Bank of Maharashtra is a renowned public sector bank in India with over 30 million customers across the country. The bank provides study abroad education loans of up to INR 20 lakhs at an affordable rate of interest. The Bank of India disbursement process process is done through online mode and the funds are transferred directly to the university by international money transfer modes. The disbursement amount covers tuition fees, accommodation costs, and other expenses. Check the Bank of Maharashtra loan disbursement process in detail here.
Table of contents
Understanding the Bank of Maharashtra Education Loan Disbursement
The Bank of Maharashtra education loan disbursement involves several stages: the submission of loan applications, verification, and documentation processes. Once these stages are completed, the bank proceeds to disburse the educational loan amount. Whether it’s a Bank of Maharashtra Education loan without collateral or a Bank of Maharashtra secured loan, the disbursement process remains the same. Check more details below:
- The whole amount of the loan will not be transferred together
- The bank will disburse the loan amount in multiple installments in line with the semester
- Always inform the bank 15-20 days prior to the upcoming semester fee due date so that the bank can disburse the next instalment in time without any delay
Also Read: Interest rate increased on education loan? Check out this blog and know all about Education Loan Refinancing
Bank of Maharashtra Education Loan Disbursement Process
The loan disbursement includes several steps which are required to be followed both by the bank and the student. The process includes filling out the education loan submission form, submitting the documents, getting the education loan sanction letter etc. Check all the stages in detail below:
Loan Application Submission
The first step is to submit your loan application along with supporting documents either online or by visiting the nearest branch. The Bank of Maharashtra Vidya Lakshmi Portal can also be used for education loan applications. Fill in all the details carefully, ensuring there are no discrepancies.
Verification Process
After submitting the education loan application form, the bank initiates the verification process. During this period, the bank assesses your eligibility based on factors such as net monthly income, credit history and CIBIL score, university, and course details. For secured loans, collateral details are also checked by the banks to calculate the value.
Education Loan Sanction Letter
Upon successful verification, the bank provides an education loan sanction letter. This document will contain all major details of the loan such as the total loan amount, interest rate, repayment period, and other terms and conditions. You can submit this letter to your university as proof of financial evidence in order to get the admission letter.
Loan Agreement and Disbursement
If you agree to the terms and conditions outlined in the sanction letter, the bank initiates the education loan disbursement process. The amount for tuition fees and accommodation costs is transferred to the university account within 24-72 hours, with the first semester’s tuition fee being the initial disbursement. Subsequent disbursements occur gradually with upcoming semesters.
Also Read: Looking for a collateral-free education loan? Check all about Yes Bank Education Loan without Collateral
Documents Required for Education Loan Disbursement
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:
- University acceptance letter or admission letter
- Copy of Visa approval letter
- Copy of Air ticket
- Accommodation details
- Health and travel insurance documents.
FAQs on Bank of Maharashtra Education Loan Disbursement
Usually, the Bank of Maharashtra disburses the education loan within 24 hours of the approval. However, in case of any technical issue, the disbursement might take up to 72 hours to be completed.
No, the bank transfers the amount directly to the university account. The students don’t receive any funds in their savings accounts. However, if there are some other expenses like a security deposit for outside accommodation, study tours etc, the bank may transfer the amount to your personal account.
If you discontinue studies, inform the bank to halt further disbursements. You remain liable to repay the loan as per agreed terms.
Bank of Maharashtra offers education loans with an interest rate ranging from 9-13% per annum, available at a fixed or floating rate of interest.
Bank of Maharashtra education loan covers various expenses such as tuition fees, accommodation fees, laptop fees, two-wheeler expenses, and other study-related costs.
This was all about the Bank of Maharashtra education loan disbursement process. Always go through all there terms and conditions of the education loan outlined in the sanction letter before initiating the loan process.
To know more about the loan application and disbursement process, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
| Related Blogs |
| Documents Required for Education Loan from Yes Bank |
| YONO SBI Education Loan to Study Abroad |
| How to Apply for Education Loan Refinance |
Follow Us on Social Media
