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Bank of Maharashtra Indian and Foreign Education Loan – Bank of Maharashtra is one of the chief public sector banks in the country. Home loans, education loans, deposit schemes, credit cards and debit cards are some of the monetary products accessible by the bank. A Bank of Maharashtra Education Loan can support students to pursue higher education in India or abroad. Bank of Maharashtra has a hassle-free loan application procedure, thereby making it a very popular credit product amongst ambitious students.
Features and Benefits of Bank of Maharashtra Education Loan
Objective of the loan:
The objective or determination of a Bank of Maharashtra Education Loan is to help students with procuring finances required to seek several graduation and post-graduation level courses in India and abroad.
Expenses Considered for Bank of Maharashtra Education Loan:
The expenditures covered by the loan include hostel expenditures, tuition fees, money expended on purchasing books, instruments and equipment, travel expenses (when they study abroad) and other necessary expenditures.
Amount of Education Loan:
The maximum loan amount accessible is Rs 10 lakhs for education in India and maximum loan amount accessible is Rs 20 lakhs for education in foreign countries.
The interest rates for Bank of Maharashtra Education Loans are as follows:
- 75% for loan amounts of Rs 4 lakhs or below
- 25% for loan amounts between Rs 4 and Rs 7.50 lakhs
- 50% for loan amounts above Rs 7.50 lakhs
During the moratorium period only simple interest is charged on the loan amount and after that compound interest is charged on a once-a-month basis.
Bank of Maharashtra does not charge any processing fees for education loans.
|Repayment Period (EMIs)||5 years|
|Moratorium Period||6 months after getting employed or the duration of the course plus 1 year (whichever is earlier).|
No security is obligatory for education loans up to Rs 4 lakhs.
There is no margin for loans up to Rs 4 lakhs. For loans above Rs 4 lakhs, the margin for seeking courses in India is 5% and for seeking courses abroad it is 15%.
- No sponsor is compulsory for loans up to Rs 4 lakhs.
- For loans between Rs 4 lakhs and 7.50 lakhs satisfactory 3rd party guarantee is obligatory.
- For loans above Rs 7.50 lakhs, 2 guarantors and satisfactory collateral security is necessary.
The eligible courses for Bank of Maharashtra Education Loan are as follows:
|Courses in India||Graduation courses, degrees or diplomas in colleges / universities / institutes sanctioned by UGC / ICMR / AIBMS / AICTE etc.|
|Courses in foreign countries||Job oriented Professional / Technical / Post Graduation Courses such as MS, MBA, and MCA etc.|
Bank of Maharashtra Education Loan Eligibility and Documentation
The eligibility criteria for Bank of Maharashtra Education Loans are as follows:
- The student should be of an Indian Nationality
- The student should have been selected for a professional / technical course, in graduation programme, degree or diploma in a college, university or institution sanctioned by UGC / ICMR / AIBMS / AICTE etc.
- The candidate should have secured admission to a job oriented course such as MS, MBA, MCA etc. in a well-known foreign university.
The documents obligatory for applying for Bank of Maharashtra Education Loans are as follows:
- Identity proof
- Admission letter of college, institution or university (in India or abroad)
- Brochure stating the course fee charged by the institution.
Economically weaker students can take advantage of the Interest Subsidy scheme sanctioned by the Government of India.
The features of this subsidy scheme are as follows:
- This scheme only applies to Technical or Professional courses in India that are offered by colleges/ universities or institutions documented by UGC / ICMR / AIBMS / AICTE etc.
- Learners who are barred from any institute or if they discontinue the course due to reasons other than medical grounds are not qualified for this scheme.
- The subsidy is appropriate only during the moratorium period of the loan.
- Only candidate with overall family income of less than Rs 4.5 lakhs per annum are qualified for this scheme.
- Learners will be required to provide income proof from sanctioned by State or Central Government officials.
- Students can avail this interest subsidy only if they have not claimed subsidy under any other State or Central Government scheme.