Education Loan Interest Rates 2020273 views
- Get Bank of Maharashtra Education Loan for higher studies in India or abroad
- Attractive interest rates, flexible repayment periods - the highlights of this education loan
To collect funds for admission to university or college, you can take help from the Bank of Maharashtra. The bank helps you borrow funds using its education loan. The quantum of your education finance ranges from INR 10 to 20 lakh. And you can borrow the funds from the bank at an attractive rate of interest. The interest rate on the Bank of Maharashtra education loan is based on the prime lending rate of the lender which is 8.20%. Read on to know more details of the loan.
|Loan Quantum||INR 10-20 lakh|
|Interest Rate||7.20% - 9.05%|
|Processing Fee||Levied as applicable|
Table of Contents
- 1 Bank of Maharashtra Education Loan for Higher Studies
- 2 Maha Scholar Education Loan
- 3 Bank of Maharashtra Skill Loan
- 4 Documents for Bank of Maharashtra Education Loan
- 5 Apply for Bank of Maharashtra Education Loan
Bank of Maharashtra Education Loan for Higher Studies
You can get admission to educational institutions or colleges by applying for an education loan. Bank of Maharashtra provides you a suitable amount to pay for the semester fees and examination during the academic period. The loan will not help you get admission to top colleges and universities in India but also at educational institutions overseas. To get a loan above the limit, you need to provide security, which can be property or non-agricultural land, to the bank. And the bank puts a margin on your education loan above INR 4 lakh. If you borrow above INR 4 Lakh, the disbursal amount will account for 95% of the loan amount you apply for. Also, in your abroad studies, the bank levies a margin of 15%. You can pay for the margin amount by yourself with the help of a scholarship. The tenure of the loan is also based on the borrowed amount, look in the below table to know-how.
|Loan Quantum (INR)||Tenure|
|Up to 7.5 lakh||10 Years|
|Above 7.5 lakh||15 Years|
You get a grace period of 1-year on your education loan in which you do not have to pay the EMI.
Special offers on Interest Rate
Bank of Maharashtra ensures to make your loan affordable by providing a concession on your education loan interest rate. Below are the following details of the interest rate concession.
- 0.25% concession granted to Mahasaraswati accounts for 3 years
- Girl students to get 0.50% concession
- 0.50% concession to its existing housing loan borrower
- 0.50% concession granted to students getting admission in top-rated Premier Institutions
- 0.25% Concession offered on educational loans between INR 4 to 7.5 Lakh if the loan comes with an additional guarantor
Interest Subsidy on Bank of Maharashtra Education Loan
For the economically weaker sections (EWS) of the society, the bank offers the loan with a subsidy benefit on their loan. Students need to submit the proper income proof to the bank to claim the benefit because it is provided to the applicant whose annual income doesn’t exceed INR 4.5 lakh. Under the subsidy scheme, students belonging to EWS can avail the subsidy benefits on their educational loan for Technical or Professional courses in India for the period of moratorium, which is 1 year or six months after getting a job, whichever is earlier, after the course is over. The government will pay the applicable interest on behalf of students during the moratorium period. After the period of moratorium is over, the interest rate on the outstanding balance must be paid by the student.
You can claim the subsidy on your loan by going to the bank branch and submitting the application form with all the necessary documents. The aim of this scheme is to offer education to all the students irrespective of their annual income.
Maha Scholar Education Loan
The loan can be availed for securing admission to the reputed institutions for technical and professional courses. And the bank provides an interest rate to your loan depending on the institutions. The bank has categorized the interest rate as mentioned in the table below.
|Category||Interest Rate (per annum)|
You can borrow up to INR 25 lakh from the bank with a payment duration of 15 years except for the 1-year moratorium. The student can borrow an unsecured loan up to INR 15 lakh from the bank with their parents or guardian as a co-borrower. To get loans above INR 15 lakh, you need to mortgage tangible assets.
Bank of Maharashtra Skill Loan
To pursue skill development courses, you need to get admission to a recognized institution that offers you a course under the National Skill Qualification Framework (NSQF). Any individual who has secured admission to Industrial Training Institutes (ITIs), Polytechnics, or in a school recognized by the central or state education board are eligible for the loan.
|Loan Quantum||INR 50,000 to 1.5 lakh|
|Interest Rate||9.70% per annum|
Banks may require a nominal margin money for the down-payment. However, the down-payment and interest rate during the course should not exceed more than 10% of the total course amount.
Documents for Bank of Maharashtra Education Loan
To approve the education loan, you need to submit the following documents.
Proof of Identity:
- Aadhar card
- PAN card
- Voter ID
- Driving Licence
Proof of Address:
- Electricity Bill
- Telephone Bill
- Water Supply Bill
Proof of Income:
- 2-year Income Tax Return (ITR) report
- 3-months salary slip
- Last 6 bank statements
- Form 16
- Last 2-year ITR report
- Audited Balance sheet
- 12-months bank statements
- Income certificate issued by Revenue Officer or Tahsildar
Proof of Qualification & Admission:
- 10+2 Certificate
- Fee structure of course
- Confirmation letter from university or institution
- Marksheet or Scorecard of entrance test
Apply for Bank of Maharashtra Education Loan
Visit the Bank of Maharashtra official website to apply for the loan. You need to fill up an online form to apply. And once the bank receives your request it will process your application the very moment. Subsequently, you’ll get a call from the bank representative regarding the loan. Then after the approval from Bank of Maharashtra, you need to submit the documents and processing fee.
The loan can be paid after the disbursement or moratorium period whichever is demanded by the borrower. The loan would be disbursed to the educational institution or college directly to make it easy for you to speed up your admission process.