State Bank of Mysore education loan -get details from SBM and how to approach techniques. Know about Eligibility criteria, education loan interest rates in SBM & documents required.
Also find the complete details of maximum amount for study loan and courses which are eligible to get students loan. Information is given below,.
STATE BANK OF MYSORE[SBM]—EDUCATION LOAN
Purpose of the Loan
The objective of Gnanamitra Education loan is to bring education in the reach of students with academic brilliance.
[Useful: Career Guidance for All] & [Complete Education loan guide]
SBM Education loan’s Eligibility courses
In India, U.G/P.G degree courses in the field of Engineering, Technology, Medicine, Architecture, Agricultural Science, Dental Science, Veterinary Science & Computer Certificate courses of approved institutes.
In abroad, eligible courses like MS,.MBA and more,.
Maximum loan amount granted
- Study in India, maximum of Rs. 10,00000
- Study Abroad, maximum of Rs. 20,00000
Interest rates (including Vocational Education & Training)
- For loans up to Rs.4,00000 interest rate will be 13.75%
- For Above Rs.4,00000 and up to Rs.7,50,000 interest will be 14.25%
- For Above Rs.7,50,000 : 12.25%
Related: How to approach a bank for education loan?
Security for Study loan
- Educational loans up to Rs.4,00000 : No security required.
- Above Rs.4,00000 and up to Rs.7,50,000 : Security in the terms of third party guarantee.
- Above Rs.7,50,000 : Immovable property or equal to the loan amount in the terms of Government securities.
Must Read: Case study on Education Loan
Documents required for Loan:
- Address proof of the student & the Parent.
- Proofs of assets and liabilities of the parent or guardian.
- Proof of current income [May be salary slip].
- Statement of admission in a college.
- Expenses details for the particular course.
- Mark related records of last qualifying exam.
- Few photographs of an applicant.
[Useful: C Programming Guide] & [IT Companies List]