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 (BPLR – 2.00%)
Loans above Rs. 4.00 lac (BPLR - 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.
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)
For more information, please visit http://bankofmaharashtra.in/
