Bank of Maharashtra Education Loan - Student Loan in India

Bank of Maharashtra Education Loan Scheme

Purpose

  • For studies in India
  • For studies 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

Amount

For studies in India: Maximum Rs.10.00 lac

For studies abroad: Maximum Rs. 20.00 lac

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

Margin

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

This may include own contribution as well as scholarship. 

Rate of Interest

Base Rate: 9.70% (With effect from 05.10. 2015)
BPLR: 15.00% ( With effect from 01. 10. 2011 )
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.
 Visit bank website to view the Interest Rate  

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

Repayment by EMI

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

Moratorium: Course Period + 1 Year or 6 months after getting job, whichever is earlier

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