Bank Of Maharashtra

Overview


"Bank of Maharashtra is one of the major public sector banks in the country. Home loans, education loans, deposit schemes, credit cards and debit cards are some of the financial products offered by the bank. A Bank of Maharashtra Education Loan can help students to pursue higher education in India or abroad. Bank of Maharashtra has a hassle-free loan application process, thereby making it a very popular credit product among aspiring students."

Loan Interest Rates:


Max. Loan Amount Interest Rate
loan amounts of Rs 4 lakhs or below 12.75%
loan amounts between Rs 4 and Rs 7.50 lakhs 12.25%
loan amounts above Rs 7.50 lakhs 11.50%
Note-"During the moratorium period only simple interest is charged on the loan amount and after that compound interest is charged on a monthly basis."
Base Rates Are:

Loan Eligibility:


Courses Eligible For Loan:
    Courses in India:
  • Graduation courses, degrees or diplomas in colleges / universities / institutes approved by UGC / ICMR / AIBMS / AICTE etc.
    Courses in foreign countries:
  • Job oriented Professional / Technical / Post Graduation Courses such as MS, MBA, MCA etc.

Documents Required:
  • Identity proof
  • Admission letter of college, institute or university (in India or abroad)
  • Brochure stating the course fee charged by the institute

Candidate Education Loan Eligibility:
  • The applicant should be an Indian National.
  • The applicant should have been selected for a professional / technical course, in graduation programme, degree or diploma in a college, university or institute approved by UGC / ICMR / AIBMS / AICTE etc.
  • The applicant should have secured admission to a job oriented course such as MS, MBA, MCA etc. in a recognized foreign university.

Processing Fees:
"Bank of Maharashtra does not charge any processing fees for education loans."

Expenses Covered under Education Loan:


"The expenses covered by the loan include hostel expenses, tuition fees, money spent on purchasing books, instruments and equipment, travel expenses (when they study abroad) and other necessary expenses."

Loan Repayment:


Repayment Period(EMI's): 5 Years.
Moratorium Period: 6 months after getting employed or the duration of the course plus 1 year (whichever is earlier).

Security Required:


  • No guarantor is required for loans up to Rs 4 lakhs.
  • For loans between Rs 4 lakhs and 7.50 lakhs satisfactory 3rd party guarantee is required.
  • For loans above Rs 7.50 lakhs, 2 guarantors and satisfactory collateral security is required.

FAQs:


1.Is there any insurance coverage provided with Bank of Maharashtra Education Loans?
Ans. No, there is no insurance coverage provided with education loans from Bank of Maharashtra.

2.Are the loans credited to the bank accounts of students?
Ans. No, the loans are disbursed directly to the college or institute as per the course requirements.

3.Are the loans granted to the students or their parents?
Ans. The loans are granted directly to the students, with the parents acting as co-borrowers.

4.How can I apply for a Bank of Maharashtra Education Loan?
Ans. You can apply for a Bank of Maharashtra Education Loan on the online portal of the bank, or at any of the 75 selected Bank of Maharashtra branches.

5.Are students pursuing PHD courses eligible for this loan?
Ans. Yes, students who are pursuing PHD courses in university or institute recognized by UGC, ICMR and AIBMS, AICTE or other government bodies are eligible for this loan.