Bank of Maharashtra

With various finance schemes and credit facilities to its customers, Bank of Maharashtra is one of the most preferred choice among students for Education Loan. Incepted in the year 1936 the bank got nationalised status in the year 1969, and since then the organization has come forward with various facilities to its customers that have been appreciated by its customers all across the country.

Any one who is Indian national, have secured admission by Entrance test / Merit bases selection to recognized and affiliated university or college are eligible for the Education Loan, provided by the bank.

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

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 and 15% for studies abroad

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

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 processing fees, prepayment penalty, documentation charges, mortgage and other charges, please visit the bank website www.bankofmaharashtra.com