Education Loan Scheme – Bank Of Maharashtra

Recruitment Details:

[alert-announce] Bank Of Maharashtra  Education Loan Scheme For Studies in India and Abroad[/alert-announce]

[alert-success] Eligibility For Education Loan Scheme: [/alert-success]

[alert-note]For 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.  [/alert-note]

[alert-note]For Studies Abroad : Job oriented Prof./Technical / PG courses/ Post Graduation: – MCA, MBA, MS etc  [/alert-note]

[alert-success] Criteria : Student should be Indian national, have secured admission by Entrance test / Merit bases selection.  [/alert-success]

[alert-success] Maximum amount: [/alert-success]

[alert-note] In India : Rs. 10.00 lac  [/alert-note]

[alert-note]Abroad : Rs. 20.00 lac [/alert-note]

[alert-success] SecurityUp to Rs. 4.00 lac - Clean  [/alert-success]

[alert-success] Guarantor: [/alert-success]

[alert-note]Above Rs.4.00 lac to Rs.7.50 lac - 
Satisfactory third party Guarantee [/alert-note]

[alert-note]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. [/alert-note]

[alert-success] Margin: [/alert-success]

[alert-note]Up to Rs. 4.00 lac - Nil[/alert-note]

[alert-note]Above Rs.4.00 lac - 5% for studies in India & 15% for studies abroad[/alert-note]

[alert-success] Deduction LimitN.A. [/alert-success]

[alert-success] Rate of Interest: [/alert-success]

[alert-note]Loans up to Rs. 4.00 lac (Base Rate + 2.50%) = 12.75%[/alert-note]

[alert-note]Loans above Rs. 4.00 lac & upto 7.50 lac (Base Rate + 2.00%) = 12.25%[/alert-note]

[alert-note]Loans above Rs.7.50 lac (Base Rate + 1.25%)=11.50%[/alert-note]

[alert-success] Repayment: EMI – 60 Months (Loan plus int.accrued together)

Moratorium: Course Period + 1 year OR 6 months after getting job whichever is earlier[/alert-success]

[alert-success] Repayment: Nil[/alert-success]

[alert-warning] Insurance: N.A.[/alert-warning]

[alert-success] Others: [/alert-success]

[alert-note]Loan will be granted to student with parent as Co-borrower/s[/alert-note]

[alert-note]Loan will be disbursed in stages as per requirement directly to Institute / College.[/alert-note]

[alert-success] Other FacilityStudent can apply education loan in online mode through website. This Facility is presently available only in selected 75 branches (shortly it will be increased to handsome number) [/alert-success]

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