- No collateral is required for up to INR 7.5 Lakhs
- Collateral security of value equals 100% loan amount required for amounts more than INR 7.5 Lakhs excluding the margin money
- Bank of Maharashtra education loan interest rate is floating, meaning market changes affect the interest rate.
- Effective interest rate for education loans is the sum of RLLR (Repo Linked Lending Rate) and 1.65% - 2%. The current RLLR is 9.30% for all Bank of Maharashtra loans. Remember that the RLLR is subject to change, so the effective interest rates on education loans.
- Interest concessions: 0.50% concession is available for girl students and 0.25% for deserving students. Also, up to 1% concession is given to students who regularly pay Simple Interest in the moratorium period.
- Dr. Ambedkar interest subsidy scheme: Dr. Ambedkar Central Sector Scheme of Interest Subsidy on Educational Loans for Overseas Studies for Other Backward Classes (OBCs) and Economically Backward Classes (EBCs) will exclude the beneficiaries from paying the interest applicable for the moratorium period. For OBC students, the total income shall not exceed INR 8 Lakhs per annum, and for EBC students, the maximum annual income must be INR 2.5 Lakhs.
- The student should be an Indian national
- The student must secure admission by entrance test or through a merit-based selection process
- The student must have a minimum of 50% marks in the last qualifying exam
- Identity and address proofs
- PAN card
- Income proof for salaried co-borrower:
- Last 2 years ITR
- Form-16
- Last 3 months salary slips
- Last 6 months bank statement
- Income proof for non-salaried co-borrower:
- Last 2 years ITR
- Audited Balance sheet
- Last 1 year bank statement
- For agriculturists with no ITR, an income certificate from Tahsildar or other relevant authorities is required
- Proof of admission
- Academic certificates
- Proof of securing admission upon merit, such as an entrance exam results
- Proof to show that the university of study is recognized by a reliable body
- Prospectus of the institution
- Fee structure of the course
- Receipt of the fee already paid
- Visit the official website of the Bank of Maharashtra
- Click the tab ‘Apply now’
- Fill in your details and register.
- The interest rate for education loans from the Bank of Maharashtra is lower compared to many private banks and NBFCs.
- There are concessions for girl students, meritorious students, and to students who regularly pay interest during the moratorium period.
- The processing fee is refunded one the student gets the first disbursement.
- Eligible students can get interest subsidies in their loan repayment.
- Students can get tax benefits under section 80 E in their education loan interest repayment.
- The maximum amount available is INR 20 Lakhs with 15% margin money in typical cases.
- List of eligible courses is limited to a few, excluding vocational courses, pilot training courses, etc.
Updated on: 30 Sep 2023
Table of Content For studying abroad, the Bank of Maharashtra education loan funds up to INR 20 Lakhs. However, the maximum amount can be increased if the student’s application has more weightage factors, such as admission to a top institute, high collateral value, better CIBIL score of the co-borrower, etc. Here are features of the Bank of Maharashtra education loan to study abroad: Maximum amount INR 20 Lakhs. Higher loan amounts are considered upon application’s merit Interest rate 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 post-graduate 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 Bank of Maharashtra’s education loan schemes help students study at top institutions in India and abroad. Among them, the Model Education Loan Scheme offers. The Model Education Loan Scheme was introduced by Indian Bankers Association in 2001 to define the maximum loan amount for education loans. There are other education loan schemes by the Bank of Maharashtra, such as the Maha Scholar Education Loan Scheme and Maha Bank Skill Loan Scheme, available for students to study in Indian institutions. Looking For An Abroad Education Loan? As the table shows, the current interest rate for Bank of Maharashtra education loans is 10.95% - 11.30%. Note that this interest rate is applicable to Bank of Maharashtra loan schemes for abroad studies and not for higher education in India. Apart from the general interest concessions, education loans from the Bank of Maharashtra offer. The eligibility criteria for Bank of Maharashtra education loans for abroad studies are listed below: The documents required for Bank of Maharashtra education loans include identity documents of the student and co-borrower and the student’s academic documents as listed below: See here a complete list of documents required for education loans. Since the Bank of Maharashtra has branches nationwide and gives alternate options for applying, getting a Bank of Maharashtra education loan is hassle-free if you meet the eligibility requirements. Bank of Maharashtra education loan application is online and offline. To apply online, follow the steps below: Once you do this, the bank will get in touch with you. Alternatively, you can apply for an education loan from the Bank of Maharashtra through the Vidya Lakshmi portal. To apply offline, visit the nearest Bank of Maharashtra branch with the required documents. It is advised that you register on the website before visiting the bank to apply. Before applying, take a close look at Bank of Maharashtra education loans closely to make a better decision. Here are the pros and cons of education loans from the Bank of Maharashtra. Before you initiate the application, go through the details of Bank of Maharashtra education loan to make an informed decision. Apply only if the Bank of Maharastra education loan matches your concerns. Check your education loan eligibility for education loans by Bank of Maharashtra and other lenders. Read also 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. If a student is eligible for interest subsidy benefits, the proof of eligibility must be submitted to the Bank of Maharashtra to get the subsidy benefits. Deciding a bank good or bad depends on the customer’s perception of the loan terms. The Bank of Maharashtra is a public sector bank offering education loans at an affordable interest rate and with subsidies and tax benefits. Generally, education loans from public sector banks are considered good and better than loans from private sector banks or NBFCs. The interest rate for Bank of Maharashtra education loans varies between 10.95% - 11.30%, depending on various factors such as the quantum of the loan, collateral value, academic and financial details of the applicant and co-applicant, etc. The chances of getting an education loan from the Bank of Maharashtra are high for those applicants with proper documents and vice versa. 
With the rising number of Indian students studying abroad, education loans from public sector banks have become an essential resource for many. Among them, Bank of Maharashtra stands out for its exclusive loan products designed to empower deserving students. With 29 million customers availing its customer-friendly banking services through its 2022 branches spread across the country, it offers education loans of up to Rs 80 lakhs to study in India and up to Rs 20 lakhs to study abroad. In this blog, we will discuss in detail the eligibility criteria, interest rates, documents needed, and more while taking Bank of Maharashtra abroad education loan.
Overview of Bank of Maharashtra abroad education loans
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Bank of Maharashtra abroad education loan schemes
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Bank of Maharashtra education loan interest rate
Interest subsidy schemes for Bank of Maharashtra education loans
Eligibility criteria for Bank of Maharashtra education loans
Documents required for Bank of Maharashtra abroad education loans
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How to apply for Bank of Maharashtra abroad education loans?
Pros and cons of Bank of Maharashtra abroad education loans
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Frequently asked questions
What is the maximum loan limit of Bank of Maharashtra education loan?
How to get interest subsidy for education loan from the Bank of Maharashtra?
Is the Bank of Maharashtra a good option for education loans?
What is the interest rate for the Bank of Maharashtra education loan?
What are the chances of getting an education loan from the Bank of Maharashtra?
First published date: 22 Feb 2022
About author
Aman Jain
Aman Jain graduated from IIT Kanpur, and currently functions as the VP of Marketing & Operations. He is deeply passionate about creating equality in higher education and has directly interacted with 2000+ students in his year-long journey.
GyanDhan is India's first education financing marketplace.
