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Empowering Education: Bank of Maharashtra’s Maha Scholar Education Loan Scheme with ROI at 8.10% onwards

Empowering Education: Bank of Maharashtra’s Maha Scholar Education Loan Scheme with ROI at 8.10% onwards

Higher education is widely seen as key to personal and professional growth and opting for higher education is a dream that many young minds aspire to, but the staggering costs of tuition, textbooks, and hostel fees can turn this dream into a daunting challenge. Recognizing these financial needs, Bank of Maharashtra has devised Maha Scholar Education Loan with interest rates starting from 8.10% for students securing admission in Premier Educational Institutes across the country. This comprehensive scheme aims to alleviate financial barriers and facilitate the pursuit of academic excellence. Students are encouraged to visit the official website to apply for the loans: Education Loan Scheme.

Scheme Eligibility

Under the scheme, eligible courses include Full-time degree/diploma programs offered by recognized Premier Institutes, along with Executive Management Courses for working professionals. Indian National who secure admission in eligible courses can apply.

Quantum of Finance

The scheme provides need-based finance, with loan amounts upto Rs.80.00 lakhs for different categories of institutions.

Expenses covered under the scheme include tuition fees, examination fees, purchase of books, insurance premiums among many other expenses are covered ensuring that students can focus on their studies without financial worries.

100% financing, collateral-free, with special ROI concessions

One significant relief for students desiring to study at prestigious institutions is the availability of education loans from Bank of Maharashtra, offering up to 100% financing and eliminating the need for margin money and collateral security. Interest Rates are determined on the basis of institution in which the student has received admission. The Interest rates start from 8.10% for List –AAA institutions, which are among the best in the industry ensuring that loans remain affordable to all eligible students. Additionally, female students are offered a concession in the rate of interest for institutions under B & C Category, further enhancing the accessibility of education loans. The bank also offers instant in-principle sanction before registration in institutions, ensuring a seamless loan approval process for students.

Extended Repayment Tenures: A Boon for Students

The financial responsibility of repaying an education loan is often a source of concern for students and their families. To address this, the repayment period for these education loans has been extended to up to 15 years, excluding the moratorium period, ensuring that borrowers get sufficient time to repay their loans without undue financial strain.

The Maha Scholar Education Loan Scheme stands as a testament to the commitment towards nurturing talent and empowering youth through education. By providing accessible and affordable financial assistance, this initiative opens doors to a brighter future, enabling students to realize their educational dreams and contribute to society’s progress.

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Author: Bank of Maharashtra
Date of Publish: 10 Jul, 2024

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