Eligibility: Should have secure admission for in School/College/Institute
Maximum Amount for India : Rs 200000
Maximum Amount Overseas : Rs 750000
Documents to be submitted: Pass Certificate of Previous School/University/Institute
Time To Process : A Fortnight
Interest Rate
India: 13.75%
Overseas: 13.75%
Collateral and Third Party Guarantee required
Tenures: Maximum of 5 years
Amount of Loan, Margin & Security:The maximum amount of loan sanctioned by Bank of Maharashtra for studying in India and abroad is Rs 10 lacs and 20 lacs respectively. There is a margin of 5% and 15% on a loan amount above Rs 4 lacs.
Security needs to be submitted by a borrower applying for a loan amount above Rs 4 lacs. The securities can be submitted in the form of one category or in combinations.
Repayment:
The repayment holiday covers 1 year after completing the course or 6 months after getting a job. Once you start repaying the student loan, you can complete repayment in 5 years.
Expenses taken into Consideration:
Education Loan Scheme of Bank of Maharashtra covers cost of books, instruments and other equipments, travel expenses, tuition fees and other costs related to completing the course.
Contact :
Delhi Tel: 3321754
Bangalore Tel: 2264997
Chennai Tel: 4364410
Hyderabad Tel: 7843238
Kolkata Tel: 2203996, 2207122
Mumbai Tel: 2661295, 2652595