Maharashtra Gramin Bank Education Loan Interest Rate

INTEREST RATE11.95% to 13.45%
LOAN TENUREIn 5 to 7 years after the Holiday | Moratorium Period
PROCESSING FEEAs decided by the bank from time to time
GUARANTOR REQUIREDYes
PRE CLOSURE CHARGESAs decided by the bank from time to time
Note: Updated on 23 Feb 2024, for latest interest rates, please visit bank website.

About Maharashtra Gramin Bank

Maharashtra Gramin Bank is a gramin bank in India established on 20-07-2009. It has headquarter in Aurangabad and address is Plot No: 42, Gut No: 33, Near Disha Sankriti Society, Golwadi Village, Tal-Dist- Aurangabad, 431136. it has 438 branches across the state.

It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, loans, personal loans, netbanking, RTGS, NEFT, IMPS, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.

Maharashtra Gramin Bank Education Loan Interest Rates, Education Loan at 11.95% to 13.45% Updated on 03 Mar 2024. Apply for Education Loans Online. Find Maharashtra Gramin Bank Education loan purpos, Eligibility, Margin, Repayment of Education Loan ,Security, Documents Required for Education Loan from below.

Other Products of Maharashtra Gramin Bank:

Home LoanPersonal Loan
Education LoanBusiness Loan
Car LoanTwo Wheeler Loan
Gold LoanFD Interest Rates
Maharashtra Gramin Bank RD Interest RatesMaharashtra Gramin Bank ATMs Location
PPF Account 

Maharashtra Gramin Bank Education Loan Purpose

To provide financial assistance to the deserving / meritorious students in getting their education completed specially for higher education. The scheme aims to ensure that the deserving students may not loose opportunities for want of arrangements of funds.

Maharashtra Gramin Bank Eligible Courses for Education Loan

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 ICWA, CA, CFA etc. Courses conducted by IIMs, IITs, IISc, XLRI. NIFT,NID etc.
  3. Regular Degree/Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/Shipping, if the course is pursued in India.
  4. Approved courses offered in India by reputed foreign universities The above list is indicative in nature.
  5. Branches may consider other job oriented courses leading to technical|professional degrees, post graduate degrees/diplomas offered by recognized institutions under this scheme. Reference : www.ugc.ac.in, www.education.nic.in, www.aicte.org.in
Studies abroad :
  1. Graduation :For job oriented professional|technical courses offered by reputed universities.
  2. Post Graduation : MCA, MBA, MS, etc. Courses conducted by CIMA- London, CPA in USA etc.
  3. Degree/diploma courses like aeronautical, pilot training, shipping etc provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad

Maharashtra Gramin 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)

Maharashtra Gramin Bank Education Loan Amount

a) For studies in India, maximum Rs. 10 Lakhs.
b) For studies abroad, maximum Rs. 20 Lakhs

Margin

a) Up to Rs.4 lakhs-Nil.
b) Above Rs. 4 lakhs-5% for Studies in India and 15% for Studies abroad

Maharashtra Gramin Bank Education Loan Repayment

Course period + 1 year or 06 months after getting job , whichever is earlier.

Security

Up to 4 Lakhs -Parents to be joint borrower(s).
Above 4 Lakh -
  1. The parent(s) executing the documents as joint borrower(s)
  2. Collateral security in the form of suitable third party guarantee be taken.
  3. Tangible collateral security of suitable value i e minimum 100 % of loan amount , along with the assignment of future income of the student for payment of instalments.

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 Maharashtra Gramin Bank, Maharashtra Gramin Bank SMS balance check number SMS banking, Maharashtra Gramin Bank mobile banking, Maharashtra Gramin Bank toll free number,Maharashtra Gramin Bank toll free number 24*7, Maharashtra Gramin Bank miss call number.

  • MISSED CALL NUMBERS - 7834888867
  • CUSTOMER CARE NUMBERS - 18005327444, 18008331004, 0240-2476139-42
  • CONTACT NUMBERS - 18005327444, 18008331004, 0240-2476139-42

Maharashtra Gramin Bank Contact Details

  • BANK OFFICIAL WEBSITE - https://www.mahagramin.in
  • CONTACT NUMBERS - 18005327444, 18008331004, 0240-2476139-42
  • EMAIL ID - [email protected]
  • MISSED CALL NO. - 7834888867
  • CUSTOMER CARE NO. - 18005327444, 18008331004, 0240-2476139-42
  • TOTAL BRANCHES - 438
  • HEADQUARTER - Aurangabad
  • BANK ADDRESS - Plot No: 42, Gut No: 33, Near Disha Sankriti Society, Golwadi Village, Tal-Dist- Aurangabad, 431136
Maharashtra Gramin Bank EMI Calculator  Maharashtra Gramin Bank Branches  
Maharashtra Gramin Bank Education Loan FAQs  Education Loan Document Required

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