Bank of Maharashtra Education Loan
Recruitment Notification Highlights
- 1 Bank of Maharashtra Education Loan
- 1.1 Objective
- 1.2 Bank of Maharashtra Loan Amount
- 1.3 Considered Expenses
- 1.4 Bank of Maharashtra Education Loan Eligibility
- 1.5 Student Eligibility
- 1.6 Eligible Courses for studies in India
- 1.7 Required Documents / Bank of Maharashtra Education Loan Application Process
- 1.8 Security
- 1.9 Margin
- 1.10 Rate of Interests
- 1.11 Repayment
- 1.12 Processing Fee
- 1.13 Subsidy scheme
- 1.14 Other Benefits and Conditions
The Bank of Maharashtra is one of most renewed public sector banks in India with its headquarters in Pune, India. Every year Bank of Maharashtra recruits many of the applicants through various entrance exams to fill vacant positions in the bank. It has a wide network of about 15 millions of customers across the country. Also the bank always ready to support financially for the students from the economically backward/weak families in order to pursue their higher education in India or Abroad.
The main objective or purpose of the Bank of Maharashtra Education Loan is to provide financial help for the students who are desired to pursue graduation or post graduation in an accredited college in India or Abroad who are from the poor families or low-income family.
Bank of Maharashtra Loan Amount
Quantum of the loan will be different for Indian studies and Abroad studies respectively. Loan for higher amounts will be considered based on merit or case to case basis.
- Quantum of loan for Studies in India: 10.00 Lacs
- Quantum of loan for Abroad Studies: 20.00 Lacs.
The expenses covered under a bank of Maharashtra education loan is namely Building Fund, College fee, tuition fee, uniform fee if required, other expenses which are required for essential completion, of course, like the purchase of books, equipment, instruments, computer, laptop etc.
Bank of Maharashtra Education Loan Eligibility
The students who are applied for education loan in Bank of Maharashtra should qualify all the eligibility criteria without any fail. The complete information regarding Student eligibility and elective courses for studies in either India or Abroad as follows. The contenders who are unable to reach out all the required criteria will not be eligible for Bank of Maharashtra Education loan. So we suggest intenders or parents of intenders should read and understand all the terms and conditions before submitting the application form.
- The applicant should have secured admission in a reputed university or institute through an entrance test or merit base selection.
- The applicant/student must be an Indian National
- The candidate who are wished to do abroad studies should have obtained admission to foreign university/ institutions.
Eligible Courses for studies in India
- High school studies including plus 2 stage of State education and CBEC boards
- Graduation courses like B.A, B.COM, B.SC, B.TECH etc
- Some other courses which are conducted by IIM, IIT, IISc etc
- Courses from the colleges under renewed universities approved by UGC/Govt/ AICTE etc
- Evening courses which are approved by recognized state/govt authorities.
- Some familiar courses like CA, ICWA, CFA etc
- Also, computer certified courses which are from the accredited universities/institute to Department of Electronics or institutes affiliated to universities.
- Courses offered by foreign universities in India.
- All the Degree/ Diploma courses conducted by the AICTE/UGC approved universities or institutions
Required Documents / Bank of Maharashtra Education Loan Application Process
The contenders who are in thought of applying Bank of Maharashtra Education Loan should carry all the furnished/essential documents for Succesful completion of formality process.
- Identity proof: Aadhar card, driving license, voter Id, Passport, Pan Card etc.
- Resident Proof: Bank account statement, Latest mobile bills, recent electricity bill, Gas booking receipt, existing house proof from the respective Mee Seva office etc
- Income Proof: Latest salary slips along with bank transactions statement for salaried individuals, Income certificate for the economically weak section students who have an annual income below 4 lacs.
- Call letter or admission letter from the respective College/University
- Brochure of the admitted college which comprises of the detailed amount of fee.
- Loans up to 4 lacs: clean/ no security and parents would become co-borrowers
- Loans above 4 lacs and up to 7.5 lacs: There is no collateral except 3rd party satisfactory guarantee
- Loans above 7.5 lacs: Collateral equivalent to loan amount after providing the related margin. Also, parent to be co-borrower and guarantor will not be insisted upon.
The Margin of Bank of Maharashtra Education loan is study mode based. This may involve self-contribution as well as scholarship/assistantship.
- Loan up to 4 lacs: Zero/No Margin
- Loan above 4 lacs: 5 % for studies in India and 15% for studies in Abroad.
Rate of Interests
- Loans up to 4 lacs: 12.75% or Base rate+ 2%
- Loans between 4 lacs and 7.5 lacs: 12.25% or Base rate+1.25%
- Loans above 7.5 lacs: 11.5% or Base Rate+1.25%
During moratorium period only simple interest charged on loan amount. Also, there will be 1% concession on repayment before the due date.
- Loans up to 7.5 lacs: maximum repayment period is 10 years after moratorium period
- Loans above 7.5 lacs: maximum repayment span is 15 years after moratorium period
- Moratorium Period: Course period plus 6 months/1 years after securing the employment, whichever is earlier.
There is no processing fee for studies in India. For the loans above 4 lacs, there will be a charge of Rs 1000/500 for studies in abroad which is refunded after the 6 months of loan sanction.
The Bank of Maharashtra Education loan subsidy scheme will be applicable only for the students from low-income families of annual income less than 4 lacs. The applicable candidates should get admission any of the accredited professional/technical universities and they should submit income proof from the related state/central government officials. The subsidy scheme will not be applicable if the student discontinues their studies in middle without essential completion. Students can avail this subsidy only when they are not having any other subsidy schemes from other institutions. The subsidy will be given only during the moratorium period.
Other Benefits and Conditions
- There will be a concession of 0.5% for female candidates
- Multiple co-borrowers accepted
- The loan will be repaid after the commencement of repayment period
- There will be 0.25% concession on mahasaraswathi accounts for the period of 3 years
- 50% concession for existing home loan borrowers
- There will be a 0.50% concession for the students who got admission in top rated/A rated intuitions in foreign or India.
- 25 concessions offered on providing additional co-borrowers for the loans above 4 and below 7.5 lacs respectively.
- Loans will be granted to students with their parents as co-borrowers
- Loan will be disbursed as per requirement directly to university/institute
- Applicants can apply for education through online mode which is available on official website.
Hope you people acquire a clear idea about Bank of Maharashtra Education Loan eligibility, margin, the rate of interest etc. For more details and updates regarding Bank of Maharashtra education loan keep an eye on our website www.govtjobs.allindiajobs.in. Let us know if any information required through comment box. We will respond as soon as possible. Also, you can bookmark our page.