Bank of Maharashtra Education Loan Rules

We will discuss all the details of overseas education loans available with the Bank of Maharashtra. Every year, thousands of students take out educational loans from the Bank of Maharashtra abroad and go abroad to study at the best universities in the world. Repayment period: The term is up to 10 years after the end of the course for loans up to 7.5 lakhs and 15 years for more than 7.5 lakhs. The moratorium period is 12 months after the end of the course and 6 months after the job search. There are special grants that are granted based on the central government grant for education loans. The Bank of Maharashtra also offers special interest rates for some blue-chip institutions. The other possibility is that your parent/guardian or spouse can pay the loan amount during the moratorium period, due to which the loan amount you need to repay is lower. Every child needs a quality education to live a complete, successful and comfortable life. Unfortunately, such training entails costs that not everyone who deserves it can afford. That`s where student loans come in. Student loans are ways offered by banks and financial institutions to deserving students to help them pursue their dream course.

No, a co-borrower is required to take out an education loan. The loan is taken out as a joint loan in collaboration with your parent/guardian or spouse. The maximum loan amount in most cases is about 20 lakh INR for training abroad. However, the loan amount may vary from case to case. There are several cases where the bank grants loans of a higher amount when the borrower can pledge guarantees of higher value. Deserving students also receive higher-value loans if they get admission to top universities. The repayment period for a training loan abroad is 15 years. However, it is always recommended to repay the loan as soon as possible. The interest rate is quite high for educational loans abroad, so it is better to take less time for repayment.

Repayment period: For loans up to INR 50,000 – 3 years, for loans between INR 50,000 and 1 lakh – 5 years and for loans between 1 lakh and 1.5 lakhs – 7 years. The moratorium period can be up to 6 months for 1-year courses and 12 months for 1-year courses. Margin: No margin required for loans up to 4 LAKH INR, 5% margin for loans over 4 LAKHS for studies in India and 15% margin for more than 4 lakhs for study abroad Most career-oriented courses and have good prospects after completion are included in the loan program. Most technical/PG/postgraduate courses: – MCA, MBA, MS, etc. are included in the loan program. The Bank of Maharashtra loans are a complete package that covers almost all your expenses for education abroad. Loan coverage includes the following: Parents or guardians act as co-applicants for a training loan abroad. The Bank of Maharashtra only provides guaranteed loans for education abroad. Like most PSOs, the Bank of Maharashtra also offers the third-party guarantee option, where a close relative can pledge the guarantee if you don`t have a high-quality guarantee.

Bank of Maharashtra student loans have the following attractive features: The Bank of Maharashtra Education Loan can be repaid in three ways. 4. Career Growth Education Loans – These are loans granted to young people who want to take courses or training, certifications that benefit their career growth. Bank Maharashtra Education Loan EMI (or equivalent monthly payment) is a fixed amount of money that you pay to Bank Maharashtra in exchange for the loan taken out. This is in the sense of repaying your loan to the bank. Each month, it is due on a fixed day of the month until your loan is fully repaid. Maharashtra Education Loan Bank`s repayment calculator calculates the IME based on the amount of the loan you have applied for, the interest charged on the loan and the term you have requested. offers affordable and convenient educational loans with credit EMIs as low as 14,696 per lakh for a term of 7 years and a lowest interest rate of 8.55%.

Study abroad loans are the investment in a prosperous future, and everyone wants to guarantee them. A study abroad loan will help you realize your dream of studying at the best universities in the world. Foreign education loans taken out by public sector banks (PSOs) are the icing on the cake for borrowers. The Bank of Maharashtra is one of the most preferred lenders and is certainly the first choice for borrowers. There are several aspects of the overseas educational loans offered by the Bank of Maharashtra, making it a perfect choice. The cost of a loan, flexibility in the loan, adjustment in terms of repayment and other factors make it a good choice for students who do not want to overwork themselves at the time of repayment. Purpose: To provide a term loan to Indian students who wish to take skills development courses To obtain a student loan up to 4 lakh, you must provide co-borrower security from your parents or husband and do not need any tangible guarantee or guarantee from third parties. 3. Parents taking out a student loan – This is the case when parents take out an educational loan for their children. This is an unsecured loan and does not necessarily have to apply to graduate or postgraduate courses, but also to primary and secondary courses.

The Bank of Maharashtra`s loans differ from other banks in several ways, and this is the reason why it is one of the most preferred lenders for study abroad loans. The benefits of getting your study abroad loans from the Bank of Maharashtra include – To borrow money for a student loan from the Bank of Maharashtra, all you have to do is go to the nearest Bank of Maharashtra branch, fill out the application form and submit the required documents. You can also apply for a study loan by visiting the official website of Bank Maharashtra. Bank of Maharashtra Private Ltd was established in 1993 as UTI Bank in Mumbai. It is the third largest private sector bank in India and offers its clients a wide range of financial services, including large and medium-sized enterprises, MSMEs, agriculture and retail. The bank has 3300 branches, about 14,000 ATMs and nine international offices. Of all the bank`s options, most borrowers choose the first or second option for EMI payments. The post-dated check mode is quite cumbersome and requires physical visits to banks at regular intervals. Processing Fee: There is no processing fee to claim the Bank of Maharashtra Education Loan. To obtain a student loan above 7.50 lakh, you must provide the co-borrower with a guarantee and tangible guarantee in the amount of 100-133% of the loan amount as collateral.