Bank of Maharashtra Education Loan: Eligibility and Interest Rates (2024)
Pursuing higher education can be a significant milestone in one's life, but it often comes with a hefty price tag. To bridge this financial gap, the Bank of Maharashtra offers a range of education loan schemes designed to support aspiring students in India and abroad.
In this blog, we'll delve into the eligibility criteria, interest rates, and processing time of Bank of Maharashtra's education loan.
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 |
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 (Effective ROI) |
Repayment Tenure |
Margin |
Security |
Eligibility |
| Maha Scholar Education Loan Scheme A |
Up to ₹10 lakhs |
RLLR + 0.15 (9.45%) |
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 |
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 |
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 |
RLLR + 1.65 (11.30%) |
Up to 7 years |
Nil |
Parent/Guardian as co-borrower |
Students enrolled in vocational or skill development programs |
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 |
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 Maha 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.
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
|
Minimal Documentation. Higher Chances of Approval. Easy Online Processes. Check Your Eligibility.
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.
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.
- Now, you need to 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.
Get a no collateral Education Loan
To summarise, Securing an education loan can be simplified with the right support. The Bank of Maharashtra offers tailored loan schemes with competitive interest rates and flexible repayment options, making it easier for students to finance their education in India or abroad.
And now, you can take the hassle out of your education loan application process with Propelld.
Benefits of Propelld Education Loan
| Feature |
Details |
| Max Loan Amount | 50 Lacs |
| Collateral | Not Required |
| Moratorium | Available |
| Processing Time | 10 Times Faster than Banks |
| Disbursal Time | 7 Days |
| Approval Rate | Higher than Banks |
| Special USP | Marks Based Approval |
| % Financed | 100% of Fees |
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