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Bank of Maharashtra Education Loan - Know about the Interest Rates, Eligibility Criteria, Concessions Available and the Application Process.
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.
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.
Feature | Description |
---|---|
Maximum amount |
INR 10 lakh (In India) |
10.55% - 11.30% |
|
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) |
INR 4 Lakh - Nil 15% - To study abroad |
|
Moratorium period |
Course duration + 1 year |
Repayment during the moratorium period |
Simple Interest (SI) |
Loan tenure |
Up to 15 years |
Co-borrower requirement |
Student’s parent |
|
Check Your Education Loan Eligibility
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.
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.
Apart from the general interest concessions, education loans from the Bank of Maharashtra offer government interest subsidy schemes.
The eligibility criteria for Bank of Maharashtra education loans for abroad studies are listed below:
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:
Check Your Education Loan Eligibility
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.
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 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.
Calculate your Education Loan EMI
The Bank of Maharashtra abroad education loan repayment period under the Maha Scholar Education Loan Scheme is 15 years.
Yes, the Bank of Maharashtra student loan provides a 0.5% concessions for girl students under the Bank of Maharashtra Education Loan scheme.
The education loan interest rate bank of maharashtra for the Maha Scholar Education Loan Scheme starts from 10.55%.
The maximum loan amount to study in India is INR 10 Lakh and to study abroad is INR 20 Lakh 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 Maharashtra bank education loan interest rate 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.
No the bank of Maharashtra provides education loans to eligible students across India.
The Bank of Maharashtra education loan calculator is an online tool designed to help loan applicants estimate their monthly repayments for an education loan. This calculator evaluates the loan amount, interest rate, and loan tenure to provide an approximate repayment amount.
Check Your Education Loan Eligibility
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