Bank Of Maharashtra Education
Loan EMI Calculator

Loan Amount (₹)
Interest Rate (%)
Tenure (Yrs)
EMI
0
EDUCATION LOAN FOR HIGHER STUDIES,UPTO 10 LACS FOR EDUCATION IN INDIA AND UPTO 20 LACS FOR ABROAD
Interest
Rate

Loan limit Interest Rate
Upto 7.5 Lacs 10.6- 12.1%
Above 7.5 Lacs 10.15%
Loan Amount &
Security

Secured Unsecured
Above 7.5 Lac Upto 7.5 Lacs
Charges &
Repayment

Processing fees Nil
Repayment period 10 to 15 years
Moratorium period Course Period + 6 to 12 months
Eligibility
Criteria

  • Indian resident/ citizen
  • Should have secured admission by Entrance test / Merit bases selection.
Key Benefits &
Coverage

Concessions
  • 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 (selected list)
  • Concession offered on providing additional guarantor for educational loans between Rs.4 Lakh to Rs 7.5 Lakh -0.25%
  • 1% interest concession may be provided to the loanees if the interest is payed regularly.
Margin
  • Upto 4 Lacs - Nil
  • Above 4 lacs- 5% for study in India
  • Above 4 lacs-15% for study in Abroad
Course covered
  • Indian Courses - 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.
  • Courses Abroad - Job oriented Prof./Technical / PG courses/ Post Graduation: - MCA, MBA, MS etc
Expenses covered
  • College fees, hostel charge, books and education related expenses
Required
Documents

Student Co-Borrower
KYC
  • Photo ID
  • Residence Proof
  • Pan Card
  • Aadhaar
  • Pan card
  • residence proof(elctricitybill/telephone bill/house lease agreement/bank statement)
EDUCATION
  • Admit letter from the college which comes under this scheme
  • College fee-breakup
  • Prospectus of Institute
  • Receipt of payment (if some payment is already made)
  • GRE/GMAT/TOEFL/IELTS score card, etc.Marksheets (If applicable)
  • X, XII and Graduation mark sheet
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INCOME
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  • 6 months bank account statement
  • ITR/form 16 of last 2years
  • Income proof(Latest 3 salary slips)
Security
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  • Collateral Doucments