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Bank of Maharashtra offers education loans for Studies in India and Abroad.
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
Coverage of expenses
Loan for Higher Amount can be considered on merit and case to case basis
There is no margin up to Rs.4.00 lac. For loans above Rs.4.00 lac.
Documents to be Furnished
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 RateRepayment
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.
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.
TagsBank of Maharashtra Education Loan , Study Abroad Loan
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