Education loans help students to achieve their dream of studying abroad. As a result, education loans are seen as an investment for a prosperous future. Bank of Maharashtra is one of the banks offering education loans for study abroad. The Bank of Maharashtra study abroad scheme is called the Model Education loan scheme.
Under this scheme students interested in pursuing professional job-oriented courses, postgraduate courses, and other technical courses can apply for loans. Keep reading to learn more about the Bank of Maharashtra abroad Education Loan eligibility criteria, loan amount, documents required, and more.
Overview of Maharashtra Bank Education Loan
Maharastra Bank education loans for abroad studies are provided to aspiring students under the Model Education loan scheme. The maximum amount of loan provided is up to INR 20 lakhs to study job-oriented professional/ technical/ postgraduate courses. The loan is provided for a maximum of 15 years and the Bank of Maharashtra education loan processing time is somewhere between 10-15 days.
The interest rates start from 9.45% p.a. Applicants are also required to give a margin money of 15% for abroad studies and the moratorium period is the course duration plus 1 year.
| Bank Name | Bank of Maharashtra |
| Loan Scheme | Model Education Loan Scheme |
| Eligible courses | Job-oriented professional courses/technical/postgraduate courses |
| Maximum Loan | INR 20 lakh |
| Tenure of loan | 15 years |
| Interest Rate | Starts from 9.45% |
| Margin | 15% for abroad studies |
| Moratorium | Duration of the course + 1 year |
Why Take an Education Loan from the Bank of Maharashtra?
Bank of Maharashtra is considered a preferable choice among many aspiring students due to competitive interest rates, seamless application process, minimal documentation, longer repayment period and much more. Some of the main reasons to as to why students can choose the Bank of Maharashtra education loan for abroad studies are mentioned below-
- The bank offers low interest rates compared to private banks and has high borrowing value.
- Interest concessions are provided for girl students who are Mahasaraswati account holders.
- The loan repayment period is 15 years.
- One additional year of moratorium period is provided along with the course period.
- No processing fee, less paperwork, and faster disbursal of loans.
Also Read: Check out our blog on one of the most flexible alternatives to finance your study abroad dreams- gold loan for education: benefits, criteria, documents & process.
Eligibility Criteria
The eligibility criteria for the Bank of Maharashtra abroad education loan are as follows:
- Students who want to pursue job-oriented professional programs abroad, technical courses, and postgraduate courses, such as MCA, MBA, and MS, can apply for the Bank of Maharashtra abroad education loan.
- The student should be a citizen of India and must have already secured admission to the University. That is, clearing the merit-based admission process or the entrance examination of the respective university.
- The education loan will be granted to students who have parents/guardians as
Bank of Maharashtra Education Loan Details
To apply for the Maharashtra Bank abroad education loan students need the essential details regarding the loan. Here is a list of the educational loan details for studying abroad.
Maximum Loan Amount
A maximum loan amount of INR 20 lakh is provided to students. Meritorious students can apply for a loan for a higher amount. However, this amount varies from case to case.
Also Read: Know all about LLB education loans to study abroad. Check out the best banks, interest rates and application process.
Bank of Maharashtra Education Loan Interest Rate
The Education Loan interest rate of the Bank of Maharashtra starts from 9.45% p.a. The interest rates are calculated as the sun of RLLR and the spread. The table below shows the interest rate applicable on the Bank of Maharashtra education loan.
| Loan Amount | Interest Rate | Effective Interest Rate |
| Up to INR 7.5 lakhs | RLLR + 2.00% | 11.30% p.a. |
| Above INR 7.5 lakhs | RLLR + 1.65% | 10.95% p.a. |
Margin
The Bank of Maharashtra abroad education loan margin is 15%. A margin amount is the percentage of educational expenses that a student has to self-fund. For example, if the loan sought by the student is INR 1 lakh then the margin amount would be INR 15,000. Do note that no margin amount is required for loans less than INR 4 lakh.
Collateral Requirement
There is no collateral requirement for loans less than INR 7.5 lakhs. Parents or guardians of the student need to be joint borrowers. However, for loans above INR 7.5 lakh collateral equivalent to the loan amount has to be submitted.
Repayment Period
The repayment period for the Bank of Maharashtra abroad education loan is 15 years. Abroad education loans are expensive. Hence, it is advised that the student pays the education loan as soon as possible. a 1 year moratorium period is provided for the repayment of loans.
Expenses covered
The Bank of Maharashtra abroad education loan covers several expenses such as:
| Expenses Covered under the Bank of Maharashtra Education Loan |
| The required tuition fee |
| Study materials required by the student |
| Laptop, tablet, and other electronic device expenses |
| Hostel expenses of the student |
| Travel expenses such as air tickets to the country of the university |
| Uniform expenses and other miscellaneous expenses |
| Insurance cost can be covered on request by the borrower |
Maharashtra Bank Education Loan Documents Required
The Bank of Maharashtra Abroad Education Loan requires the student to submit several documents. These are the documents related to KYC, academic background, financial background of the co-applicant/ guarantor, income statements, and documents from the University like the offer letter and fee structure. Here are the documents required for the Bank of Maharashtra education loan.
- Offer letter from the respective university
- Filled in loan application form
- Statement of the cost of study that will be incurred
- Two passport-size photographs of the applicant
- PAN card and Aadhar card of the parents/guardian and the student
- Identity proof such as driving license, passport, aadhaar card, electricity bill, telephone bill
- Residence proof such as driving license, passport, electricity bill, and telephone bill
- 6 months Bank account statement of the student/guardian, and the co-applicant
- Statement of assets and liabilities of parent/guardian, and the co-applicant
- Income proof of the student /parent/guardian/co-applicant such as salary slips.
Education Loan Application Form Bank of Maharashtra
The Bank of Maharashtra abroad education loan application process can be completed both offline and online. For the offline application process, the student can visit the nearest bank, check the eligibility criteria, submit the required documents, and fill out the application form.
The approved loans will be disbursed by the bank. The online education application process, on the other hand, is as follows.
- Visit the official website of the Bank of Maharashtra.
- Click on ‘Personal’ and then ‘Loans’.
- Now, click on ‘Education Loan Scheme’.
- Click on ‘Know More’ of ‘Model Education Loan Scheme’.
- Finally, click on ‘Apply No
Also Read: Planning to pursue higher studies in the US? Check out the Best International Scholarships to study in the US.
FAQs
Yes. Bank of Maharashtra offers education loans for students for studying in India and abroad. Students can get a maximum loan of INR 10 lakh for studying in India. The abroad education loan maximum amount is INR 20 lakh.
Bank of Maharashtra offers the best education loan for students living in Maharashtra.
Ans. Yes. Students can pay their education loans ahead of time.No prepayment charges are applicable for education loans.
Bank of Maharastra education loan interest rates start from 9.45% p.a. However, the interest rates on the Model Education loan scheme of Maharashtra Bank are calculated based on RLLR and Spread. These range from 10.95% p.a. to 11.30% p.a.
The education loan application form of Maharashtra Bank can be filled by visiting the nearest bank branch and submitting the required documents along with it. Applicants can also fill the same by visiting the bank’s official website.
Bank of Maharashtra offers education loans for students for studying abroad. The loans offered by the Bank of Maharashtra have low-interest rates, low processing fees, no prepayment charges, and faster disbursal of loans. As a result, the bank is one of the best banks offering education loans for studying abroad.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
