, the period of course is one year.
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
