Bank Of Maharashtra Education Loan:

Star Educational Loan Scheme is a form of financial support of Bank of Maharashtra Education Loan to the deserving and meritorious students who have keen desire to pursue higher education in India and abroad.  Bank of Maharashtra Education Loan is a great way of studying abroad when one has not been able to qualify for a full time scholarship program at an affordable terms and conditions. It has been found that students specially pursuing technical education have applied more and more for these loans.

Bank Of Maharashtra Education Loan Interest Rate:

The Bank of Maharashtra Education Loan interest rate is competitive and attractive for the students applying to study in India and abroad.

Bank of Maharashtra Education Loan rate for loan above Rs. 4  lacs is 2% + BR 

Bank of Maharashtra Education Loan interest rate for loan above Rs. 4 lacs is 2.75% + BR, 

Bank of Maharashtra Education Loan interest rate has a penal interest rate of 2% for studies abroad.

For economically weaker section students the rate of interest is at subsidy rate.

Bank Of Maharashtra Education Loan Eligibility And Expenses Covered:

1Student should be of Indian national

2Should have good academic career.

3Either of the parents should be co-borrower.

4Should have cleared entrance test and the eligibility is based on selection process.

For Bank of Maharashtra Education Loan can be taken for the following purposes and courses : graduation, colleges under universities approved by UGC, diploma or degree courses conducted by UGC, AICTE, AIBMS, ICMR etc.

Job oriented professional or technical courses, PG courses or MCA, MBA, MS etc. courses eligible for study abroad are: 

The eligibility process has a process of margin money if the loan is taken for more than 4 lacs.

Studies In India 5%

Studies Abroad 15%

Other Major Qualifications For Bank Of Maharashtra Education Loan Eligibility Are:

1To qualify for Bank of Maharashtra Education Loan eligibility the candidate should be an Indian national.

2Admission to technical kind of courses in India is possible through Bank of Maharashtra Education Loan eligibility.

3For admission abroad the student should have qualified in the merit selection process of the university.

4The maximum loan for studies in India is at the maximum is Rs.10 lacs

5The maximum loan for studies abroad is at the maximum is Rs. 20 lacs.

The expenses covered by the Bank of Maharashtra Education Loan rate is

1.College Fee

2Hostel charges

3Examination and Library charges

4Caution deposit

5Money to go abroad

6Money to purchase a computer

7Money for Study tours, Project work etc.

Bank Of Maharashtra Education Loan Review And Documentation:

According to the Bank of Maharashtra Education Loan review the student would need to provide the following documents for the processing of the loan.

1Fully completed loan application form

2Two Photographs

3Mark sheet for the exam one has qualified for

Bank of Maharashtra Education Loan review and documentation for the salaried co- borrower

1Bank Statement

2Income Tax Statement for the last two years

3A brief about the asset and liabilities possessed by the borrower

4Salary slip

Bank of Maharashtra Education Loan review and documentation for the self employed individual

1Bank Statement

2Income Tax Return

3Profit and Loss Account or Balance Sheet of the Company

4Proof of Source Of Income

5Brief about the asset and liabilities possessed by the borrower.

Bank Of Maharashtra Education Loan Review And Application Procedure:

Bank of Maharashtra Education Loan application can be downloaded from their website http://www.bankofmaharashtra.in/credit_fac_edu.asp. People can go ahead and fill up the form in which the details of the student and the co-borrower are mentioned along with the necessary documentation. People can also submit the application at the branch and the loan will be disbursed in installments to the college or institute directly.

Bank Of Maharashtra Education Loan Rate Repayment Option And Pre Closure Process:

The loan needs to be paid back in 5 years from the date of disbursement of the loan. The student can avail a repayment holiday for a period of six months or till the person gets a job or whichever is earlier. The pre closure process is stated by the branch of the bank. Late fee charges will be as per the agreement.

Bank of Maharashtra Education Loan Tax benefits: One can get tax benefits if any according to the Income Tax Act 1961 which varies yearly according to the changes made by the Government.

More details on Bank of Maharashtra Education Loan eligibility and Bank of Maharashtra Education Loan Rate etc. are on the official site at  http://www.bankofmaharashtra.in/credit_fac_edu.asp