This article provides information about Bank of Maharashtra Educational Loan. Read on to learn about the interest rates, eligibility and application process for Bank of Maharashtra’s student 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
A 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 the moratorium period, thereafter 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
- The loan will be granted to a student with the parent as Co-borrower/s
- The loan will be disbursed in stages as per requirement directly to Institute / College.
- Pre-approved Education loan(In principle sanction) is available for a student applying to multiple universities/Colleges for study abroad.
Other Facility
Student can apply for education loan in online mode through our website. This Facility is presently available only in selected 75 branches (shortly it will be increased to a handsome number).
