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