Bombay Mercantile Co Op Bank Ltd Education Loan Interest Rate

Note: Updated on 10 Feb 2023, for latest interest rates, please visit bank website.

About Bombay Mercantile Co Op Bank Ltd

Bombay Mercantile Co Op Bank Ltd is a Co-operative bank in india. It has headquarter in Mumbai. Bombay Mercantile Co Op Bank Ltd was founded on 1939. It has 54 branches and

It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.

Find details about Bombay Mercantile Co Op Bank Ltd which includes Bombay Mercantile Co Op Bank Ltd Official Website, Bombay Mercantile Co Op Bank Ltd ATMs accross the India, Bombay Mercantile Co Op Bank Ltd Branches accross the India, Bombay Mercantile Co Op Bank Ltd Contact Numbers, Bombay Mercantile Co Op Bank Ltd official EmailID, Bombay Mercantile Co Op Bank Ltd Headquarter and Bombay Mercantile Co Op Bank Ltd Headquarter Address. Find Bombay Mercantile Co Op Bank Ltd Education loan purpos, Eligibility, Margin, Repayment of Education Loan ,Security, Documents Required for Education Loan from below.

Other Products of Bombay Mercantile Co Op Bank Ltd:

Bombay Mercantile Co Op Bank Ltd Education Loan Purpose

Bombay Mercantile Co Op Bank Ltd Eligible Courses for Education Loan

For studies in India:

1. Approved courses leading to graduate|post graduate degree and P G diplomas conducted by recognized colleges|universities recognized by UGC|Govt.| AICTE| AIBMS| ICMR etc.
2. Courses like I.C.W.A., C.A., C.F.A., etc.
3. Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, NIDetc.
4. Approved courses offered in India by reputed foreign universities.
5. Regular Degree|Diploma courses like Aeronautical, pilot training, shipping, degree|diploma in nursing or any other discipline.approved by Director General of Civil Aviation|Shipping|Indian Nursing Council or any other regulatory body as the case may be, if the course is pursued in India.
6. Approved by Head Office and included in approved educational institutions list.

For studies abroad:

1. Graduation: For job-oriented professional|technical courses offered by reputed universities. (Diploma|Certification courses are not permissible)
2. Post Graduation: Courses like MCA, MBA, MS etc.
3. Courses conducted by CIMA-London, CPA in USA etc.
4. Degree | Diploma: Courses like Aeronautical, Pilot training, and Shipping etc. provided these are recognized by competent regulatory bodies in India| abroad for the purpose of employment in India and abroad.

Bombay Mercantile Co Op Bank Ltd Education Loan Document Required

For salaried individuals

• Duly filled up and signed education loan application form along with photographs
• KYC (Know Your Customer)documents
• Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
• Latest salary slip showing all deductions or Form 16 along with recent salary certificate
• Proof of residence - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
• Bank Statement or Bank Pass Book of having entries of last 6 months
• Guarantor Form, Copy of admission letter or the Institute along with Fees schedule (Optional)
• Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
• Detailed break-up of the costs of the course (Optional)

For all individuals except salaried

• Duly filled up and signed education loan application form along with photographs
• KYC (Know Your Customer)documents
• IT returns of the last 2 years and computation of income of last 2 years certified by a Chartered Accountant
• Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
• Proof of residence - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
• Bank Statement or Bank Pass Book of having entries of last 6 months
• Guarantor Form, Copy of admission letter or the Institute along with Fees schedule (Optional)
• Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
• Detailed break-up of the costs of the course (Optional)

Bombay Mercantile Co Op Bank Ltd Education Loan Amount

(i) For study in India - Maximumof Rs.10 lakh
(ii) For Studies Out of India - Maximum of Rs.20 lakh

Margin

The margin amount may be varied by the Bank at its discretion.
Studies Abroad : 20%

Bombay Mercantile Co Op Bank Ltd Education Loan Repayment

Repayment Holiday| Moratorium: Course Period + 1 year or 6 months after getting job, whichever is earlier.The loan to be repaid in 7 years after commencement of the repayment.

Security

Personal Guarantee of Parents / Guardian - for loans upto Rs.25,000/- and
An additional guarantee of a person acceptable of Bank for loans more than Rs.25,000/- and
Tangible Security such as FDR / NSC / equitable mortgage of property / surrender value of Life Insurance Policies, etc. - for loans of more than Rs.50,000/- to the extent of 100% of the loan.
The Student will have to be insured to the extent of the amount of loan sanctioned and the Bank to pay the premium thereof from the loan amount.
The Father/Legal Guardian of the student will have to be joint loanee and loan will be sanctioned taking into consideration the credit worthiness and evaluation of the securities of the father/guardian.

Mode of Repayment of Education Loan

Post Dated Cheque (PDC): PDCs are given by the borrower in advance to the bank. They will be for future dates. Bank will deposit the cheque on the date mentioned on the cheque. This mode used to be opted by the borrowers when there were no online repayment options available. This mode is no longer popular and is used by very few borrowers.

Electronic Clearance System (ECS): This mode is very popular and most of the borrowers opted for this mode of repaying the loan. It is an electronic mode for transferring the EMI from borrower's bank to lender's bank.

National Automated Clearing House (NACH): NACH is a facility offered by National Payment Corporation of India (NPCI) for online transfer of funds on due date. This system has come into force recently and is preferred by many people. The benefit of this mode is that it allows transactions to be processed in real time.

Standing Instruction (SI): It is an order or instruction which the account holder gives to his/ her bank to pay a fixed amount to another bank/ account at a regular interval. It is also used by many borrowers to pay EMIs as EMI is a fixed amount. SI is not suitable for variable amounts.

Contact details of Bombay Mercantile Co Op Bank Ltd, Bombay Mercantile Co Op Bank Ltd SMS balance check number SMS banking, Bombay Mercantile Co Op Bank Ltd mobile banking, Bombay Mercantile Co Op Bank Ltd toll free number,Bombay Mercantile Co Op Bank Ltd toll free number 24*7, Bombay Mercantile Co Op Bank Ltd miss call number.

• CUSTOMER CARE NUMBERS - 022-23425961, 23114800
• CONTACT NUMBERS - 022-23425961, 23114800, Fax : 022-23430037

Bombay Mercantile Co Op Bank Ltd Contact Details

• BANK OFFICIAL WEBSITE - www.bmcbankltd.com
• CONTACT NUMBERS - 022-23425961, 23114800, Fax : 022-23430037
• EMAIL ID - contact@bmcbank.co.in, hobr@bmcbank.co.in
• CUSTOMER CARE NO. - 022-23425961, 23114800
• TOTAL BRANCHES - 54
• HEADQUARTER - Mumbai
• BANK ADDRESS - Zain Rangoonwala Bldg.,78, Mohammed Ali Road,Mumbai, Maharashtra Pincode-400003

Bombay Mercantile Co Op Bank Ltd EMI Calculator Bombay Mercantile Co Op Bank Ltd Branches  

Bombay Mercantile Co Op Bank Ltd Education Loan FAQsEducation Loan Document Required

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