Bank of Maharashtra offers several finance schemes and credit facilities to its customers. Students who want to pursue higher studies in India and abroad, can avail of the Education Loan Scheme of Bank of Maharashtra. As the history goes, this bank began its operation in 1936 and was nationalized in 1969. You can scroll through this page to gather information on Bank of Maharashtra Education Loan.
Various courses are considered eligible for Student Loan of Bank of Maharashtra.
- You can apply for this loan for your school education in India.
- Even for graduate, postgraduate and doctoral programs in India, you can get the loan.
- An applicant planning to study professional courses in streams such as Engineering, Medicine or Agriculture in India can also apply for the loan.
- Certificate courses of recognized institutes or evening programs certified by government in India are eligible for the loan. Specialized programs like CA, ICWA or CFA, program of foreign universities or those of IIM, IISc NIFT and others in India are also considered for loan.
- You will also be considered eligible if you study diploma or degree program certified by UGC, AICTE, government or ICMR in India.
- For studying academic programs by CPA in the US or CIMA-London in abroad, your application can be considered.
- An applicant planning to study employment-oriented professional or technical course or even postgraduate program such as MS, MBA or MCA in abroad, will be eligible for the education loan of Bank of Maharashtra.
Student Loan of Bank of Maharashtra is sanctioned to those candidates, who are Indian Nationals. You can also apply if you get admission to a professional or technical program through selection procedure or entrance test. An applicant will also be considered eligible if he gets admission to a foreign institute.
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.
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.