Education Loans

Educational Loan Scheme – Term Loan, Interest – Bank of Maharashtra

Bank of Maharashtra

Bank of Maharashtra Education Loan: Interest Rates, Student Loan

Bank of Maharashtra

Bank of Maharashtra

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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

 

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 loaners 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

 

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).

 

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