Bank of Maharashtra Education Loan: Application, Eligibility, Interest Rate, Documents & Much More.

Bank of Maharashtra Education Loan
Bank of Maharashtra Education Loan

Bank of Maharashtra is one among the public sector bank, it was founded 83 years ago in 1935, It was founded by G.Kale and D.K. Sathe. Bank of Maharashtra provides several services like consumer banking, corporate banking, finance and insurance, investment banking, private banking, private equity, savings, Securities, asset management, wealth management, Credit cards, mortgage loans etc. If you want Education Loan to complete your education or pursue higher studies from Abroad, You are at the right place to collect every aspect of information related to Educational Loan in India.

Bank Of Maharashtra

Read this full post on Bank of Maharashtra Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Educational Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding Bank of Maharashtra Education Loan it’s Process to Apply and full detailed Information.


Bank of Maharashtra Education Loan


The major aim of the bank is to ensure anywhere and any time banking for the customer with the latest state-of-the-art technology. The Bank is very serious about its Education Loan Facility and by developing an effective customer-centric relationship it promises to emerge as a world-class education Loan provider. Before we share further, let us first have a brief review of the Bank.

Brief Review

Profile Description
Name of Bank  Bank of Maharashtra
Founded on 1935
Headquarter Lokmangal, Shivajinagar, Pune
Type of Bank  Nationalised Bank
Number of Employees 13,765(2016)
CEO Name A. S. Rajeev
Maximum Loan Amount  Rs 20 Lacs
Timeline for Loan Disposal Maximum 15 Working days
Annual Revenue Δ ₹13,052.98 crore (US$1.8 billion)
Processing Fees No Processing Fee will be charged
Other Subsidiaries
  • The Maharashtra Executor & Trustee Company Pvt. Ltd.
  • Bank of Maharashtra, Asset Management Arm
Category  Education Loan in India

Types of Bank of Maharashtra Student Loan

S.no. Schemes Description
1. Maha Scholar Education Loan this Scheme is for Studies In India. Amount of Loan is Depend upon Category of Educational Institutes, which can be from 15 Lacs to 35 Lacs
2. Skill Loan Loan Scheme aims at providing a loan facility to individuals who intend to take up skill development courses as per the Skilling Loan Eligibility Criteria. Under this Scheme, loans will be in the range of Rs. 5000/- to Rs. 1.5 Lacs
3. Education Loan This loan Scheme under Bank of Maharashtra is for Studies in India and Abroad. One can avail loan from 10 Lacs (Studies in India), 20 Lacs (Studies in Abroad)

How to Apply

Online

  • Visit official Web Site of Bank of Maharashtra (Click Here)
  • Find the Educational Loan Section Apply Now Button
  • Fill online Application Form

Offline

  • Visit the nearest branch of Allahabad Bank to get offline Education Loan form.
  • You may also download the form from official web handle.
  • Submit the Application Form to Nearest Branch along with document needed.

Eligibility

  • The applicant should be an Indian National.
  • Applicant must have secured admission in a Government recognized educational institute.

Documents Needed

  • Proof of Identity
  • Proof of Address
  • PAN Card
  • Proof of parental Income
    • Last 2 years ITR
    • Last 3 Months Salary Slip
    •Last 6 Months Bank Statement
  • Proof of Admission to Professional /Technical Courses in India of Abroad through Entrance test
  • 2 passport size photographs
  • Fee structure of Course
  • Receipt of Payment already made
  • Academic Certificates (10th, 12th, other Qualifications)
  • Recognition of Institute/College/ University (Approved by Competent Process)
  • Letter Confirming Admission
  • Prospectus of Institute/College/University etc.

Expenses Considered

  • Tuition and course fee
  • Examination, library and laboratory fees
  • Caution deposit
  • Cost of books, Uniforms, Equipment and other instruments.
  • Travel Expenses

Return Policy

  • In the case of Bank of Maharashtra Education loan, repayment will start after the completion of course period+ 1 Year (moratorium period) or 6 months after securing the job whichever is earlier
  • Repayment up to Maximum of 15 years

EMI Calculator

EMI Calculator is used for calculating the periodic payment amount due on a loan. For calculating EMI one must input data like Amount, Interest Rate, tenure, Processing Fee etc.

  • If you want to calculate EMI for Bank of Maharashtra Educational Loan: Click Here

Security

  •  Up to Rs. 4 Lacs
    • Co-obligation of parents
    • No security
  •  Above Rs. 4 lacs and below Rs. 7.50 Lacs
    • No collateral Except satisfactory third Party Guarantee
  • Above Rs 7.50 Lacs
    • Collateral equivalent to a quantum of finance after providing a requisite margin

Contact Details

Head office  The Chairman Bank of Maharashtra, Lok Mangal 1501, Shivaji Nagar, Post Box No.919 Pune-411 005.
Official website www.bankofmaharashtra.in
Apply for Loan  Click Here
Contact Number 020 – 25532731, 733, 734, 735, 736

 

Bank of Maharashtra Student Loan FAQs

We hope that the information furnished above will guide you to get the best educational loan for your studies. In case of any doubt regarding the loan procedure and other related terms, read our FAQ’s session.

Q1. Who can be my co-borrowers?

Ans. Your parents/guardian can be a co-borrower as well as the spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.

Q2. How long does it take to process Educational Loan?

Ans. Generally, the time taken for the education loan to process is somewhat between 7-10 working days. Often, the whole process can be easily completed within 3 to 5  Working days, once the student fulfils all documentation.

Q3. What all expenses will be covered by education loans?

Ans. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course-related expenses may also be covered by the education loan.

Q4. What are the courses for which an education loan can be availed?

Ans. An education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.

Q5. Can a student avail another loan for further studies?

Ans. Yes, this is possible. You can borrow a loan for a bachelor’s degree followed by one for master’s without repaying the first loan. This loan can be taken as a top-up loan against the already existing loan; however, it is subject to the lending bank’s discretion and the internal rules and regulations of the lender.

Q6. Do education loans have any Income Tax benefits?

Ans. Loan borrowers can avail tax benefits on interest paid on education loan under Sec 80E of the Income Tax Act. This benefit is available over and above the Rs. 150,000 deduction allowed under Section 80C. Tax benefits can be availed once the borrower starts paying the interest on the education loan. Further, the deduction is available until the borrower pays off the full interest amount on the loan or for a maximum period of 8 years, whichever is earlier.

Q7. Why do banks require an insurance policy?

Ans. Banks usually prefer that students avail a life insurance policy equivalent to, or more than, the loan amount. The policy acts as a security feature and forms a part of the collateral. In case of the untimely demise of the borrower, the bank recovers the outstanding loan amount from the student’s life insurance policy and the remaining amount, if any, is paid out to the beneficiary of the policy.

Q8. Is any incentive available for a girl student applying for education loan?

Ans. Banks generally provide a 0.5% concession on the applicable education loan interest rate to girl students pursuing higher education in India and abroad.

Q9. Are there any special privileges for students of SC/ST category who avail education loans?

Ans. Yes, eligibility criteria and loan margins on education loan are relaxed for Scheduled Caste/Scheduled Tribe students availing education loans in India. The eligibility criteria are lowered from first/second class to pass class for SC/ST category students seeking education loan for graduate and postgraduate studies, while, margin money is sometimes lowered than the regular percentage or nil.

Q10. Where can I avail Bank of Maharashtra education loan?
Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.

Best of Luck..!!

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