Education Loan for Bank of Maharashtra

I want to get Education Loan from Bank of Maharashtra
I want to know about the eligibility, interest rate of this loan.

You want to know about the education loan of Maharashtra bank.

1. Eligibility of education loan:

This loan has some limitations if you want this loan.

• For Graduation courses
• For Colleges under Universities approved by UGC.
• For Other courses leading to diploma.
• For degree.
• Conducted by colleges, universities approved by UGC / Govt. / AICTE / AIBMS / ICMR etc.

Studies Abroad:
For Job oriented Prof./Technical / PG courses/ Post Graduation: - MCA, MBA, MS etc.

2. Rate of interest:
Loans up to Rs. 4.00 lac (Base Rate + 2.00%)
Loans above Rs. 4.00 lac (Base Rate + 2.75%)

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Answered By StudyChaCha Member

I am looking to issue education loan from Bank of Maharashtra. Will you please give here detail about the education loan offered by Bank of Maharashtra?

Education loans schemes provided by Bank of Maharashtra for higher studies in India and Abroad. Aim of bank to providing this product is to financial support to deserving Students.

Detail about the Education loan Bank of Maharashtra:

Eligibility
Candidate should be an Indian National.

Candidate should have secured admission to:
professional /
technical courses .

Candidate should have secured admission to foreign university / institutions.

Loan Amount

For studies in India:
Maximum Rs.10.00 lac

For studies abroad:
Maximum Rs. 20.00 lac

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%

Margin
No margin up to : Rs.4.00 lac.

For loans above Rs.4.00 lac:
For studies in India: 5%
For studies abroad: 15%

Repayment
EMI – 60 Months (Loan plus int.accrued together)

Moratorium:
Course Period + 1 year
OR
6 months after getting job whichever is earlier.

Documents required:

Proof of being an Indian national .

Letter confirming selection through Entrance Test.

Letter confirming admission to foreign university/ institutions.

Brochure of the educational institution stating the amount of fees charged.

Education Loan: Bank of Maharashtra

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Answered By StudyChaCha Member