Maha Scholar Education Loan
Purpose For Studies in India (selected premier Institutions)
List of eligible Institutes
Eligibility Courses eligible: Regular full-time Degree/ Diploma courses offered by Premier Institutes eligible under the scheme, admission in which is obtained through an Entrance Test/Selection Process as prescribed by the Institute would be allowed. No Certificate course will be allowed except specifically mentioned.Student Eligibility:
  • Should be an Indian national.
  • Secured admission in Regular full time Degree /Diploma courses of Premium Institutes covered as per Annexure AA, A, B & C
Age
  • Maximum Age limit - 38 years
  • Maximum Age limit for SC/ST - 40 years
Maximum amount
Category of Educational Institutes Maximum Loan Amount
List 'AA' Rs. 30 lakh
List 'A' Rs. 25 lakh
List 'B' Rs. 20 lakh
List 'C' Rs. 15 lakh
Security

Particulars

Guidelines

Category of Educational Institutes No Security, only Parent/ Spouse/ Guardian as co-borrower With tangible collateral of full value and Parent/Spouse/ Guardian as co-borrower
List 'AA' Upto Rs. 20 Lakh Above Rs. 20 Lakh to Rs. 30 Lakh
List 'A' Upto Rs. 15 Lakh Above Rs. 15 Lakh to Rs. 25 Lakh
List 'B' Upto Rs. 10 Lakh Above Rs. 10 Lakh to Rs. 20 Lakh
List 'C' Upto Rs. 7.50Lakh Above Rs. 7.50Lakh to Rs. 15 Lakh
In case of married person, co-obligator can be spouse or the Parent(s)/ Parent(s)-in-law. Parental co-obligation can also be substituted by a suitable third party guarantee acceptable to the Bank.
Margin
  • Education Loan to Students of Premier Institutions AA &A- NIL
  • 5 % for Institutions specified in List B &C.
  • Scholarship / assistantship be included in margin.
  • Marginmay be brought-in on year-to-yearbasis as and when disbursements are made on a pro-rata basis.
Rate of Interest Click here to view the MCLR
For List - AA Institutions
Irrespective of amount One year MCLR
For List - A Institutions
UptoRs15 Lakh One year MCLR + 0.25%
Above Rs15 Lakh: One year MCLR
For List - B Institutions
Upto Rs 7.50 Lakh One year MCLR + 0.75%
Above Rs. 7.50 Lakh One year MCLR + 0.50%
For List - C Institutions
Upto Rs 7.50 Lakh One year MCLR + 1.00%
Above Rs. 7.50 Lakh One year MCLR + 0.75%
Repayment Repayment of the loan will be maximum 180 equated monthly instalments (EMIs*). (i.e. 15 years maximum excluding moratorium period).
Processing Fee No processing/ upfront charges
Insurance All proposed borrower will be covered under “Group / Life Insurance Cover Scheme” up to the O/s Loan amount to mitigate the risk in case of Accidental/ Natural or Permissible death under the policy with the clause to settle the Bank’s dues first.
Other Facility Student can apply education loan in online mode through our website. This Facility is now available for all the branches.
 
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