Bank of Maharashtra offers a wide range of products to its customers which includes a comprehensive education loan for studies in India, as well as abroad. The bank offers a maximum amount of Rs.10 lakh for education in India and Rs.20 lakh for education abroad and offers attractive interest rates for the same.
Bank of Maharashtra Education Loan Interest Rates
|Type of Loan||Classification||ROI||ER|
|Education Loan||Up to Rs.7.50 lakh||RLLR + 2.00%||8.8%|
|Above Rs.7.50 lakh||RLLR + 1.65%||8.45%|
|Maha Scholar Education Loan Scheme||List A||RLLR + 0.15%||6.90%|
|List B Up to Rs.7.50 lakh)||RLLR + 0.90%||7.7%|
|List B (Above Rs.7.50 lakh)||RLLR + 0.65%||7.45%|
|List C (Up to Rs.7.50 lakh)||RLLR + 1.15%||7.95%|
|List C (Above Rs.7.50 lakh)||RLLR + 0.90%||7.7%|
Bank of Maharashtra Education Loan EMI Calculator
If you wish to know the monthly EMI for your education loan, you can make use of the EMI calculator available offered by BankBazaar. All you need to do is enter the loan value, the tenure, interest rate and the processing fee and the monthly EMI will be calculated and displayed on the screen. The EMI calculator offers accurate calculations based on your entry.
How to Apply for a Bank of Maharashtra Education Loan
To apply for an education loan from the Bank of Maharashtra, here are the steps which need to be followed:
- Visit the website of Bank of Maharashtra.
- Click on the option of ‘Apply Online’ on the extreme right of the page.
- Select the option of ‘Loan Schemes’.
- Click on ‘Education Loan’ and select ‘Apply Now’.
- You will be required to add details such as your name, mobile phone number, email ID, city and PIN code.
- Once done, click on ‘Register Now’ and a bank representative will get in touch with you.
To apply for an education loan from Bank of Maharashtra, you can visit the branch of the bank and request for the loan application form. Once filled, you will need to submit the form along with the required documents to the representative. Once done, the application will be processed.
- Proof of identity
- Proof of address
- PAN card (when required)
Proof of Income for Parents: Salaried
- Income Tax Returns of the previous 2 years.
- Salary slips of 3 months.
- Bank statements of the previous 6 months.
- ITR of 2 years.
- Audited balance sheet.
- Bank statements of the previous 1 year.
Documents related to the Education Loan
- Proof of admission for any of the professional or technical courses in India or abroad through entrance test or merit-based selection.
- Academic certificates of Class X and XII.
- Graduation mark sheets and certificates.
- Letter confirming admission.
- Prospectus of college/university.
- Fee structure.
- Receipt of payments made.
- Requisite exam scorecard or proof of obtaining seat through merit-based selection.
Subsidy Schemes on Bank of Maharashtra Education Loans
The Government of India has allowed a scheme which provides a full subsidy on interest during the moratorium period for the applicants from an economically weaker section of the society. Under the Educational Loan Scheme, students may receive an interest subsidy on their loan to study in approved courses from technical courses or professional streams from various recognised institutes in India.
Features and Benefits of Bank of Maharashtra Education Loan
- Attractive interest rates.
- High borrow value.
- Moratorium period of course period plus 1 year.
- Loan repayment tenure of up to 15 years.
- Interest rate concessions for girl students, Mahasaraswati account holders.
How do I know if I am eligible for the interest subsidy scheme?
The interest subsidy scheme will be eligible for students only once and will be for their first undergraduate course or postgraduate degree.
How long does the bank take to process the application for the education loan?
The bank may take up to 14 working days to process your education loan application.
Will I be able to avail a higher loan limit for education abroad?
The maximum limit for the education loan for studies abroad is Rs.20 lakh. However, the bank may consider a higher loan amount depending on merit or on a case-to-case basis.
Will the education loan be in my name or my parents’ name?
Parents will be co-borrowers of the education loan and primary debtors.
What is the moratorium period of the education loan?
The moratorium period provided for the loan will be the course tenure plus 1 year.