Why For Purpose /Objective:
The Educational Loan Scheme aims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad
Eligibility Criteria
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
Rate of Interest
Loans up to Rs. 4.00 lac (Base Rate + 2.00%)
Loans above Rs. 4.00 lac (Base Rate + 2.75%)
- 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.
Maximum amount
In India : Rs. 10.00 lac
Abroad : Rs. 20.00 lac
Margin /Allowance:
Up to Rs. 4.00 lac - Nil
Above Rs.4.00 lac -
5% for studies in India
15% for studies abroad
Guarantor
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.
RepaymentTenures:
Maximum of 5 years
Student can apply education loan in online mode through our website. This Facility is presently available only in selected 75 branches (shortly it will be increased to handsome number)
Contact
Delhi Tel: 011- 25766024/25731472/25746254,
Bangalore Tel: 080- 26527153,
Chennai Tel: 044- 25395923/25386616,
Hyderabad Tel: 040- 24758868,
Kolkata Tel: 033- 2481973, 2485703,
Mumbai Tel: 022- 22621240/22621540.
Website:
www.bankofmaharashtra.in
