Purpose
For studies in India
For studies abroad
Eligibility
You should be an Indian National
You should have secured admission to professional
/ technical courses through entrance test / selection
process.
You should have, secured admission to foreign university
/ institutions
Amount
For studies in India : Maximum Rs.7.50
lac
For studies abroad : Maximum Rs.
15.00 lac
Margin
There
is no margin up to Rs.4.00 lac.
For loans above Rs.4.00 lac.
* Loan For studies in India : 5%
* Loan For studies abroad : 15%
This
may include own contribution as well as scholarship.
Rate
of Interest
Upto
& inclusive of Rs. 4.00 lakh 11.25% (BPLR)
Above Rs. 4.00 lakhs 12.25% (BPLR +1.0%)
Security
No
security required upto Rs.4.00 lac loan.
Above Rs.4.00 lac securities are required to be furnished
as under either singly or in combinations-
* Government securities, public sector bonds.
* Units of UTI, Shares (as per our approved list from
time to time), Debentures.
* L.I.C. Policies.
* NSCs/KVPs, Banks own deposits
* Mortgage of land and Building
The eligible securities are as above. However terms
apply.
Value
of collateral security after providing requisite margin,
as stated above should be equal to the Quantum of
finance.
Repayment by EMI
You get a repayment holiday of one year after completion
of the course selected or 6 months after getting a
job (after which your repayment will start).
The loan is then to be repaid in
5 years after commencement of repayment.
Processing Fee
Nil.
Expenses Considered
Tuition fees, hostel expenses, purchase of books/
equipments/ instruments etc. Travel expenses for studies
abroad & other essential expenses.
Courses
Eligible
Studies
in India
*
School education including plus 2 stage of CBEC &
State Education Boards.
* Graduation courses/Colleges under universities approved
by UGC.
- B.A, B.Com, B.Sc. etc.
- Post graduation courses, Masters and PhD
- Professional courses, Engineering, Medical, Agriculture,
Veterinary, Law, Dental, Management, Computer etc.
- Computer certificate courses of reputed institutes
accredited to Dept.of Electronics or institutes affiliated
to university.
- Courses like ICWA, CA, CFA etc.
- Courses offered in India by reputed foreign universities.
- Courses conducted by IIM, IIT, IISC, XLRI, NIFT
etc.
- Evening courses of approved institutes recognized
by State/ Central Govt.
- Other courses leading to diploma/degree etc. conducted
by colleges/ universities approved by UGC/ Govt/ AICTE/
ICMR etc.
STUDIES
ABROAD
* Graduation : For job oriented professional/
technical courses offered by reputed universities.
* Post graduation : MCA, MBA, MS etc.
* Courses conducted by CIMA - London, CPA in USA etc.
Documents
to be Furnished
* Proof of being an Indian national i.e., School Leaving
Certificate.
* Letter confirming selection through Entrance Test.
* Letter confirming admission to foreign university/institutions.
* Brochure of the educational institution stating
the amount of fees charged.
For further Details Please visit Bank
of Maharashtra Education Loan website
