Education and Career Forum

I want to get the details of the education loan facilitate by Bank of Maharashtra. I went to bank for this purpose but couldn’t understand about these things. Kindly tell me as soon as possible. Waiting for your response!

Detailed information regarding Bank of Maharashtra Education Loan is mentioned below :-

--> Eligibility :- You should have secured admission to higher education course in a recognised college/ university.

--> Maximum Amount :- Rs. 10 lakhs for studies in India and Rs. 20 lakhs for studies in Abroad.

--> Margin :-
>> Upto Rs. 4 lakhs :- NIL
>> Above Rs. 4 lakhs :- 5% for studies in India and 15% for studies in Abroad.

--> Processing Fee :- Nil

--> Insurance :- N.A.

--> Security :-
>> Upto Rs. 4 lakhs :- Parents to be Co-borrowers.
>> Above Rs. 4 lakhs and upto Rs. 7.5 lakhs :- No collateral security except third-party guarantee is required.
>> Above Rs. 7.5 lakhs :- Collateral security equivalent quantum of finance.