Bank of Maharashtra offers hassle free education loans to students willing to pursue higher education in India or abroad.

Eligibility

• You should be an Indian National
• You should have secured admission to professional / technical courses through entrance test / selection process.
• You should have, secured admission to foreign university / institutions.

Courses Eligible

Studies abroad

• Graduation : For job oriented professional/ technical courses offered by reputed universities.
• Post graduation : MCA, MBA, MS etc.
• Courses conducted by CIMA - London, CPA in USA etc.

Studies in India

• School education including plus 2 stage of CBEC & State Education Boards.
• Graduation courses/Colleges under universities approved by UGC.
  • B.A, B.Com, B.Sc. etc.
  • Post graduation courses, Masters and PhD
  • Professional courses, Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
• Computer certificate courses of reputed institutes accredited to Dept.of Electronics or institutes affiliated to university.
• Courses like ICWA, CA, CFA etc.
• Courses offered in India by reputed foreign universities.
• Courses conducted by IIM, IIT, IISC, XLRI, NIFT etc.
• Evening courses of approved institutes recognized by State/ Central Govt.
• Other courses leading to diploma/degree etc. conducted by colleges/ universities approved by UGC/ Govt/ AICTE/ ICMR etc.

Documents to be Submitted

• Proof of being an Indian national i.e., School Leaving Certificate.
• Letter confirming selection through Entrance Test.
• Letter confirming admission to foreign university/institutions.
• Brochure of the educational institution stating the amount of fees charged

Quantum of Loan

• Studies in Abroad - Maximum upto Rs.20 lakhs
• Studies in India - Maximum upto Rs.10 lakhs

Expenses Covered by the Loan
Tuition fees, hostel expenses, purchase of books/ equipments/ instruments etc. Travel expenses for studies abroad & other essential expenses

Security
No security required upto Rs.4.00 lac loan.
Above Rs.4.00 lac securities are required to be furnished as under either singly or in combinations-

• Government securities, public sector bonds.
• Units of UTI, Shares (as per our approved list from time to time), Debentures.
• L.I.C. Policies.
• NSCs/KVPs, Banks own deposits
• Mortgage of land and Building

The eligible securities are as above

Rate of Interest

• Loan amount upto and inclusive of Rs.4.00 lakh - BPLR-2.00% i.e. 10.50% p.a.
• Loan amount above Rs.4.00 lakh - BPLR-1.25% i.e. 11.25% p.a.

Repayment
You get a repayment holiday of one year after completion of the course selected or 6 months after getting a job (after which your repayment will start). The loan is then to be repaid in 5 years after commencement of repayment.