Bank of Maharashtra started its operation in 1936 and was nationalized in 1969. Bank of Maharashtra provides various finance schemes and credit facilities to its clients. Aspirants who wish to pursue higher studies in India and abroad, can be benefited by Education loan Scheme of Bank of Maharashtra.
Eligible Criteria for Bank of Maharashtra Education Loan:
Student Education Loan:
- Student should have nationality Indian
- Admission should be secured through the entrance test or any selection process to the technical or professional courses.
- Admission should be secured to the foreign universities.
Courses Eligible for Getting Loan:
Education in the India:
- School education: State Education Board & CBSE Board
- College or graduation courses under the universities permitted by UGC
- + B.Sc, B.Com, B.A etc.
- + PhD, Masters and Post graduation courses
- + Professional courses such as Medical, Engineering, Agriculture, Law, Veterinary, Dental, Computers, Management, etc.
- Certificate courses of supposed institutes in affiliated to the universities and the courses are such as CA, ICWA, CFA, etc.
- All the courses accomplished by IIT, IIM, IISc, NIF, XLRI, etc.
- All courses conducted in India which is offered by the foreign universities with the approval of Head Office. Evening courses of the approved institutes.
- Degree and diploma courses conducted by colleges or universities and approved by Government, UGC, AICTE, ICMR, AIBMS etc.
Education in Abroad:
- Graduation: The technical courses and job professional courses offered by the universities.
- Post Graduation: MBA, MCA, MS, etc.
- Other courses arranged by CPA (USA) and CIMA (London) etc
Details of Education Loan:
Exposure of expenses
- Tuition fees
- Hostel expenses
- Purchase of equipments, books or instruments etc.
- Travel expenses and other expenses for studies abroad
- The maximum quantum is Rs. 10 lakh for those studies in India
- The maximum quantum is Rs. 20 lakh for those studies abroad.
- No margin for the amount up to Rs. 4 Lakh.
- The margin is 5 percent on the amount above Rs.4 lakh to studies in India
- Margin is 15 percent for studies abroad.
Up to the loan Rs. 4 Lakh, security is not required but for the loan above Rs.4.00 lakh, securities are needed singly or in combination which are given below:
- Public sector bonds or government securities
- Units of UTI, Debentures, shares
- L.I.C. Policies.
- NSCs or KVPs, own deposits of banks
- Mortgage of building and land
- Indian national certificate that is school leaving certificate.
- Letter of selection confirmation through the entrance exam
- Letter of admission confirmation to foreign institutes or university
- Educational institute's brochure for fees charged.
You can repayment 1 year after completion of course whichever you selected or six months after getting job. The loan is repaid in five years after initiation of repayment.
Details & Contact:
Phone - (020) 25536802/2876
Website - www.bankofmaharashtra.in
Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.