The State Bank of Mysore was a Public sector bank in India. The bank was established in 1913, Headquartered at Bengaluru. In March 1960, the bank became the associate of State Bank of India. which also provides Numerous of facilities like Loans, Deposits, Mobile Banking, ATM Services, NRI Services, Real Time Gross Settlement (RTGS) Transactions, National Electronic Fund Transfer (NEFT), Internet Banking, State Bank of Mysore Education Loan. If you too want Education Loan to complete your education or pursue higher studies from India/Abroad, You are at the right place to collect every aspect of information related to Education Loan in India.
Read this full post on SBM Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Educational Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding State Bank of Mysore Education Loan it’s Process to Apply and full detailed Information.
State Bank of Mysore Education Loan
The major aim of the bank is to ensure anywhere and any time banking for the customer with the latest state-of-the-art technology. The Bank is very serious about its Education Loan Facility and by developing an effective customer-centric relationship it promises to emerge as a world-class education Loan provider. Before we share further, let us first have a brief review of the Bank.
|Name of Bank||State Bank of Mysore|
|Founded on||2 October 1913|
|Type of Bank||Nationalised Bank|
|Number of Employees||10,226 (December 31, 2016)|
|CEO Name||N. Krishnamachari|
|Maximum Loan Amount||Rs 20.0 Lakhs|
|Timeline for Loan Disposal||Maximum 15 Working days|
|Processing Fees||No Processing Fee will be charged|
|Category||Education Loan in India|
Types of SBM Education Loan
As Bank of Mysore is Merger with its parent organization, State Bank of India on 1 April 2017. The Educational Loan Schemes Specified below are of State Bank of India
|1.||Scholar Loan||This loan is available for courses at select leading institutions in India like IITs, IIMs, NITs, AIIMS and other premier institutions. One can avail a loan up to Rs. 30 lakh.|
|2.||Global Ed-Vantage||This loan is exclusively for full-time regular courses at foreign colleges and universities. One can avail a loan from Rs. 20 lakh up to Rs. 1.5 crores.|
|3.||Student Loan||This loan is for pursuing higher education in India or abroad. One can avail a loan amount up to Rs. 10 lakh for studies in India and Rs. 20 lakh for studies abroad.|
|4.||Skill loan||SBI Skill Loan Scheme aims at providing a loan facility to individuals. who intend to take up skill development courses as per the Skilling Loan Eligibility Criteria. One can avail a loan amount from Rs 5000 to Rs 1.5 lac|
|5.||Take Over of Educational Loan||With this loan, you can switch your existing high-cost education loan to SBI and reduce your monthly EMIs (Equated Monthly Instalments).|
How to Apply
- Visit official Web Site of State Bank of Mysore (Click Here)
- Find the Educational Loan Section Apply Now Button
- Fill online Application Form
- Visit the nearest branch of State Bank of Mysore to get offline Education Loan form.
- You may also download the form from official web handle.
- Submit the Application Form to Nearest Branch along with document needed.
- The applicant should be an Indian national.
- Applicant must have secured admission in a Government recognized educational institute with Entrance Exam.
- Identity Proof of Applicant and Joint Borrower
- Address Proof.
- Mark sheet of last qualifying examination for school and graduate studies in India
- Completed Education loan application form.
- Proof of admission: Offer Letter or Admission Letter from the Institution.
- Schedule of expenses for the course
- Copies of the letter confirming scholarship, etc.
- Proof of Income of Parents or Guardians.
- Two passport size photographs
- Statement of Bank account for the last six months of borrower
- Income tax assessment order not more than 2 years old
- A brief statement of assets and liabilities of the borrower.
- Hostel fee, Tuition and course fee
- Examination, library and laboratory fees
- Caution deposit, Building Fund or Refundable Deposit.
- Cost of books, Uniforms, Equipment and other instruments.
- Travel Expenses for studies abroad.
- Expenses for study trips, projects and thesis.
- In the case of SBM Education loan, repayment will start after the completion of course period + 1 Year (moratorium period) or 6 months after securing the job whichever is earlier.
- Repayment up to Maximum of 15 years.
EMI Calculator is used for calculating the periodic payment amount due on a loan. For calculating EMI one must input data like Amount, Interest Rate, tenure, Processing Fee etc.
- If you want to calculate EMI for SBM Educational Loan: Click Here
- Up to Rs. 4 Lakh
• Co-obligation of parents
• No security
- Above Rs. 7.50 lakh and up to Rs. 10 Lakh
• collateral security in the form of immovable property or collateral such as Government securities / NSCs / Units of UTI of suitable value is to be provided along with an assignment of future income of the student for paying instalments.
|Head office||Kempegowda Rd, Anchepet, Chickpet, Bengaluru, Karnataka 560254|
|Apply for Loan||Click Here|
|Contact Number||1800 425 2244|
SBM Student Loans FAQs
We hope that the information furnished above will guide you to get the best educational loan for your studies. In case of any doubt regarding the loan procedure and other related terms, read our FAQ’s session.
Q1. Who can be my co-borrowers?
Ans. Your parents/guardian can be a co-borrower as well as the spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.
Q2. How long does it take to process Educational Loan?
Ans. Generally, the time taken for the education loan to process is somewhat between 7-10 working days. Often, the whole process can be easily completed within 3 to 5 Working days, once the student fulfils all documentation.
Q3. What all expenses will be covered by education loans?
Ans. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course-related expenses may also be covered by the education loan.
Q4. What are the courses for which an education loan can be availed?
Ans. An education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.
Q5. Can a student avail another loan for further studies?
Ans. Yes, this is possible. You can borrow a loan for a bachelor’s degree followed by one for master’s without repaying the first loan. This loan can be taken as a top-up loan against the already existing loan; however, it is subject to the lending bank’s discretion and the internal rules and regulations of the lender.
Q6. Do education loans have any Income Tax benefits?
Ans. Loan borrowers can avail tax benefits on interest paid on education loan under Sec 80E of the Income Tax Act. This benefit is available over and above the Rs. 150,000 deduction allowed under Section 80C. Tax benefits can be availed once the borrower starts paying the interest on the education loan. Further, the deduction is available until the borrower pays off the full interest amount on the loan or for a maximum period of 8 years, whichever is earlier.
Q7. Why do banks require an insurance policy?
Ans. Banks usually prefer that students avail a life insurance policy equivalent to, or more than, the loan amount. The policy acts as a security feature and forms a part of the collateral. In case of the untimely demise of the borrower, the bank recovers the outstanding loan amount from the student’s life insurance policy and the remaining amount, if any, is paid out to the beneficiary of the policy.
Q8. Is any incentive available for a girl student applying for education loan?
Ans. Banks generally provide a 0.5% concession on the applicable education loan interest rate to girl students pursuing higher education in India and abroad.
Q9. Are there any special privileges for students of SC/ST category who avail education loans?
Ans. Yes, eligibility criteria and loan margins on education loan are relaxed for Scheduled Caste/Scheduled Tribe students availing education loans in India. The eligibility criteria are lowered from first/second class to pass class for SC/ST category students seeking education loan for graduate and postgraduate studies, while, margin money is sometimes lowered than the regular percentage or nil.
Q10. Where can I avail on SBM education loan?
Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.
Best of Luck..!!