Bank of Maharashtra Education Loan 2025: ROI & Application

Bank of Maharashtra Education Loan: Eligibility and Interest Rates (2025)

Pursuing higher education is a major milestone, but it often comes with a significant cost. To ease this financial burden, the Bank of Maharashtra offers education loan schemes that support students studying in India and abroad.

‍ In this blog, we’ll explore the eligibility criteria, interest rates, and processing time for the Bank of Maharashtra education loan.

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Bank of Maharashtra Education Loan: Overview

Pursuing higher education can be a significant investment, but with the right financial support, it can become a reality. Bank of Maharashtra offers a comprehensive education loan scheme designed to help students achieve their academic goals.

Feature	Details
Maximum Loan Amount	Up to ₹20 lakhs
Loan Tenure	Up to 15 years
Interest Rate	Ranges from 10.55% to 11.30%
Special Scheme	Maha Scholar Education Loan Scheme with an effective ROI of 9.45%
Coverage	Tuition fees, living expenses, and other academic-related expenditures
Eligibility	Available for students studying in India and abroad
Top Institutions Covered	IIM, IIT, ISB, XLRI, AIIMS, and other reputed institutions
Repayment Flexibility	Flexible repayment options tailored to student needs

Students can also compare public sector education loans to see how Bank of Maharashtra's education loan stacks up against other government-backed loan options.

To know more about the eligibility criteria, application process, and other details, read on.

Bank of Maharashtra Education Loan: Eligibility Criteria

Here's a breakdown of the eligibility criteria for the Bank of Maharashtra loan :

Eligibility Criteria	Details
Student Eligibility	Indian nationals who have secured admission to professional or technical courses in recognised institutions in India or abroad.
Course Eligibility	Graduate, postgraduate, and doctoral programs, along with job-oriented professional and technical courses.
Collateral Requirement	No collateral required for loans up to ₹4 lakhs. For loans above ₹4 lakhs, collateral security and/or a third-party guarantee may be required.

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Types of Bank of Maharashtra Education Loan

Here’s an overview of the different types of education loans available to help you select the best option for your educational aspirations.

Loan Scheme	Loan Amount	Interest Rate	Repayment Tenure	Margin	Security	Eligibility
Maha Scholar Education Loan Scheme A	Up to ₹10 lakhs	7.20%	Up to 15 years	Nil	Parent/Guardian as co-borrower	Students pursuing higher education in India or abroad
Maha Vidya Education Loan Scheme	Up to ₹20 lakhs	RLLR + 1.65 (11.30%)	Up to 15 years	5% for studies in India, 15% for abroad	Parent/Guardian as co-borrower; collateral for loans > ₹7.5 lakhs	Students pursuing higher education in India or abroad
Maha Udaan Education Loan Scheme	Up to ₹20 lakhs	RLLR + 1.65 (11.30%)	Up to 15 years	5% for studies in India, 15% for abroad	Parent/Guardian as co-borrower; collateral for loans > ₹7.5 lakhs	Students focusing on vocational courses, either in India or abroad
Model Education Loan Scheme	Up to ₹10 lakhs	11.30% (up to ₹7.5 lakhs) 10.95% (above ₹7.5 lakhs)	Up to 15 years	Nil for loans up to ₹4 lakhs, 5% above ₹4 lakhs	Parent/Guardian as co-borrower	Students pursuing higher education in India or abroad
Vidya Lakshmi Education Loan Scheme	Up to ₹10 lakhs	RLLR + 1.65 (11.30%)	Up to 15 years	Nil for loans up to ₹4 lakhs, 5% above ₹4 lakhs	Parent/Guardian as co-borrower	Deserving students pursuing higher education in India or abroad
Skill Loan Scheme	Up to ₹1.5 lakhs	9.80%	Up to 7 years	Nil	Parent/Guardian as co-borrower	Students enrolled in vocational or skill development programs

Bank of Maharashtra follows several standardized public sector offerings. Learn more about IBA education loan types to understand how government banks structure their loan products.

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Bank of Maharashtra Education Loan for Abroad Studies

Do you have aspirations of attending a prominent international university but are concerned about the cost? For students who want to continue their studies overseas, the Bank of Maharashtra provides specialised education loans.

Feature	Details
Eligibility	Indian national, admission to a recognised university abroad, good academic record
Loan Amount	Up to Rs. 20 lakhs, covering up to 90% of total expenses
Interest Rate	RLLR + 1.65 (Effective ROI: 11.30%)
Repayment Tenure	Up to 15 years, repayment begins 6 months after course completion or 3 months after getting a job
Margin	15% of total expenses
Security	Collateral security required (immovable property, fixed deposits, NSCs, life insurance policies, etc.)
Co-Borrower	Parent or guardian with stable income and good credit history
Processing Fee	Up to 1% of loan amount (max. Rs. 10,000)
Prepayment Charges	Nil
Loan Disbursal	In stages, as per the requirement of the student

Click here to know more about: Education Loan for Abroad Studies in 2024: A Comprehensive Guide

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Bank of Maharashtra Education Loan Schemes: Comparison

The Bank of Maharashtra has a number of education loan programmes that are designed to accommodate varying requirements and situations.

This comparison will help you understand each scheme, enabling you to make an informed decision that best supports your educational goals.

Feature	Maha Scholar Loan	Maha Scholar Loan (For Abroad Studies)	Maha Education Loan
Loan Amount	Up to ₹10 lakhs for studies in India	Up to ₹20 lakhs for studies abroad	Varies based on the course and institution; generally up to ₹20 lakhs
Interest Rate	Competitive rates with possible concessions for meritorious students and economically weaker sections	Competitive rates with possible concessions for meritorious students and economically weaker sections	Competitive rates: check the latest rates on the official website
Repayment Tenure	Up to 15 years, including the moratorium period	Up to 15 years, including the moratorium period	Flexible repayment options ranging from 5 to 15 years, including the moratorium period
Moratorium Period	Course duration + 6 months to 1 year	Course duration + 6 months to 1 year	Course duration + 6 months to 1 year
Margin	5% for studies in India; no margin for loans up to ₹4 lakhs	15% for studies abroad; no margin for loans up to ₹4 lakhs	Generally, 5% for studies in India and 15% for studies abroad
Collateral Requirement	No collateral for loans up to ₹4 lakhs; collateral security or third-party guarantee for loans above ₹4 lakhs	No collateral for loans up to ₹4 lakhs; collateral security or third-party guarantee for loans above ₹4 lakhs	No collateral for loans up to ₹4 lakhs; collateral security required for higher loan amounts
Processing Fees	Minimal to no processing fees	Minimal to no processing fees	Minimal to no processing fees
Eligibility	Indian nationals with secured admission to recognised courses in India	Indian nationals with secured admission to recognised courses abroad	Indian nationals with secured admission to professional, technical, or vocational courses in India or abroad
Coverage	Tuition fees, accommodation, exam fees, lab fees, and other essential expenses	Tuition fees, accommodation, travel expenses, insurance, and other essential expenses	Comprehensive coverage including tuition fees, accommodation, travel expenses, and other essential expenses
Additional Benefits	Concessions for female students and students from economically weaker sections; insurance coverage available	Concessions for female students and students from economically weaker sections; insurance coverage available	Concessions for female students and students from economically weaker sections; insurance coverage available

To better assess Bank of Maharashtra’s offerings, students can explore a detailed education loan comparison with Bank of Baroda to evaluate which public sector bank suits their funding needs best.

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Benefits of Bank of Maharashtra Education Loan

Here are the key benefits that make the Bank of Maharashtra Education Loan a preferred choice for many:

1. Affordable Interest Rates

Interest rates range from 10.55% to 11.30%, making it a competitive option, especially for students studying abroad.

2. Government Interest Subsidy Schemes

Eligible students can benefit from government subsidy schemes that further reduce the interest burden.

3. Concession for Female Students

A special 0.5% interest concession is available for female students, encouraging higher education among women.

4. Hassle-Free Application Process

The bank offers both online and offline application options, making the process convenient and straightforward.

5. Wide Accessibility

With nationwide branches, the Bank of Maharashtra ensures easy access to education loans across the country.

6. High Loan Amounts

Students can borrow up to INR 10 lakhs for studies in India and up to INR 20 lakhs (or higher in some cases) for studies abroad.

7. Extended Repayment Period

The Maharashtra Scholar Education Loan Scheme offers a flexible repayment period of up to 15 years.

8. Tax Benefits and Subsidies

Borrowers can enjoy tax benefits and subsidies, which make the loan more economical.

9. Online Loan Calculator

An online education loan calculator is available to help students estimate their monthly repayments easily.

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Bank of Maharashtra Education Loan: Documents Required

Being ready with the required paperwork during the application process is crucial to a hassle-free and seamless loan application procedure.

Here are the documents required for the loan:

Document Category	Documents Required
Student's Documents	Identity Proof: Aadhaar Card, Passport, Voter's ID, Driving License, PAN Card Age Proof: Birth Certificate, 10th Class Certificate, Passport Address Proof: Aadhaar Card, Passport, Voter's ID, Driving License, Utility Bills Academic Documents: 10th and 12th class mark sheets, Graduation mark sheets (if applicable), Admission letter or proof of admission, Fee structure and payment receipts Income Proof (if employed): Salary slips, Form 16, Income Tax Returns
Co-borrowers Documents (if applicable)	Identity Proof: Aadhaar Card, Passport, Voter's ID, Driving License, PAN Card Age Proof: Birth Certificate, 10th Class Certificate, Passport Address Proof: Aadhaar Card, Passport, Voter's ID, Driving License, Utility Bills Income Proof: Salary slips, Form 16, Income Tax Returns, Business proof (if self-employed)
Additional Documents	Course Details: Brochure or prospectus of the course Fee Structure: Fee structure and payment receipts Admission Letter: Admission letter or proof of admission Mark Sheets: Mark sheets of previous academic years Gap Certificate: Gap certificate (if there is a gap in education) Entrance Exam Results: Entrance exam results (if applicable)
Other Requirements	Collateral Security: Collateral security may be required for loans above INR 7.5 lakh Guarantee: Guarantee from a third party may be required in some cases Life Insurance: A life insurance policy may be required to cover the loan amount

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Bank of Maharashtra Education Loan Calculator

Precisely ascertaining the monthly payment amount of your college loans is essential to efficient financial planning and budgeting. This useful tool, the Bank of Maharashtra Education Loan EMI Calculator, gives you a comprehensive explanation of your loan payback timeline.

You can also factor in any upfront payments you plan to make. Simply click 'Calculate' to view your EMI details.

Let's consider an example. Suppose a student wants to pursue a Bachelor's degree program in India that costs ₹15 lakhs per year. They've secured ₹3 lakhs in scholarships and grants and plan to contribute ₹2 lakhs from their own savings.

Using the Bank of Maharashtra Education Loan Calculator, we can determine the loan amount required:

Description	Amount (₹)
Annual Course Fee	₹15 lakhs
Minus Scholarship and Grants	- ₹3 lakhs
Minus Personal Contribution	- ₹2 lakhs
Total Loan Amount	₹10 lakhs

The monthly EMI will then be estimated by the calculator using the loan amount, interest rate, and repayment period as inputs.

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Bank of Maharashtra Education Loan: How to Apply?

Bank of Maharashtra offers education loans to students pursuing higher education in India and abroad. The application process is straightforward and can be completed online or offline.

Here's a step-by-step guide to help you apply for a Bank of Maharashtra education loan:

Online Application

Offline Application

Go to the Bank of Maharashtra official website and click on the "Loans" tab.
Select "Education Loan" from the drop-down menu and click on "Apply Online".
Fill in the online application form with the required details, including personal information, course details, and loan requirements.
Upload the necessary files, which should include identification, address, and income verification.
After applying, watch for a call from a bank representative.

Visit a Bank of Maharashtra branch near you and ask for an education loan application form.
Fill out the application form with the required details, including personal information, course details, and loan requirements.
Attach the required documents, including proof of identity, address, and income.
Submit your application to the bank representative.
Wait for the bank to process your application and contact you for further documentation or verification.

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Bank of Maharashtra Education Loan: Repayment Process

Bank of Maharashtra offers flexible repayment options to help you manage your loan repayment effectively.

Here's a detailed guide to help you understand the loan repayment process:

1. Repayment Tenure

The repayment tenure for Bank of Maharashtra education loans ranges from 5 to 15 years, depending on the loan amount and interest rate.
You can select a repayment period based on your goals and financial status.

2. EMI Calculation

The loan amount, interest rate, and repayment period are used to determine your Equated Monthly Instalment (EMI).
To determine your monthly EMI, utilise the Bank of Maharashtra Education Loan EMI Calculator.

3. Repayment Options

Bank of Maharashtra offers the following repayment options:

Post-Dated Cheques (PDCs): You can submit PDCs for the entire repayment tenure.
Electronic Clearing Service (ECS): You can authorise the bank to deduct your EMI from your account through ECS.
Online Payment: Using the bank's mobile app or website, you can make online payments.
Cash Payment: Any Bank of Maharashtra branch accepts cash payments.

4. Repayment Schedule

You will receive a repayment schedule from the bank outlining your EMI amount, due date, and repayment tenure. It's essential to stick to the repayment schedule to avoid late payment charges and penalties.

5. Late Payment Charges

If you miss an EMI payment or make a late payment, you may be charged a late payment fee. The fee amount varies depending on the loan terms and conditions.

6. Prepayment

Under some circumstances, you may be able to totally or partially prepay your school loan. Depending on the terms and conditions of the loan, there can be prepayment penalties.

7. Tax Benefits

You may be eligible for tax benefits on your education loan interest under Section 80E of the Income Tax Act, 1961. Consult your tax advisor to claim these benefits.

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How Flexible is Education Loan Repayment with Bank of Maharashtra?

Education loan repayment can often feel rigid with fixed EMIs, but many banks in India allow some flexibility in how much and how early a borrower can repay. This helps students manage their finances better as their income grows over time, and in some cases, even close the loan earlier than expected without extra charges.

On Reddit, a user shared their experience of repaying an education loan from Bank of Maharashtra between 2011 and 2016. Their initial EMI was ₹5,000 per month for five years, which they continued for a couple of years. Later, when they could afford more, they increased the repayment amount, which helped reduce the tenure. Eventually, they even pre-closed the loan by paying the last ₹45,000 in a lump sum, with no extra charges involved.

This shows that Bank of Maharashtra provided flexible repayment terms, allowing borrowers to pay more when possible and even close the loan early without penalties. For students or professionals who expect their income to rise over time, such repayment flexibility is a huge advantage as it reduces interest outgo and financial burden in the long run.

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FAQs About Bank of Maharashtra Education Loan

What is the current Bank of Maharashtra education loan interest rate?

The interest rate for Bank of Maharashtra education loans typically ranges from 10.55% to 11.30%. Special schemes like the Maha Scholar Education Loan Scheme offer competitive rates, with possible concessions for meritorious students and those from economically weaker sections.

How can I obtain and fill out the Bank of Maharashtra education loan form?

You can obtain the Bank of Maharashtra education loan form by visiting the official Bank of Maharashtra website and navigating to the loans section. The form can also be collected from any Bank of Maharashtra branch.

To fill out the form, provide the necessary personal, academic, and financial information, and ensure you have all the required documents ready for submission.

What are the necessary Bank of Maharashtra education loan documents required for the application?

The documents required for a Bank of Maharashtra education loan application include:

Student's Documents:

1. Identity Proof: Aadhaar Card, Passport, Voter's ID, Driving License, PAN Card

2. Age Proof: Birth Certificate, 10th Class Certificate, Passport

3. Address Proof: Aadhaar Card, Passport, Voter's ID, Driving License, Utility Bills

4. Academic Documents: 10th and 12th class mark sheets, Graduation mark sheets (if applicable), Admission letter or proof of admission, Fee structure and payment receipts

5. Income Proof (if employed): Salary slips, Form 16, Income Tax Returns

Co-borrowers Documents (if applicable):

1. Identity Proof: Aadhaar Card, Passport, Voter's ID, Driving License, PAN Card

2. Age Proof: Birth Certificate, 10th Class Certificate, Passport

3. Address Proof: Aadhaar Card, Passport, Voter's ID, Driving License, Utility Bills

4. Income Proof: Salary slips, Form 16, Income Tax Returns, Business proof (if self-employed)

Additional Documents:

1. Course Details: Brochure or prospectus of the course

2. Fee Structure: Fee structure and payment receipts

3. Admission Letter: Admission letter or proof of admission

4. Mark Sheets: Mark sheets of previous academic years

5. Gap Certificate (if there is a gap in education)

6. Entrance Exam Results (if applicable)

Other Requirements:

1. Collateral Security (for loans above INR 7.5 lakh)

2. Guarantee from a third party (if required)

3. Life insurance policy (if required)

Who is eligible to apply for a Bank of Maharashtra education loan?

Indian nationals may apply if they have been accepted into reputable professional or technical programs in India or elsewhere. Undergraduate, graduate, and doctorate programs are included in this.

What is the maximum loan amount offered by Bank of Maharashtra for education loans?

For study in India, the Bank of Maharashtra offers up to ₹10 lakhs, and for study overseas, up to ₹20 lakhs. The course and institution may have an impact on the loan amount.

Are there any special concessions available under the Bank of Maharashtra education loan scheme?

Yes, the bank gives qualifying students and members of economically disadvantaged groups preferential interest rates. For female students, there are additional special programs with discounted costs.

How long is the repayment tenure for Bank of Maharashtra education loans?

The repayment tenure for Bank of Maharashtra education loans ranges from 5 to 15 years, including the moratorium period, which covers the course duration plus 6 months to 1 year after course completion.

Is there a processing fee for Bank of Maharashtra education loans?

The processing fees for Bank of Maharashtra education loans are minimal to none, making it easier for students to apply without worrying about additional costs.

Can I apply for a Bank of Maharashtra education loan online?

Yes, you can apply online for an education loan from the Bank of Maharashtra by going to the official website, completing the application, and sending in the necessary paperwork. Additionally, you can apply offline by going to a branch.

What types of courses are eligible for Bank of Maharashtra education loans?

The loan covers a wide range of courses, including professional, technical, vocational, graduate, postgraduate, and doctoral programs. It also includes job-oriented courses and recognised programs abroad.

How is the loan amount disbursed for Bank of Maharashtra education loans?

In accordance with the fee schedule, the loan amount is paid directly to the educational institution in instalments. If necessary, it can also pay for additional fees like lodging, transportation, and other educational-related expenses.

Bank of Maharashtra Education Loan 2025: Eligibility, Interest Rates & Benefits

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