Get instant loan offer suitable to your profile !
On this Page:
Read GyanDhan’s guide on Bank of Maharashtra disbursement process, documents required for disbursement, and perks of the Bank of Maharashtra education loan.
Disbursement is a critical phase in the loan process, as any delay can result in issues such as postponed tuition fee payments and more. Therefore, it is essential to have a comprehensive understanding of the disbursement process. Let's delve into each aspect of the disbursement process of the Bank of Maharashtra Education Loan process in detail to ensure a smooth experience.
It is a public sector bank headquartered in Pune, with over 30 million customers availing its services from more than 2,200 branches nationwide. In the fiscal year 2022-23, Bank of Maharashtra demonstrated a remarkable 126% growth in profitability, leading among other public sector banks. For the year 2023, its net income is approximately INR 2,600 Cr.
Bank of Maharashtra is one of the prominent banks in India to take education loans with reasonable terms. The bank offers several education loan schemes but we will be covering one particular abroad education loan scheme known as the Model Education Loan Scheme. Below is a table that shows all its features.
Feature | Description |
---|---|
Maximum amount |
INR 20 Lakhs. Higher loan amounts are considered upon application’s merit |
Up to INR 7.5 Lakhs - 11.30% More than INR 7.5 Lakhs - 10.95% |
|
Eligible courses |
Job-oriented professional, technical, or post-graduate level courses and postgraduate degrees like MBA, MS, MCA, etc. |
Processing fee |
0.50% (refundable) |
Nil for up to INR 4 Lakhs and 15% of the loan amount above INR 4 Lakhs |
|
Course years + 1 year |
|
Repayment during the moratorium period |
Simple Interest (SI) |
Loan tenure |
Up to 15 years |
Co-borrower requirement |
The student’s parent |
|
The disbursement process followed by the Bank of Maharashtra is very efficient. The different steps that take place in this process are as follows -
Disbursal application and documentation
The disbursement process of Bank of Maharashtra education loan commences at the initial application phase. In this application process, you need to fill out a disbursal form. In addition to the application, you need to provide a few documents to verify your identity, address, income, and creditworthiness. The bank may collect these documents during the loan processing stage but it may also ask for some of these documents again during disbursement. Financial proof is one such example.
Verification and Disbursement Letter
The bank does a final check on the documents you provided earlier. They might use a process called Original Seen and Verified (OSV) to make sure everything is correct. After finishing the check, the bank gives you a letter saying how much loan money you'll get. Before you get the money, you have to sign the disbursement letter.
Final Transfer
For the Bank of Maharashtra, the tuition fees are directly disbursed to the institution. The bank provides the required amount to the institute, whether it's for an annual, semester-wise, or full payment. If you choose on-campus accommodation, the expense will also be transferred directly to the university. On the other hand, if you opt for off-campus living, the money is transferred to your bank account. Public sector banks typically offer a FOREX Card, allowing for the transfer of some initial living expenses. This card can cover costs until you set up a new foreign bank account.
After loan sanction, certain documents must be submitted for the disbursement process. These documents act as the final evidence that your admission is confirmed and you are ready to travel abroad for your studies. The required documents for loan disbursement are as follows:
Here are a few advantages you can enjoy when taking an education loan for studying abroad through Bank of Maharashtra
There are a few tips that you can keep in mind to ensure a smooth disbursement process. They are -
Read also
Now that you understand the Bank of Maharashtra education loan disbursement process, you can proceed to apply for an education loan and initiate your process. Although the disbursement process is relatively straightforward, there may be a few challenges that could arise. If you wish to avoid any potential issues, you can seek assistance from GyanDhan. Our education loan counselors will handle all the work for you, and it comes at no cost. All you need to do is check your eligibility now.
Disbursement refers to the process by which the bank releases funds to the borrower’s account after the loan has been approved and all necessary documentation and formalities have been completed.
The maximum loan amount to study in India is INR 10 Lakhs and to study abroad is INR 20 Lakhs for Bank of Maharashtra education loans. The maximum loan amount can be higher on a case-to-case basis.
The maximum loan amount for domestic studies is INR 10 Lakhs, and for international studies, it is INR 20 Lakhs. However, the maximum loan limit may vary on an individual basis.
The upper limit for a loan to pursue studies within the country is INR 10 Lakhs, and for international education, it is INR 20 Lakhs. However, the specific loan limit may differ based on individual cases.
Check Your Education Loan Eligibility
Ask from a community of 10K+ peers, alumni and experts
Trending Blogs
Similar Blogs
Network with a community of curious students, just like you
Join our community to make connections, find answers and future roommates.. Join our CommunityCountry-Wise Loans
Best Lenders for Education Loan
ICICI Bank
Axis Bank
Union Bank
Prodigy
Auxilo
HDFC Credila
IDFC
InCred
MPower
Avanse
SBI
BOB