Mahanagar Cooperative Bank Education Loan Interest Rate
| INTEREST RATE | 11.00% |
| LOAN TENURE | In 7 years inclusive of the Holiday | Moratorium Period |
| PROCESSING FEE | As decided by the bank from time to time |
| GUARANTOR REQUIRED | Yes |
| PRE CLOSURE CHARGES | As decided by the bank from time to time |
About Mahanagar Cooperative Bank
Mahanagar Cooperative Bank is a Co-operative bank in india. It has headquarter in Mumbai. Mahanagar Cooperative Bank was founded on 10-06-1973. It has 69 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 Mahanagar Cooperative Bank which includes Mahanagar Cooperative Bank Official Website, Mahanagar Cooperative Bank ATMs accross the India, Mahanagar Cooperative Bank Branches accross the India, Mahanagar Cooperative Bank Contact Numbers, Mahanagar Cooperative Bank official EmailID, Mahanagar Cooperative Bank Headquarter and Mahanagar Cooperative Bank Headquarter Address. Find Mahanagar Cooperative Bank Education loan purpos, Eligibility, Margin, Repayment of Education Loan ,Security, Documents Required for Education Loan from below.
Other Products of Mahanagar Cooperative Bank:
| Home Loan | Personal Loan |
| Education Loan | Business Loan |
| Car Loan | Two Wheeler Loan |
| Gold Loan | FD Interest Rates |
| Mahanagar Cooperative Bank RD Interest Rates | Mahanagar Cooperative Bank ATMs Location |
| PPF Account |
Mahanagar Cooperative Bank Education Loan Purpose
Mahanagar Cooperative Bank Eligible Courses for Education Loan
For studies in India:- 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.
- Courses like I.C.W.A., C.A., C.F.A., etc.
- Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, NIDetc.
- Approved courses offered in India by reputed foreign universities.
- 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.
- Approved by Head Office and included in approved educational institutions list.
- Graduation: For job-oriented professional|technical courses offered by reputed universities. (Diploma|Certification courses are not permissible)
- Post Graduation: Courses like MCA, MBA, MS etc.
- Courses conducted by CIMA-London, CPA in USA etc.
- 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.
Mahanagar Cooperative Bank 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)
Mahanagar Cooperative Bank Education Loan Amount
(i) For study in India - Maximumof Rs.10 lakh(ii) For Studies Out of India - Maximum of Rs.20 lakh
Mahanagar Cooperative Bank Education Loan Repayment
84 monthly installments-reducing balance Inclusive of Moratorium period.Security
Minimum two Sureties out of which one should be an income tax payer.The Borrower and all the sureties should be Regular/Nominal members of the Bank.
Collateral security if any of parents.
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 Mahanagar Cooperative Bank, Mahanagar Cooperative Bank SMS balance check number SMS banking, Mahanagar Cooperative Bank mobile banking, Mahanagar Cooperative Bank toll free number,Mahanagar Cooperative Bank toll free number 24*7, Mahanagar Cooperative Bank miss call number.
- CUSTOMER CARE NUMBERS - 1800220096
- CONTACT NUMBERS - 022-68860842, 022-24711918,24712535,24711395, 1800220096
Mahanagar Cooperative Bank Contact Details
- BANK OFFICIAL WEBSITE - https://mahanagarbank.net
- CONTACT NUMBERS - 022-68860842, 022-24711918,24712535,24711395, 1800220096
- EMAIL ID - [email protected]
- CUSTOMER CARE NO. - 1800220096
- TOTAL BRANCHES - 69
- TOTAL ATMS - 52
- HEADQUARTER - Mumbai
- BANK ADDRESS - 201/208,Hiramani Super Market,Dr.B.A.Road,Lalbaug,Mumbai, Maharashtra Pincode-400012
Mahanagar Cooperative Bank Education Loan FAQs Education Loan Document Required
