Bank of Maharashtra Education Loan
Education Loan amount can be used for a variety of purposes, covering all aspects of needs that a student might have with respect to his studies. These include:
- The purchase of books, uniform, stationery
- The purchase of laptops, tablets (as per the demand of the course)
- Examination, library and hostel fees
- Travel expenses/ passage money for studies abroad.
- Additional costs deemed necessary for the completion of the course.
Bank of Maharashtra Student Loan Features
Bank of Maharashtra student loans come with the following attractive features:
- 0.25% concession for Mahasaraswati accounts for 3 years
- 0.50% concession for girl students
- 0.50% concession to existing housing loan borrower
- 0.50% concession for students getting admission in top rated premier institutions
Bank of Maharashtra Education Loan Eligibility
||Bank of Maharashtra Education Loan Eligibility Criteria
|Age of the Applicant
- Upto 35 years for non-employed personnels
- Upto 45 years in case of working employees/ executives
|Who can apply
- An Indian National having secured admission to professional/technical courses in recognized institutions.
- Permanent employees who are employed for not less than three years with any organisation and who intend to acquire higher professional qualifications and have secured admissions in a reputed institute.
|Maximum Loan Amount
- Upto Rs. 1,000,000 for studies in India.
- Upto Rs. 2,000,000 for studies abroad.
- Upto Rs. 1,000,000 for studies at IIT’s, IIM’s and ISB’s.
- These amounts are subjective to margin requirements as mentioned in the table above
- Quarterly or monthly rests.
- Repayment in Education Loans typically starts 1 year after completing the course or six months after getting a job, whichever is earlier.
- Loan interest re‐payment will start immediately after disbursement of the first installment of the loan.
- Tenure of an Education Loan consists of Duration of Study, Grace Period after the Study and Repayment Period.
- For Indian courses repayment tenure is maximum of 7 years after the commencement of repayment.
- For Abroad courses repayment tenure is maximum of 7 years after the commencement of repayment.
Bank Maharashtra Education Loan EMI Calculator
Bank Maharashtra Education Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Bank Maharashtra against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.
Bank Maharashtra Education Loan repayment calculator calculates EMI based on the loan amount you have applied for, interest charged on loan and the tenure for which you have applied. offers affordable and convenient education loans with loan EMIs as low as Rs. 14,778 per lakh for a 7 years tenure and lowest rate of interest of 10.25%.