Bank of Maharastra

Bank of Maharastra Education Loan

Objective of the Scheme:

Bank of Maharastra provides financial support to meritorious students for pursuing higher education in India and abroad. Meritorious Students under management Quota are eligible for Education Loan.

Eligibility of the Student:      

The Student should be Indian national.

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

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 over a Wide Area :

Job oriented Prof ./ Technical / PG courses / Post Graduation: - MCA, MBA, MS etc

Liability of Finance :

Quantum of Finance :

In India : Rs. 10.00 lac

Abroad : Rs. 20.00 lac

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.

Moratorium: Course Period + 1 year OR 6 months after getting job whichever is earlier

Processing Fee / Mortgage Charges : NIL

Rate of Interest :

• Loans up to Rs. 4.00 lac (Base Rate + 1.75%)
• Loans above Rs. 4.00 lac (Base Rate + 2.75%)

Repayment Period of the Loan :

EMI – 60 Months (Loan plus int.accrued together)

For more Details, Kindly refer the following link :

http://www.bankofmaharashtra.in/credit_fac_edu.asp