Bank of Maharashtra Loan

Bank of Maharashtra Education Loan

Disclaimer:

Since the rules, regulations, eligibility conditions, repayments and interests rates etc are revised by the banks from time to time. students and parents are advised to check thoroughly the terms and conditions of educational loan scheme of respective bank on offer at the time of application.

Bank of Maharashtra

For Studies in India - Scheme Highlights

Purpose :

For Studies in India and Abroad.

Eligibility:

Pass Certificate of Previous School/University/Institute

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.
Student should Have secured admission by Entrance test / Merit bases selection.

Maximum amount:

In India: Rs. 10.00 lac
Abroad :Rs. 20.00 lac

Loan for Higher Amount can be considered on merit and case to case basis.

Security:

Up to Rs. 4.00 lakh : Clean, Parents to be co-borrowers.
Above Rs.4.00 lakh and below Rs.7.50 lakh : No Collateral except Satisfactory third party guarantee
Above Rs.7.50 lakh : Collateral equivalent to quantum of finance after providing requisite margin

Guarantor:

Up to Rs. 4.00 lakh : clean , Parents to be co-borrowers
Above Rs.4.00 lac to Rs.7.50 lac : Satisfactory third party Guarantee
Above Rs.7.50 lakh : Parent(s) to be Joint Borrowers/ Guarantor Not to be insisted upon

Margin:

Up to Rs. 4.00 lac : Nill
Above Rs.4.00 lac :
5% for studies in India
15% for studies abroad
Deduction Limit : N.A.

Deduction Limit :

Amount of loan	Existing Rate of Interest	Proposed ROI
up to Rs 4 lakh	Base Rate + 2.50%	MCLR+ 2.50%
Above Rs 4 lakh and up to Rs 7.5 lakh	Base Rate + 2.00%	MCLR+ 2.00%
Above Rs 7.50 lakh	Base Rate + 1.25%	MCLR+ 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:

For loans up to Rs.7.50 lakh: Up to 10 years, in EMI (Loan + Int. accrued together), after moratorium
For loan above Rs.7.50 lakh: Up to 15 years, in EMI (Loan + Int. accrued together), after moratorium

Special Offers:

Interest rate concession
0.25% concession for Mahasaraswati accounts for 3 years
0.50% concession for girl students
0.50% concession to our existing Housing Loan borrower
0.50% concession â€“ for students getting admission in top rated Premier Institutions (list be made available)
Concession offered on providing additional guarantor for educational loans between Rs.4 Lakh to Rs 7.5 Lakh -0.25%

*Over all Maximum concession of 0.5% allowed

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.
Pre-approved Education loan(In principle sanction) is available for student applying to multiple universities/Colleges for study abroad.

Other Facility:

Student can apply education loan in online mode through our website.This Facility is now available for all the branches.

Click Here For Interest subsidy on education loans to students from economically weaker sections.
Central Scheme to provide Interest Subsidy for the period of moratorium on Educational Loans taken by students from economically weaker sections.

Government of India has approved a Scheme to provide full interest subsidy during the period of moratorium on loans taken by students belonging to economically weaker sections under the Educational Loan Scheme, for pursuing any of the approved courses of studies in technical and professional streams, from recognized institutions in India.

Checklist For Education Loan:

Documents Required:

Proof of Identity
Proof of Address
PAN Card Wherever available and applicable
Proof of Parental Income(not to be considered as assessment)
For Salaried Class
Last 2Years ITR
Form-16Last 3 months Salary Slips
Last 6 months bank statement
For Non-Salaried Class
Last 2Years ITR
Audited Balance Sheet
Last 12 months bakn statement
For Agriculturists not filling income tax resturns,income certificate issued by Tahsildar/Mandal Revenue Officer/Revenue Department Officer having State Level Gazetted rank.

Document related to proposed Education Loan:

Proof of admission to professional/technical courses in india or Abroad through Entrance Test/Merit Based Selection Process.
Academic Certificates(10th and 12th Certificates and other qualifications)
Graduation Mark Sheets/Certificates.
Requisite Exam scorecard/proof of obtaining seat in merit based selection process.
Recognition of institute/college/university(approved by competent authority)
Letter confirming admission.
Prospectus of institute/college/University etc.
Fee Structure of the Course.
Receipt of Payment already made.