SRV Media
New Delhi [India], February 26: 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 presents comprehensive education loans. These loans are crafted to support students who have their sights set on advanced studies within the country or abroad. Interested individuals are encouraged to visit the official website to apply for the loans: Education Loan Scheme.
100% financing, collateral-free, with special ROI concessions
One significant relief for students desiring to study at prestigious institutions is the availability of Maha Scholar education loans from Bank of Maharashtra, offering up to 100% financing and eliminating the need for margin money and collateral security. Additionally, female students are offered a concession in the rate of interest, further enhancing the accessibility of education loans. The bank also offers instant in-principle sanction before registration in premier institutions in India, 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, to reduce the EMI burden on students.
What are considered for education loans?
The loan covers various expenses, such as tuition fees, hostel fees, and the cost of books, ensuring comprehensive coverage of academic expenses. This strategic financial support is thereby easing the financial burden on students and allowing them to focus on their studies without undue financial stress.
Tailored Educational Finance for Your Future
The special education loan schemes introduced by the Bank of Maharashtra include:
* Model Education Loan Scheme: The Bank of Maharashtra's Model Education Loan Scheme supports studies in India and abroad for Indian national students. It covers various courses approved by UGC/Government/AICTE/AIBMS/ICMR and offers a simple interest rate during the moratorium period. Eligible students can benefit from interest concessions, including a 1% concession for regular interest servicing during the study period, a 0.50% concession for girl students and existing housing loan borrowers, and an additional up to 0.25% discount for meritorious students, with an overall maximum concession of 0.5%.
* Maha Scholar Education Loan Scheme: The Maha Scholar Education Loan Scheme is aimed at providing financial support to meritorious students pursuing higher degree/diploma courses at premier institutions in India, such as IIMs, ISBs, IITs, NITs, XLRI, MBBS, and medical colleges. The scheme offers an interest rate concession of 0.10% to girl students
* Mahabank Skill Loan Scheme: This scheme provides loans for individuals undertaking skill development courses. It enables students to enhance their professional capabilities through targeted training
These special education loan schemes underscore Bank of Maharashtra's commitment to promoting higher education and empowering students to achieve their academic goals. By offering tailored financial solutions with unique features and concessions, the bank aims to facilitate access to quality education for students across diverse educational pursuits.
For more information, please visit: Bank of Maharashtra
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