The main aim of offering educational loan from Bank of Maharashtra is to assist deserving students to go for higher studies in India and Abroad
to study in India, candidates can get loan for 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.
For studies Abroad, loan can be granted for Job oriented Prof./Technical / PG courses/ Post Graduation: - MCA, MBA, MS etc. Student should be Indian national, have secured admission by Entrance test / Merit bases selection.
Documents required for loan: 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
Maximum amount in India: Rs. 10.00 lac and in abroad: Rs. 20.00 lac
Expenses Covered by the Loan: Tuition fees, hostel expenses, purchase of books/ equipment/ instruments etc. Travel expenses for studies abroad & other essential expenses Security: No security required up to Rs.4.00 lac loan. Above Rs.4.00 lac securities are required to be furnished as under either singly or in combinations such as Government securities, public sector bonds. Units of UTI, Shares (as per our approved list from time to time), Debentures. L.I.C. Policies. NSCs/KVPs, Banks own deposits. Mortgage of land and Building.
Up to Rs. 4.00 lac - Nil and above Rs.4.00 lac, 5% for studies in India and 15% for studies abroad Rate of Interest: Loans up to Rs. 4.00 lac (Base Rate + 2.00%). Loans above Rs. 4.00 lac (Base Rate + 2.75%). 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.
EMI - 60 Months (Loan plus int.accrued together)
Course Period + 1 year OR 6 months after getting job whichever is earlier Processing Fee is nil. Others aspects of loan: 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. Student can apply education loan in online mode through our website. This Facility is presently available only in selected 75 branches.
For further details please click on the link: Bank of Maharashtra Educational Loans