About Bank of Maharashtra Education Loan
Here you will find Bank of Maharashtra Bank Education Loan Interest Rates, its Eligibility and Repayment Process.
For Studies in India and Abroad
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, have secured admission by Entrance test / Merit bases selection.
Maximum amount In India : Rs. 10.00 lac
Abroad : Rs. 20.00 lac
Security Up to Rs. 4.00 lac - Clean
Above Rs.4.00 lac to Rs.7.50 lac -
Satisfactory third party Guarantee
Above Rs. 7.50 lac
Value of collateral security after providing requisite margin as below should be equal to the quantum of finance plus 2 acceptable guarantor.
Computers purchased out of loan be hypothecated.
Margin Up to Rs. 4.00 lac - Nil
Above Rs.4.00 lac -
5% for studies in India
15% for studies abroad
Deduction Limit - N.A.
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%
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 - EMI – 60 Months (Loan plus int.accrued together)
Moratorium: Course Period + 1 year OR 6 months after getting job whichever is earlier
Processing Fee - Nil
for more details.