Bank Of Maharashtra Education Loan

Eligibility

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

Age

Student should be Indian national, have secured admission by Entrance test / Merit bases selection.

Maximum amount

In India : Rs. 10.00 lac 
Abroad : Rs. 20.00 lac

Security

Up to Rs. 4.00 lac - Clean

Guarantor

Above Rs.4.00 lac to Rs.7.50 lac - 
Satisfactory third party Guarantee

Above Rs. 7.50 lac
Value of collateral security after providing requisite margin as below should be equal to the quantum of finance plus 2 acceptable guarantor.

Computers purchased out of loan be hypothecated.

Margin

• Up to Rs. 4.00 lac - Nil
• Above Rs.4.00 lac -
  • 5% for studies in India
  • 15% for studies abroad

Deduction Limit

N.A.

Rate of Interest

Loans up to Rs. 4.00 lac = Base Rate + 2.50%
Loans above Rs. 4.00 lac & upto 7.50 lac = Base Rate + 2.00%
Loans above Rs.7.50 lac = Base Rate + 1.25%

• 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.

Repayment

EMI – 60 Months (Loan plus int.accrued together)

Moratorium: Course Period + 1 year OR 6 months after getting job whichever is earlier

Processing Fee

Nil

Insurance

N.A.

Others

• Loan will be granted to student with parent as Co-borrower/s
• Loan will be disbursed in stages as per requirement directly to Institute / College.
• Pre-approved Education loan(In principle sanction) is available for student applying to multiple universities/Colleges for study abroad.

Other Facility

Student can apply education loan in online mode through our website. This Facility is presently available only in selected 75 branches (shortly it will be increased to handsome number)

Checklist for Education Loans