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[QUOTE=MariPriya;177419][B]Education Loan Scheme
Information on Education Loan[/B]
[B]Purpose [/B]:
For Studies in India and Abroad
[B]Eligibility[/B] :
[B]Studies in India[/B]: 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.
[B]Studies Abroad [/B]: Job oriented Prof./Technical / PG courses/ Post Graduation: - MCA, MBA, MS etc

[url]http://www.bankofmaharashtra.in/credit_fac_edu.asp#[/url]

[B]Age [/B]:    Student should be Indian national, have secured admission by Entrance test / Merit bases selection.
[B]Maximum amount [/B]:
[B]In India [/B]: Rs. 10.00 lac
[B]Abroad[/B] : Rs. 20.00 lac
[B]Security[/B]  :
Up to Rs. 4.00 lac - Clean
[B]Guarantor [/B]:
Above Rs.4.00 lac to Rs.7.50 lac -
Satisfactory third party Guarantee
Above Rs. 7.50 lac
Value of collateral security after providing requisite margin as below should be equal to the quantum of finance plus 2 acceptable guarantor.
Computers purchased out of loan be hypothecated.
[B]Margin [/B]:
Up to Rs. 4.00 lac - Nil
Above Rs.4.00 lac -
5% for studies in India
15% for studies abroad
Deduction Limit :    N.A.
Rate of Interest :    
Loans up to Rs. 4.00 lac (Base Rate + 2.00%)
Loans above Rs. 4.00 lac (Base Rate + 2.75%)
** Simple interest during moratorium period, there after compounded monthly
** 1% interest concession may be provided to the loanees if the interest is serviced regularly as and when applied during the study period when repayment holiday is specified for interest/ repayment under the scheme. Interest concession is available only for moratorium period.
[B]Repayment[/B] :    EMI – 60 Months (Loan plus int.accrued together)
[B]Moratorium[/B]: Course Period + 1 year OR 6 months after getting job whichever is earlier[B]
Processing Fee[/B] :    Nil[B]
Insurance[/B] :    N.A.
[B]Others     [/B]:
** Loan will be granted to student with parent as Co-borrower/s
** Loan will be disbursed in stages as per requirement directly to Institute / College.
[B]Other Facility [/B]:    Student can apply education loan in online mode through our website. This Facility is presently available only in selected 75 branches (shortly it will be increased to handsome number)

[B]Contact Us[/B]:
Bank of Maharashtra
Central Office, 'Lokmangal',
1501, Shivajinagar Pune-411005[/QUOTE]

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