Bank of Maharashtra Education Loan Summary Table
Bank of Maharashtra Education Loan Limit | For India – INR 10 Lacs
For Abroad – 20 Lacs |
Bank of Maharashtra Education Loan Interest Rate | 9.65% per annum |
Bank of Maharashtra Education Loan Margin | For loan above INR 4 Lacs
In India: 5% In abroad: 15% |
Bank of Maharashtra Education Loan Processing Fee | Up to INR 4 Lacs: Nil
Above INR 4 Lacs: INR 5000 |
Bank of Maharashtra Education Loan Security | Up to 7.50 Lacs: Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee.Above INR 7.50 Lacs: Tangible security along with parents as co-borrower |
Bank of Maharashtra Education Loan Repayment | It starts After 1 year of course completion or 6 months after getting a job. |
Bank of Maharashtra Education Loan Features
Bank of Maharashtra aims to provide financial support to the students across the country who aspire to get to the top universities of India and abroad. This is because the cost in some universities is pretty high, and that’s where the loan helps you out.
By taking an education loan, things could get more comfortable for you.
If you possess the capability and potential, this loan can make your dreams come true. The loan includes expenses for their education such as tuition fees, etc.
The loan can be availed to study in India or even overseas; the Bank of Maharashtra is always there to help Indian students.
Any student can apply for the Bank of Maharashtra education loan by following the specific criteria and documentation.
Bank of Maharashtra Education Loan Eligibility
Parameters | Eligibility Criteria |
Applicant’s Age |
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Who Can Apply? |
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Maximum Loan Amount |
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Frequency Of Repayment |
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Repayment Period |
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Bank of Maharashtra Education Loan Interest Rate
Loan Amount | Rate of Interest |
Above ₹ 1 Lakh | 12.65% + Spread |
Bank of Maharashtra Education Loan Schemes with detailed features, documents, max loan, courses
Bank of Maharashtra Education Loan Schemes and Interest rates
Loan Type | Interest Rates |
For loans below 4 lac rupees | 12.75% |
For loans between 4 lac and 7.5 lac rupees | 12.25% |
For loans above 7.5 lac rupees. | 11.50% |
Bank of Maharashtra Education Loan Documents Required
Under Know Your Customer Policy (KYC), the bank requires certain documents.
These documents are required from both the student and co-borrower:
Identity Proof | One of any mentioned documents for Identity proof:
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Residence Proof | One of the following documents for Residence proof (It should not be more than 3 months old):
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Income Proof in case of salaried co-borrower |
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Income proof for self-employed co-applicant |
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Additional documents: Aside from KYC documents:
Student Applicant | Mandatory Passport submission |
Academic Records: X, XII grade results. Graduation results semester wise. Entrance Exam results that formed the basis of admission | |
Proof of admission: A conditional application letter may be considered | |
Cost of education, schedule of expenses. | |
2-passport size photographs | |
If the loan was taken out before then, loan account statement for the last 1 year. | |
Co-applicant | 2-passport size photographs |
If the loan was taken out before then, loan account statement for the last 1 year. |
Bank of Maharashtra Education Loan Offered Courses
The Education Loan covers courses that are only regular full-time Degree or Diploma courses that the student secured through selection or merit. Bank of Maharashtra Education Loan also considers Full-time Executive Management Courses like PGPX.
EMI Calculator
Bank of Maharashtra Education Loan EMI Calculator
EMI Calculation Table
Bank of Maharashtra: Takeover of Education Loan
An Education Loan is Transferable; it is basically a process of transferring high-interest debt from one another lender with a lower interest rate and better repayment policies.
How To Apply For Bank of Maharashtra Education Loan
- Visit Dialabank for an education loan.
- Go to the Bank of Maharashtra Education Loan page.
- Check out all the eligibility and documents criteria for an education loan.
- Fill out all the details required in the Education Loan application form.
- Once done, our representative will soon contact you for a further stress-free process.
List of Approved Institutes
- Architecture college
- Law college
- Medical college
- Pharmacy college
- Engineering college
- Bio-technology
- college
- Management college
- Science, Commerce, and Arts college
- Physical education college
- B.ED college