Bank of Maharashtra Education Loan

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Bank of Maharashtra

Bank of Maharashtra offer education loan for students to study in India or abroad under various recognized courses and universities.

Bank Name	Amount of Loan	Repayment Tenure	Interest Rate
	10-20 lacs	5 years	1.25 - 2.50 %

Eligible Courses

Studies in India:

Education of schools which generally includes either CBSE boar education or any one of the State board education
The courses which are approved under UGC including many graduate course like B.Sc., B.Com. and B.A.
Any master degree or Ph. d.
Any professional course like medical, engineering, veterinary, agriculture, dental, law, computer and management etc.
Courses offered by recognized autonomous institutes or universities

Studies abroad:

Any of the graduation level course ensuring the job of the candidate or post graduation course like MBA MCA or MS. The student is also granted loan for the courses which comes under MICA.

Amount of loan granted

Loan amount limit is 10 Lac for the case if student want to reside and study in India itself and 20 Lac in case if the applicant has got admission in any one of the no Indian but reputed university.

Interest rates

Loans up to Rs. 4.00 lac = Base Rate + 2.50%
Loans above Rs. 4.00 lac &upto 7.50 lac = Base Rate + 2.00%
Loans above Rs.7.50 lac = Base Rate + 1.25%

Processing fee

No processing fee is charged from the applicants. The expense may include for all the essential purpose that is stated by the university / college fee schedule.

Repayment tenure

The loan should be paid in 5 years to the bank once the repayment period starts. The start of repayment period is either after a year after course completion, 6 months after job or that which one is earlier.

Security

No security money is needed if loan amount is less than or upto 4 Lac, third party guarantee if applying for amount between 4-7.50 lacs and collateral security equal to 100 % loan amount is needed for the loan amount above than 7.50 Lac. Following proof of documents can be submitted under collateral security

government or public sector security bond
debentures, shares or UTI
LIC policy
The deposits of bank that may be fixed deposits
Mortgage proof of building or land

Margin

Margin is not taken for the loans of amount 4 Lac and for above amount loans a 5 % margin is taken is student is studying in India and 15% if he / she studying out of India.

Required Documents

secondary level certificates and proof of being an Indian
selection confirmation letter from the organization where the student want to study
letter of admission confirmation from the foreign university if the candidate wish to study there
education institute’s brochure stating all the schedule of fee to be deposited and the required essentials by the student

Eligibility

the candidate who want to apply first of all must have Indian nationality
proof of document stating that you have secured a seat in one of the technical or professional course
the admission process should not be direct that is it can be through some entrance test basis or through the merit basis
in case if the candidate who is applying want to study in foreign then proof of document stating that you have secured admission in any of the known foreign university

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K.R. Mangalam University, Gurgaon