Bombay Mercantile Co-operative Bank Limited – Education Loan

By | March 29, 2011

Purpose: This loan finances higher studies of students in India or abroad.

 

Eligibility: The student should not be more than 30 years of age. There is a set of the courses that are listed by the bank for which the loan would be granted.

 

Quantum of Loan: The maximum amount that could be attained by this kind of personal loan varies with the course chosen and also whether the course is pursued in India or abroad.

Rate of Interest: The rate of interest for studies in India is 12% for loans up to Rs. 1 lakh and 12.5% for loans above Rs. 1 lakh. In case studies abroad, the rate of interest is 13%.

 

Margin: For studiesabroad the margin is 20%. For studies inland, loans of Rs. 25,000/- to Rs. 1 lakh, the margin is 12% and 12.5% for loans above Rs. 1 lakh.

Security & Guarantee: Personal Guarantee of Parents / Guardian is required for loans up to Rs.25,000/- and an additional guarantee of a person acceptable of Bank is required for loans more than Rs.25,000. The Student will have to be insured to the extent of loan amount sanctioned bank would pay the premium of it from the loan amount.

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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