Bank of Maharashtra Education Loan: A Comprehemsive Guide

When considering taking an education loan from a public bank, the Bank of Maharashtra education loan turns out to be one of the best options. With 30 million customers availing of its customer-friendly banking services through its 2263 branches spread across the country, the Bank of Maharashtra student loan offers loans of up to INR 10 Lakh to study in India and up to INR 20 Lakh to study abroad.

Overview of Bank of Maharashtra Student Loan

To study abroad, the Bank of Maharashtra student loan provides up to INR 20 Lakh. 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.

Features of the Bank of Maharashtra Student Loan to Study Abroad

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Education Loan Bank of Maharashtra Schemes

The Education loan Bank of Maharashtra schemes include the Model Education Loan Scheme, Maha Scholar Education Loan Scheme and Mahabank Skill Loan Scheme. Out of these schemes the Model Education Loan Scheme offers education loan for studying abroad.

Bank of Maharashtra Education Loan Interest Rate 

As the table shows, the bank of maharashtra education loan interest rate is 10.55% - 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. 

• 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 meritous students. Also, up to 1% concession is given to students who regularly pay Simple Interest in the moratorium period. 

Apart from the general interest concessions, education loans from the Bank of Maharashtra offer government interest subsidy schemes.

Interest Subsidy Schemes for Bank of Maharashtra Education Loans

• 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 Lakh per annum, and for EBC students, the maximum annual income must be INR 2.5 Lakh. 

Eligibility Criteria for Bank of Maharashtra Education Loans 

The eligibility criteria for Bank of Maharashtra education loans for abroad studies are listed below:

• 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

Maharashtra Bank Education Loan Documents Required

The Maharashtra Bank education loan documents required include identity documents of the student and co-borrower and the student’s academic documents. The bank of maharashtra education loan documents required are as follows:
 

• 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
• 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
• 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

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Pros and Cons of Bank of Maharashtra Education Loans

Before applying, take a close look at Bank of Maharashtra student loans closely to make a better decision. Here are the pros and cons of education loans from the Bank of Maharashtra.

Pros of Education Loan Maharashtra Bank

• The education loan interest rate 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. 

Cons of Education Loan Maharashtra Bank

• The maximum amount available is INR 20 Lakh with 15% margin money in typical cases.
• List of eligible courses is limited to a few, excluding vocational courses, pilot training courses, etc. 

How to Apply for Bank of Maharashtra 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: 

• Visit the official website of the Bank of Maharashtra
• Click the tab ‘Apply now’
• Fill in your details and register. 

Once you do this, the maharashtra bank education loan department 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. The Bank of Maharashtra education loan form is available in the banks. However, It is advised that you register on the website before visiting the bank to apply. 

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. Now if the Bank of Maharashtra education loan does not meet your specific needs then check your eligibility with GyanDhan where we will introduce you to several public, private banks and NBFCs offering high loan amounts and lower interest rates. 

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Frequently Asked Questions