Bank of Maharashtra offers several finance schemes and credit facilities to its customers. Students who want to pursue higher studies in India and abroad, can avail for Education Loan Scheme of Bank of Maharashtra.

Courses

Various courses are considered eligible for Student Loan of Bank of Maharashtra. Types of courses or options considered eligible are listed below

• You can apply for this loan for your school education in India.
• Even for graduate, postgraduate and doctoral programs in India, you can get the loan.
• An applicant planning to pursue professional courses in streams such as Engineering, Medicine or Agriculture in India can also apply for the loan.
• Certificate courses of recognized institutes or evening programs certified by government in India are eligible for the loan. Specialized programs like CA, ICWA or CFA, program of foreign universities or those of IIM, IISc NIFT and other prestigious ones in India are also considered for loan.
• You will also be considered eligible if you study diploma or degree program certified by UGC, AICTE, government or ICMR in India.
• For studying academic programs by CPA in the US or CIMA-London in abroad, your application can be considered.
• An applicant planning to study employment-oriented professional or technical course or even postgraduate program such as MS, MBA or MCA in abroad, will be eligible for the education loan of Bank of Maharashtra.

Student Loans India – Eligibility

Student Loan of Bank of Maharashtra is sanctioned to those applicants, who are Indian Nationals. You can also apply if you get admission to a professional or technical program through selection procedure or entrance test. An applicant will also be considered eligible if he/she gets admission to a recognised foreign institute.

Amount of Loan, Margin & Security

The maximum amount of loan sanctioned by Bank of Maharashtra for studying in India and abroad is Rs 10 lakhs and 20 lakhs respectively. There is a margin of 5% and 15% on a loan amount above Rs 4 lakhs which is mandatory.

Security needs are to be submitted by a borrower applying for a loan amount above Rs 4 lakhs. The securities can be submitted in the form of one category or in combination.

Loan Repayment

The repayment holiday includes 1 year after completing the course or 6 months after getting a job. Once you start repaying the student loan, you can finish repayment in 5 years.

Expenses taken into Consideration

Education Loan Scheme of Bank of Maharashtra includes cost of books, instruments and other equipments, travel expenses, tuition fees and other miscellaneous costs required for completing the course.