Bank of Maharashtra Education Loan

Education Loan Scheme:

Purpose:  For Studies in India and Abroad.

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 + 2.00%)
• Loans above Rs. 4.00 lac (Base Rate + 2.75%)

• 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.

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).