State Bank of Mysore is a nationalized bank in India, with headquarters at Bangalore. It is one of the five associate banks of State Bank of India.

State Bank of Mysore’s Gnanamitra Education Loan Scheme sanctions education loans to eligible students who aspire to pursue their higher education in recognized institutions in India or abroad.

Interest rate:

For loans up to Rs. 4.00 Lacs - 11.50%
Loans ranging from Rs. 4.00 Lacs up to Rs.10.00 Lacs – 12.50%
Loans above Rs.10.00 Lacs - 13.00%

Maximum Loan Limit:

Maximum loan limit is given as follows, depending on whether the student wishes to pursue his/her studies in India or abroad.

Maximum loan limit is Rs.10.00 lacs for studies in India; and
Maximum loan limit is Rs.20.00 lacs for pursuing education abroad.

Margin:

There is no margin on education loans up to Rs.4.00 Lacs.
For loans above Rs. 4.00 Lacs, the margin applicable is 5% for studies in India and for studies abroad, the margin applicable is 15%.
Scholarship will be included in the margin.

Expenses considered for State Bank of Mysore education loan:

College, school or hostel fees.
Fees payable for Examination, Library and Laboratory.
Amount required for purchase of books, equipment, instruments as well as uniforms.
Deposits such as Caution Deposit, Building Fund or Refundable Deposit.
Travel expenses for studies abroad.
Purchase of computers if needed for completion of the course.
Miscellaneous expenses required to complete the course like study tours, project work, etc.

Contact:

State Bank of Mysore
H .O.: K.G.Road,
Bangalore - 560254, INDIA.
Phone(EPABX) : 91 80 22353901(30 lines of PRI).
Fax: 91 80 22283684