Education and Career Forum

Dear Sir, I am planning to do MBA and I am preparing for CAT as well. I would like to know that if I apply for an education loan in Bank of Maharashtra then what security I need to present to the bank? Kindly let me know asap!

Originally Posted by Unregistered

Dear Sir, I am planning to do MBA and I am preparing for CAT as well. I would like to know that if I apply for an education loan in Bank of Maharashtra then what security I need to present to the bank? Kindly let me know asap!

Students can apply online for education loan in Bank of Maharashtra. For an education loan of up to Rs 4 Lac security required is – parents to be co-borrowers. For an education loan of above Rs 4 Lac to Rs 7.5 Lac security required is – no collateral except satisfactory third party guarantee. For an education loan of above Rs 7.5 Lac security required is – Collateral (like land, building, LIC policies, bank deposits, NSC, etc.) equivalent to quantum of education loan after providing requisite margin. Students can contact the Bank of Maharashtra bank branch for more details.

Security against Education Loan in Bank of Maharashtra are mentioned below :-

--> Upto Rs. 4 lakhs :- Parents to be Co-borrowers
--> Above Rs. 4 lakhs and less than Rs. 7.5 lakhs :- Satisfactory third-party guarantee
--> Above Rs. 7.5 lakhs :- Collateral Security equivalent to quantum of finance.

These are the details about security against education loan in bank of maharashtra.

The maximum amount of Bank of Maharashtra education loan that a student can avail for studying in India is Rs.10 lakh. For studying abroad, the maximum amount of available loan is Rs.20 lakh. Up to a loan amount of Rs.4 lakh, no security is required to be pledged to the bank against the loan.