If you want to pursue higher studies, then a Bank of Maharashtra Education Loan can be a good option for you. This loan offers subsidies to students from the economically weaker sections of society. You can apply for this loan immediately, and you can repay it in up to 15 years. The money you borrow will help you pay for your tuition, hostel fees, and the costs of books.
There are two payment options available – post-dated cheques or electronic recurring payments. Post-dated cheques are less secure and less convenient and must be submitted at regular intervals. If you’re paying with a post-dated cheque, you’ll have to visit a Bank of Maharashtra Education Loan center and physically submit the cheque.
This loan is intended for students pursuing higher studies in India. It is linked with the existing student loan scheme from the bank. It is only applicable to students enrolled in professional or technical courses in India. The interest rate for this loan cannot exceed 10% of the course’s cost. The bank will contact you with the status of your application shortly. You’ll need to submit the required documents and pay a processing fee before you get your loan.
SAQ( Student Asked Question)
What is the interest on an education loan in the Bank of Maharashtra bank?
- 12.75% for loan amounts of Rs 4 lakhs or below.
- 12.25% for loan amounts between Rs 4 and Rs 7.50 lakhs.
- 11.50% for loan amounts above Rs 7.50 lakhs.
- Above are the latest interest rates for the Bank of Maharashtra Education Loan.
Students who want to take admitted to a professional/technical course, in the graduation program, degree or diploma in a college, university, or institute approved by UGC / ICMR / AIBMS / AICTE are eligible for this loan.
Eligibility for this loan varies from time to time, so it’s important to check the eligibility criteria for your particular circumstances. However, if you’re a meritorious student, you can request a higher amount of education loan. For this, you’ll need to pay 15% of the loan amount in margin money
What are the Documents Required for Bank of Maharashtra Education Loan?
- Letter of admission
- Loan Application Form
- 2 Recent passport-size photographs
- Statement of cost of study
- PAN Card of the student and Parent/ Guardian
- AADHAR Card of the student and Parent/ Guardian
- Proof of identity (Driving Licence/Passport/Aadhar/ any photo identity)
- Proof of residence (Driving Licence/Passport/Electricity bill/Telephone bill)
- Student/Co-borrower/ guarantor’s bank account statement for the last 6 months
- IT return/ IT assessment order, of previous 2 years of Parent/ Guardian/ other co-borrower (if IT Payee)
- Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower
- Proof of income (i.e. salary slips/ Form 16) Parent/ Guardian/ other co-borrower
How to Apply
- First of all, aspirants need to visit the Bank of Maharashtra’s official website to apply for the loan.
- After that, 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
- After that, you’ll get a call from the bank representative regarding the loan.
- Then after the approval from the Bank of Maharashtra, you need to submit the documents and processing fee.
The maximum amount you can borrow is INR 15 lakh. The repayment period is 15 years. You can take a moratorium of up to one year before repaying your loan. In addition, this loan is unsecured and requires you to mortgage your tangible assets. Moreover, you’ll need to have secured admission to a recognized institution, such as an Industrial Training Institute or Polytechnic. You’ll also need to provide proof of identity, such as a photo ID card or a passport.
Important Note: The Bank of Maharashtra Education Loan is available at competitive interest rates. In addition, the bank offers special interest rates for premier institutions. As long as you can show proof of income and pay EMIs on time, this loan is a good option. But before you apply, make sure to read the terms and conditions of your loan carefully