Bank of Maharashtra Education Loan Scheme

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Bank of Maharashtra offers education loans for Studies in India and Abroad.

Eligibility :

To be eligible for the loan, the students should be Indian national and have secured admission to professional / technical courses through Entrance test / Merit bases selection.

a) Studies in India

Graduation courses/Colleges under Universities approved by UGC. Other courses leading to diploma / degree etc. conducted by colleges / universities approved by UGC / Govt. / AICTE / AIBMS / ICMR etc.

b) Studies abroad:

Job oriented Prof./Technical / PG courses/ Post Graduation: - MCA, MBA, MS etc

Loan Details

Coverage of expenses

Tuition fees
Hostel expenses
Purchase of books/ equipments/ instruments etc.
Travel expenses for studies abroad & other essential expenses.

Quantum

For studies in India : Maximum Rs.10.00 lac
For studies abroad : Maximum Rs. 20.00 lac

Loan for Higher Amount can be considered on merit and case to case basis

Margin :
There is no margin up to Rs.4.00 lac. For loans above Rs.4.00 lac.

For studies in India : 5%
For studies abroad : 15%

Security :

Up to Rs. 4.00 lakh: Clean, Parents to be co-borrowers
Above Rs.4.00 lakh and below Rs.7.50 lakh: No Collateral except Satisfactory third party guarantee
Above Rs.7.50 lakh: Collateral equivalent to quantum of finance after providing requisite margin

Guarantor

Up to Rs. 4.00 lakh: clean , Parents to be co-borrowers
Above Rs.4.00 lac to Rs.7.50 lac - Satisfactory third party Guarantee
Above Rs.7.50 lakh: Parent(s) to be Joint Borrowers/ Guarantor Not to be insisted upon

Documents to be Furnished

Proof of being an Indian national i.e., School Leaving Certificate.
Letter confirming selection through Entrance Test.
Letter confirming admission to foreign university/ institutions.
Brochure of the educational institution stating the amount of fees charged.

There is no processing fee

Rate of Interest

Simple interest during moratorium period, there after compounded monthly. 1% interest concession may be provided to the loanees if the interest is serviced regularly as and when applied during the study period when repayment holiday is specified for interest/ repayment under the scheme. Interest concession is available only for moratorium period.

For interest rate check out this link, Bank of Maharashtra Interest Rate

Repayment

For loans up to Rs.7.50 lakh: Up to 10 years, in EMI (Loan + Int. accrued together), after moratorium
For loan above Rs.7.50 lakh: Up to 15 years, in EMI (Loan + Int. accrued together), after moratorium
Moratorium: Course Period + 1 Year or 6 months after getting job, whichever is earlier

Special Offers

Interest rate concession
0.25% concession for Mahasaraswati accounts for 3 years
0.50% concession for girl students
0.50% concession to our existing Housing Loan borrower
0.50% concession – for students getting admission in top rated Premier Institutions
Concession offered on providing additional guarantor for educational loans between Rs.4 Lakh to Rs 7.5 Lakh -0.25%
*Over all Maximum concession of 0.5% allowed

Student can apply education loan in online mode through the website of Bank of Maharashtra.

Contact Details
Head Office - Bank of Maharashtra
Lokmangal, 1501, Shivaji Nagar, Pune-411005
Phone : 020-25536802/2876
Website : visit

Click here for the nearest bank branches

Note : 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.

Tags

Bank of Maharashtra Education Loan , Study Abroad Loan

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