State Bank Of Mysore Education Loan:

o 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 recognized school / college / institution.

Gnanamitra Educational Loan is form of support from Government of India and State Bank of Mysore to students with brilliant academic record to fulfill their dreams of higher education. As in order to have higher education a student needs a lot of money. State Bank of Mysore Education Loan extend financial assistance to all students with merit for taking up further education not only in India but also abroad. State Bank of Mysore Education Loan is a great way of studying abroad when one is unable to qualify for a full time scholarship program. Such type of loan to promising students will help a lot in country’s growth and prosperity also.

State Bank Of Mysore Education Loan Interest Rate:

The State Bank of Mysore Education Loan interest rate is competitive and attractive for the students applying to study in India and abroad.

State Bank of Mysore Education Loan rate for the amount upto 4 lacs is 12.50%

State Bank of Mysore Education Loan rate for the amount above 4 lacs and less than 7.5 lacs is 1400% 

State Bank of Mysore Education Loan rate for the amount above 7.5 lacs is 1300% 

State Bank of Mysore Education Loan interest rate has a penal interest rate of 2% for studies abroad.

State Bank Of Mysore Education Loan Eligibility And Expenses Covered:

For State Bank of Mysore Education Loan can be taken for the following purposes and courses. If one wants to study in India one can go for graduation and post graduation courses. Courses which are conducted or hosted by eminent institutes like ICWAI, CA, IIM and IIT or courses offered by UGC held program qualify for State Bank of Mysore Education Loan eligibility.

Graduation, job oriented professional or technical courses, PG courses or MCA, MBA, MS etc. courses eligible for State Bank of Mysore Education Loan to study abroad are: MCA, MBA, MS and courses conducted by CIMA-London, CPA in USA etc.

The eligibility process has a process of margin money if the loan is taken for more than 4 lacs.

Studies In India 5%

Studies Abroad 15%

Other Major Qualifications For State Bank Of Mysore Education Loan Eligibility Are:

1To qualify for State Bank of Mysore Education Loan eligibility the candidate should be an Indian national.

2Admission to technical kind of courses in India is possible through State Bank of Mysore Education Loan eligibility.

3For admission abroad the student should have qualified in the merit selection process of the university.

4The maximum loan for studies in India is at the maximum is Rs.10 lacs

5The maximum loan for studies abroad is at the maximum is Rs. 20 lacs.

The Expenses Covered By The State Bank Of Mysore Education Loan Interest Rate Are:

1.College Fee

2Hostel charges

3Library charges

4Caution deposit

5Money to go abroad

6Money to purchase a computer

7Money for Study tours, Project work etc.

State Bank Of Mysore Education Loan Review And Documentation:

According to the State Bank of Mysore Education Loan review the student would need to provide the following documents for the processing of the loan.

1Fully completed loan application form

2Two Photographs

3Mark sheet for the exam one has qualified for

State Bank of Mysore Education Loan review and documentation for the salaried co- borrower

1Bank Statement

2Income Tax Statement for the last two years

3A brief about the asset and liabilities possessed by the borrower

4Salary slip

State Bank of Mysore Education Loan review and documentation for the self employed individual

1Bank Statement

2Income Tax Return

3Profit and Loss Account or Balance Sheet of the Company

4Proof of Source Of Income

5Brief about the asset and liabilities possessed by the borrower.

State Bank Of Mysore Education Loan Review And Application Procedure:

State Bank of Mysore Education Loan can be downloaded and applied online at their website  

http://mysorebank.in/downloads/gnana%20op%20form.pdf

People can go ahead and fill up the form in which the details of the student and the co- borrower are mentioned along with the necessary documentation. People can also submit the application at the branch and the loan will be disbursed in installments to the college or institute directly.

State Bank Of Mysore Education Loan Rate Repayment Option And Pre Closure Process:

The loan needs to be paid back within a span of 5 to 7 years from the date of disbursement of the loan. The student can avail a repayment holiday for a period of six months or till the person gets a job or whichever is earlier. The pre closure process is stated by the branch of the bank. Late fee charges will be as per the agreement.

State Bank of Mysore Education Loan Tax benefits: One can get tax benefits if any according to the Income Tax Act 1961 which varies yearly according to the changes made by the Government.

More details on State Bank of Mysore Education Loan eligibility and State Bank of Mysore Education Loan Rate etc. are on the official website at http://mysorebank.in/int_rates.htm#per