Bank of Maharashtra Vidya Lakshmi Education Loan: Application Process, Eligibility & More

Bank of Maharashtra Vidya Lakshmi Education Loan
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Bank of Maharashtra Vidya Lakshmi Education Loan: The Vidya Lakshmi portal was launched in 2015 under the joint efforts of the Ministry of Finance, the Ministry of Education, and the Indian Banks Association (IBA). The portal helps students in applying for education loans and keeping track of their application status. Today, a total of 44 banks are registered with the Vidya Lakshmi Portal Education Loan and provide different loan schemes for students planning to study in India and abroad.

Like all other banks, the Bank of Maharashtra Vidya Lakshmi Education Loan is provided for study in India and abroad. In this blog, we are going to understand some of the important details about the Bank of Maharashtra Vidya Lakshmi Education Loan such as the interest rates, eligibility criteria, documents required, expenses covered, etc.

Name of the SchemeModel Education Loan Scheme
Who can applyStudents pursuing Graduation, Post-Graduation, Professional, and other courses in India & abroad
What expenses are coveredTuition fees, hostel fees, cost of books, laptop cost, etc.
What is the repayment periodUp to 15 years (excluding moratorium)
Is there any rebate available for female studentsA 0.50% concession is given to female students
What is the interest rateUpto Rs. 7.50 Lakh – RLLR* + 2.00
Above Rs. 7.50 Lakh – RLLR* + 1.65
*RLLR stands for Repo Linked Lending Rate

Terms and Conditions of Bank of Maharashtra Vidya Lakshmi Education Loan

It is important to know about the complete terms and conditions attached to the loan amount and the loan scheme before availing of the loan. Understanding this helps students in making an informed choice. The terms and conditions of the Bank of Maharashtra under the ‘Model Education Loan Scheme’ are:

  • The joint borrower should normally be the parent(s)/ guardian of the student borrower. 
  • In the case of a married person, the joint borrower can be a spouse or the parent(s)/ parents-in-law.
  • When the student is a minor, the loan should be granted to the guardian/ parent for the educational expenses of their child.

How to Apply for the Bank of Maharashtra Vidya Lakshmi Education Loan?

It is very simple to apply for the Bank of Maharashtra Vidya Lakshmi Education Loan. All you have to do is visit the official website of the Vidya Lakshmi portal and log in as a student. In case you do not have an account on this portal, then you will first have to register.

Here are the steps that you need to follow after logging in:

  • Start the online application through the Vidya Lakshmi Portal.
  • While filling out the application, select Bank of Maharashtra as the lender.
  • After selecting the bank, mention the required loan amount.
  • Provide the necessary details and the supporting documents.

Also Read: How to Apply for Education Loan Through Vidya Lakshmi Portal?

Minimum Eligibility Criteria for Bank of Maharashtra Vidya Lakshmi Education Loan

The Bank of Maharashtra offers the ‘IBA Model Education Loan Scheme’ for students considering higher education in India or abroad. The eligibility criteria for availing of this loan are listed below:

  • The student should be an Indian National (including Non-Resident Indian (NRI)) / Persons of Indian Origin (PIO) / Overseas Citizens in India (OCI), and students who are born abroad (overseas citizenship by birth, when parents were on deputation with Foreign Government / Government agencies or International / Regional Agencies, etc.)
  • The student should have secured admission to higher education courses in a recognized institution in India or abroad through an Entrance test/Merit based selection process after completion of HSC/ Graduation.

Interest Rates for Bank of Maharashtra Vidya Lakshmi Education Loan

The interest rates charged on the Bank of Maharashtra Vidya Lakshmi Loan largely depend on the loan amount that you are taking. Below is the detail about the same:

Loan AmountInterest Rate
Upto Rs. 7.50 LakhRLLR + 2.00
Above Rs. 7.50 LakhRLLR + 1.65

Documents Required for Bank of Maharashtra Vidya Lakshmi Education Loan

To apply for an education loan you must submit a list of documents. Below is the list of documents that you need to submit:

  • PAN card
  • Aadhaar card
  • Application form
  • Passport size photographs
  • Offer letter
  • A valid passport and visa
  • Academic mark sheets from Xth standard to highest education
  • Income proof of the guarantor/ Income certificate
  • Collateral security documents
  • Assets and liabilities statement of co-applicant and guarantor
  • Sources of funds to repay the amount of the loan

Expenses Covered

This education loan will cover both the university and accommodation fees. The below-mentioned list will help you in understanding the expenses that will be covered under the loan.

  • Fees payable to college/hostel, examination fees 
  • Library and laboratory fees
  • Travel expenses/ passage money (abroad studies) 
  • Insurance premiums for students
  • Caution deposit, Building fund/ refundable deposit supported by institution bills/receipts
  • Purchase of books/equipment/ instruments/ uniforms
  • Purchase of computers
  • Study tours/ project work/ thesis

Also Read: Vidya Lakshmi Education Loan Bank of Baroda: A Detailed Guide

FAQs

What are the expenses covered?

The expenses covered under this loan include- fees payable to college/hostel, examination, library & laboratory fees, travel expenses/passage money (abroad studies), the Insurance premium for the student, purchase of books/equipment/ instruments/ uniforms, purchase of computers/ study tours/ project work/thesis, etc.

Is there any incentive available for female students under the Bank of Maharashtra Vidya Lakshmi Education Loan?

Yes, a 0.50% concession is given to female students under this loan scheme.

What is the maximum moratorium period of this loan?

The maximum moratorium period of this loan is course period + 1 year, where, the course period means the period of completion of the initial course for which the student is seeking admission.

The information mentioned above has been taken from the Vidya Lakshmi portal and the Bank of Maharashtra’s website and has been written to only give an overview of the Bank of Maharashtra Vidya Lakshmi Education Loan. As these details may change over time, it is better that the students visit the Vidya Lakshmi Portal and the bank’s website before applying for a loan. To make an informed decision, visit your bank’s website, or your nearest bank branch to understand the various terms and conditions before you finally apply for an education loan.

To know more about the Vidya Lakshmi Education Loan, 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. Follow our social media handles on Twitter, LinkedIn and Instagram

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