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.
Courses Eligible
	Higher Studies,Diploma / Graduate / Post-graduate courses in the faculties of Engineering, Technology, Architecture, Medicine, Dental Science, Agricultural Science, Veterinary Science and Computer courses accredited by DOEACC.
Amount of loan
	Higher Education- In India		7.50 lacs
	Higher Education- Abroad		15.00 lacs
Margin
	Upto Rs. 4.00 lacs		Nil
	Above Rs. 4.00 lacs
	�	For studies in India	5%
	�	For studies abroad	15%
Interest
	Upto Rs. 4.00 lacs		11.00%
	Above Rs. 4.00 lacs		12.00%
Repayment
	Repayment of loan to commence immediately after disbursal, by the parent / guardian, out of his / her income. Installments may be nominal (to cover interest portion, at least) during the period the student is undertaking the studies. The installments 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.
Security
	Upto Rs. 4.00 lacs                        -                           Nil
	Above Rs. 4.00 lacs:
�	Collateral security by way of immovable property or equal to the loan amount in the form of Government securities / NSCs / Units of UTI.
�	Guarantee of parents / guardians (in the case of minors, the parent / guardian will execute the documents on behalf of the minor and also in his capacity as co-borrower) / third party guarantee where sufficient collateral security is not available.
Insurance
	An insurance policy will be taken on the life of the student borrower for an amount equivalent to the loan amount and the policy should be convertible whole-life one for 25 / 30 years, convertible after 5 years into one with endowment benefits. The Bank will pay the insurance premium on the policy by debiting it to the loan account. On liquidation of the loan, the policy will be reassigned and delivered to the borrower.
Repayment
	Completion of course + 1 year or 6 months after getting a job, whichever is earlier.
	The interest to be debited quarterly / half yearly on simple basis during the repayment holiday / moratorium period.
	Penal interest @2% will be charged for amount above Rs.4 lacs for the overdue amount and overdue period.
	Interest concession of 1% per annum is available, provided the interest is repaid during moratorium period as and when the interest is applied.

Important
Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.

Head Office
K.G.Road, Bangalore - 560 009
Phone: 080-22353901 to 22353909 ; 22353473 extn.380
080-22353467 Fax: 080-22283684
E-Mail: sbmpsb@vsnl.net
Website: www.mysorebank.com