Education Loan For Abroad Studies
Education Loan in Maharashtra

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Education Loan in Maharashtra

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Brinda Khurana
Brinda Khurana

Study Abroad Expert

Updated on:  05 Nov 2024 | 
Reviewed By:  Aman  
| 433 | 57  min read

In Maharashtra, most major banks and non-banking financial institutions provide education loans. There are several compelling reasons to consider such a loan. It enables you to afford enrollment in esteemed universities or pursue higher education abroad. The loan amount typically depends on the course or the educational institution you've been admitted to. You could receive up to 10 lakhs for studies within India, and potentially more than 25 lakhs for programs abroad.

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Which Bank is Best for an Education Loan in Maharashtra?

Maharashtra is notable for its significant distribution of education loans through public sector and private sector banks as well as NBFCs, demonstrating the state's dedication to fostering students' educational goals. When searching for an education loan in Maharashtra, it's essential to evaluate the options available from various banks. Important considerations should include interest rates, loan terms, and the simplicity of the application process. The top banks in the area offer a diverse array of competitive loan options tailored to meet the different requirements of students studying domestically and abroad.

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Leading Banks for Education Loan in MaharashtraFor Studies in India 

Bank Name  Loan Amount  Processing Fee

State Bank of India 

Up to INR 50 lakh

Nil - INR 10,000+Tax 

Axis Bank 

Up to INR 75 lakh (unsecured) 

Up to 2% of the amount+GST 

ICICI Bank 

Up to INR 1 crore 

Up to 2% of the amount +GST

IDFC First 

Up to INR 30 lakh (unsecured) 

Up to 1.5% of the amount 

UBI 

Up to INR 1.5 cr (secured) 

Up to INR 40 lakh (unsecured)

INR 5000 (refundable) 

HDFC Credila 

Up to INR 40 lakh 

1% + GST 

Auxilo 

Up to INR 65 lakh 

Up to 2% of the sanctioned loan amount 

InCred 

Up to INR 60 lakh

0.75% - 1% of the sanctioned loan amount

BOB 

INR 7.5 lakh - INR 1.5 cr 

1% (max. INR 10,000) 

Check Your Education Loan Eligibility

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Best Banks for Education Loan in Maharashtra for Abroad Studies

Bank Name  Loan Amount  Processing Fee

State Bank of India

Up to INR 1.5 cr with collateral 

INR 10,000

Axis Bank

Prime A - INR 1 cr

Prime B - INR 40 lakh 

0.75% on the sanctioned loan amount 

ICICI Bank 

Up to INR 2 cr (secured) 

Up to INR 1 cr (unsecured) 

Up to 0.75% TO 1% + GST 

IDFC First Bank

Up to INR 75 lakh without collateral 

Up to 1.5% of the sanctioned loan amount 

Union Bank of India 

Up to INR 2 cr (secured) 

Up to INR 40 lakh (unsecured) 

INR 5000

HDFC Credila 

Up to INR 75 lakh 

0.5% - 1% 

Avanse 

Up to INR 75 lakh 

1% - 1.5% 

Auxilo 

Up to INR 65 lakh 

0.5% - 1.5% 

InCred 

Up to INR 80 lakh 

1% - 2% 

MPower Financing

Up to 100,000 USD 

5% (adjusted in the loan amount) 

Prodigy Finance 

Up to 100% cost to study 

Up to 5%, added to loan amount*

Bank of Baroda 

Up to 1.5 cr with collateral 

INR 10,000 + GST 

*Note: Upon loan approval, students are required to pay an upfront fee of $100 to receive their sanction letter.


Explore Best Banks for Education Loans!

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What are the Documents Required for an Education Loan in Maharashtra ?

To secure a student education loan in Mumbai, you must gather a detailed set of documents, divided into specific sections as follows:

 

Section 1: Application and Identification

  • list items Loan Application: Complete the education loan application form available online through the WeMakeScholars website. Attach two recent passport-size photographs of the applicant.

    •  

    Section 2: Proof of Identity and Residence for Applicant, Co-applicant/Guarantor

  • list items Identity Proof: Options include Aadhar card, PAN Card, or Passport (for international studies).
  • list items Residence Proof: Provide two different documents if the permanent and current addresses are identical, such as Electricity Bill, Aadhar card, Telephone Bill, Bank statement, Voter ID Card, or Ration card.
  • list items Co-applicant Documentation: Include bank statements (last 6 months for salaried; business transactions for the last year if self-employed) along with an official statement of assets and liabilities.  

    •  

    Section 3: Academic Credentials

  • list items Admission Letter: From the educational institution.
  • list items Fee Structure: Detailed breakdown of fees.
  • list items Test Scores: GMAT, IELTS, GRE, etc.
  • list items Academic Records: From the 10th grade onwards, including certificates.  

    •  

    Section 4: Financial Documents for Co-applicant

  • list items For Salaried Individuals: Recent Form 16s, salary slips, office ID card, and ITRs for the last two years.
  • list items For Self-Employed Individuals: Profit and loss statements, balance sheets for the last three years, business address proof, and ITRs for the last three years.  

    •  

    Section 5: Additional Affidavits and Declarations

  • list items Financial Responsibility Declaration: By the co-applicant regarding coverage of other expenses.
  • list items Joint Affidavit: In the bank’s specified format.  

    •  

    Section 6: If Applicable

  • list items Receipts of Payments: Made to the university.
  • list items Loan Statements: Of any previous loans taken in the last year.
  • list items Gap Certificate: On Rs 100 stamp paper, explaining any academic breaks.

    •  

    This systematic collection of documents ensures both the applicant and the financial institution are well-informed about the applicant’s financial and academic preparedness for the intended educational endeavor.

    Check Your Education Loan Eligibility

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    What Collaterals are Acceptable in Maharashtra for Education Loans?

    When securing a collateralized education loan in Maharashtra with immovable property as security, it is essential to compile a comprehensive set of documents pertaining to the collateral. Here's what you'll need:

     

    1. No-Objection Certificate (NOC): Obtain this in the bank’s specified format from either the construction company or the housing society’s administration. This certificate is crucial as it confirms that there are no legal impediments to using the property as collateral.
     

    2. Payment Receipts: Compile all receipts of payments made to the construction firm or the previous property owner. These documents serve as proof of financial transactions related to the property.
     

    3. Share Certificate: If the property has previously changed hands, a share certificate is necessary. This document serves as proof of ownership and is particularly important for properties in cooperative housing societies.
     

    4. Conveyance Deed: Ensure you have the property's conveyance deed. This legal document transfers the title of property from one person to another and is indispensable for loan processing.
     

    5. Power of Attorney (POA) Confirmation: If a POA has been issued by the construction firm, a confirmation document is required. This verifies the authority given to handle matters concerning the property.
     

    6. Structural Integrity Report: For significantly old properties, especially those considered by public banks, a structural integrity report might be requested. This report assesses the physical condition of the building, ensuring it is structurally sound and suitable as collateral.
     

    7. Commencement Certificate: For newly built properties, a commencement certificate is necessary. This document, issued by a local government authority, confirms that the property's construction adheres to existing codes and regulations.
     

    8. Builder’s Project Documents: For properties under a builder’s project, provide either a board resolution certificate or a POA document from the builder. These documents are proof of the builder's legal standing and authority in matters related to the property.
     

    9. Occupancy Certificate: In Mumbai, to secure a collateral loan, you must provide an Occupancy Certificate (OC), proving the building complies with local regulations. Additionally, ownership proof through a Title Deed or Sale Deed and a 30-year sale chain documenting past transfers are essential for loan processing.
     

    Gathering these documents meticulously will help ensure that the loan application process is smooth and that the bank has all the necessary information to proceed with your collateralized education loan.


    Avoid Loan Letdowns: Know What Knocks Your Education Loan Off Track!

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    Education Loan Interest Rate in Maharashtra for Studies in India

    Bank Name  Interest Rate  Interest Rate Concession 

    State Bank of India 

    Starts from 8.30% 

    0.60% Business strategy discount 0.50% - for female students 

    0.50% - Rinn Raksha 

    Axis Bank 

    Starts from 11.5% 

    0.5% - 2% 

    ICICI Bank 

    Starts from 10.5% -11% 

    0.5% - 2% 

    IDFC First 

    Starts from 8.5% - 10% 

    0.5% - 2% 

    UBI 

    Starts from 11.15% 

    0.5% for female students

    1% if the SI is paid in full 

    HDFC Credila 

    Starts from 10.25% - 12.75% 

    		 -

    Auxilo 

    Starts from 11% - 13.5% 

    0.5% - 2% 

    InCred 

    Starts from 11% - 13.5% 

    0.5% - 2% 

    BOB 

    Starts from 8.85% 

    0.5% 

    Calculate your Education Loan EMI

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    Education Loan Interest Rate in MaharashtraFor Studies in Abroad

    Bank Name  Interest Rate  Interest Rate Concession 

    State Bank of India 

    Starts from 10.15% 

    0.5% concession in interest for female students 

    0.5% - Rinn Raksha 

    Axis 

    9.99% - 12.5% 

    		 -

    ICICI 

    10.25% - 12.5% 

    		 -

    IDFC First 

    9.5%-11% (secured) 

    11%-13% (unsecured) 

    		 -

    UBI 

    9.25% - 9.75% 

    		 -

    HDFC Credila 

    10.25% - 12.75% 

    		 -

    Avanse 

    10.75% - 13% 

    		 -

    Auxilo 

    11.5% - 13% 

    		 -

    InCred 

    11.85% - 13.25% 

    		 -

    MPower 

    12.99% - 15.99% 

    -

    Prodigy 

    11.5% - 13.5% 

    -

    BOB 

    9.7% (fixed) 

    0.20% concession in interest for female applicants of non-premier institutes

    Verify your eligibility for an education loan with GyanDhan today! Simply visit the GyanDhan website, use their loan eligibility tool, and receive instant feedback on your options. 

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    What is the Eligibility Criteria to Avail an Education Loan?

    To qualify for this education loan scheme, applicants must meet specific eligibility requirements:
     

    1. Parental or Guardian Representation: A parent or guardian must act as the co-borrower for students who are minors, ensuring legal and financial responsibility.
     

    2. Joint Loan Agreement: The loan will be issued in the names of both the student and the parent/guardian, linking both parties to the financial commitment.
     

    3. Admission Through Merit: The student must have secured admission to a recognized institution either in India or abroad, based on merit through a competitive selection process.
     

    These criteria are designed to ensure that the loan is used for legitimate educational purposes and that there is adequate financial backing to support the student's academic journey.

    Top Benefits of Education Loans—Learn How They Can Empower Your Academic Journey! 

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    Conclusion 

    In conclusion, securing an education loan in Maharashtra and Maharashtra involves understanding various requirements, from collateral conditions to detailed documentation. Prospective borrowers must assess bank terms, understand financial obligations during the moratorium period, and ensure compliance with stringent collateral criteria to enhance loan approval chances.


    Staying informed about financial institution policies and seeking guidance when necessary can smooth the loan application process. Resources like GyanDhan are invaluable, assisting students in securing loans under favorable terms to support their educational goals and ensure financial health. A well-prepared application is crucial for success, helping make educational aspirations achievable.


    In Maharashtra and exploring education loan options? GyanDhan is your go-to platform, offering a pathway to secure financing for your higher studies in India or abroad. Our education loan experts help you in securing high loan amounts under favourable terms with a track record of higher loan approval rates. We also assist with pre-visa loan disbursement, crucial for your visa application. Best of all? Our expert, end-to-end service comes at absolutely no extra cost to you. Check your loan eligibility on GyanDhan now and take the first step towards realizing your academic dreams.

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    Frequently Asked Questions 

    What is the maximum loan amount I can get for studying in India and abroad from banks in Maharashtra?

    The maximum loan amount varies by bank. For studies in India, loans can go up to INR 10 lakhs. For studies abroad, loans may extend to INR 25 lakhs or more, depending on the course and the country of study.

    Are there any interest rate concessions available on education loans in Maharashtra?

    Yes, banks offer various concessions. For example, there might be reductions for female students, merit-based concessions, and discounts if you opt for insurance products like Rinn Raksha.

    What are the typical repayment terms for an education loan in Maharashtra?

    Repayment terms can vary, but typically, banks offer a repayment period of up to 10-15 years after the completion of a moratorium period, which usually lasts until six months after course completion or when the borrower secures a job, whichever is earlier.

    What collaterals are accepted for securing an education loan in Maharashtra?

    Banks accept various forms of collateral, including residential properties, fixed deposits (FDs), and government bonds. The specific requirements can vary based on the loan amount and the bank’s policies.

    Can I get an education loan in Maharashtra without collateral?

    Yes, unsecured loans are available, especially for higher studies at reputed institutions or for smaller loan amounts. The eligibility for unsecured loans typically depends on the borrower's academic background and the financial stability of the co-applicant.

    Calculate your Education Loan EMI

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