Purpose

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.

Eligibility

• Should be an Indian National.

• Should have secured admission to professional/ technical courses through Entrance Test/ Selection process.

Loan Amount

Need based finance subject to the repaying capacity of the parents/ students with margin and the following ceilings.

• Studies in India - Minimum: Rs 10000 Maximum Rs.7.50 lacs

• Studies Abroad - Minimum: Rs 10000 Maximum Rs.15 lacs

Margin

Concession of interest by 1% to Educational Loans to be sanctioned to Girl Students during the period 01/03/2003 to 31/10/2003.

Interest

Loan Amount Interest Rate

• Loans upto Rs.4 lacs Around 11.75 %p.a.

• Loans over Rs.4 lacs Around 12.50 % p.a.

Repayment of loan

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 48 months thereafter.

For further information visit:
http://www.mysorebank.com/gnanamitra.htm

Concluded.

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