Education Loan- Hello friends, in today's article we will get information about the Bank of Maharashtra Education Loan. If you also want to know how to take the Bank of Maharashtra Education Loan?, then definitely read this article till the end. In this post, all those taxes related to the Bank of Maharashtra education loan have been discussed, which is very important for you to know before taking an education loan.
Bank of Maharashtra Education Loan | Maharashtra Bank Education Loan
Bank of Maharashtra provides education loans to students to pursue higher education both in India and abroad without worrying about money. The bank offers a maximum of Rs 10 lakh for education in India and Rs 20 lakh for education abroad,- and offers attractive interest rates for the same. The bank offers two types of education loans. One is a basic education loan for students and the other is a loan under the government-mandated interest subsidy scheme.
| loan tenure | up to 15 years |
|---|---|
| moratorium period | Course Duration + 6 to 12 Months |
| loan amount | up to Rs 20 lakh |
| processing fee | 00 |
Bank Of Maharashtra Education Loan Interest Rates
Given below are the Bank of Maharashtra Education Loan interest rates:
- Education Loan:
| classification | ROI | ER |
|---|---|---|
| Up to Rs 7.50 lakh | RLLR + 2.00% | 8.8% |
| Above 7.50 Lakh | RLLR + 1.65% | 8.45% |
- Maha Scholar Education Loan Scheme:
| classification | ROI | ER |
|---|---|---|
| List A | RLLR + 0.15% | 6.90% |
| List B (up to Rs 7.50 lakh) | RLLR + 0.90% | 7.7% |
| List B (above Rs 7.50 lakh) | RLLR + 0.65% | 7.45% |
| List C (Up to Rs.7.50 Lakh) | RLLR + 1.15% | 7.95% |
| List C (above Rs 7.50 lakh) | RLLR + 0.90% | 7.7% |
Bank Of Maharashtra Education Loan EMI Calculator
Bank Of Maharashtra Education Loan EMI Calculator
Whenever we take a loan, first of all, we know the EMI of that loan. We use EMI Calculator to calculate EMI. EMI calculator is a tool that helps you to know the amount that you have to pay as loan installments on a specified date of every month.
You can calculate your Bank of Maharashtra education loan by using the EMI calculator given below. In which you only have to enter the loan amount, interest rate, and tenor. EMI calculator will show your Bank of Maharashtra Education Loan EMI calculation.
What is the eligibility for Bank of Maharashtra education loan?
You need to fulfill the following eligibility criteria to apply for the Bank of Maharashtra Education Loan:
- Citizenship: The student must be an Indian citizen.
- 10+2 Pass: The student must have passed 10+2 with a minimum of 50% marks.
- Education Curriculum: The syllabus should be as per the guidelines laid down by the Bank.
- Co-borrower: The student's parent or guardian must act as a co-borrower to avail of the loan.
- Entrance Test / Merit-Based Admission: The applicant should have secured his/her admission through Entrance Test or Merit-Based Process.
Documents Required for Bank of Maharashtra Education Loan
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You will need the following documents to apply for a Bank of Maharashtra home loan:
- PAN card
- Photograph: Passport size photograph of the applicant.
- Application Form: Duly filled application form
- Proof of Identity: Aadhar Card, Driving License, Voter ID Card, Passport, etc.
- Address Proof: Passport, Driving Licence, Utility Bills like Electricity Bill, Water Bill, Telephone Bill, etc.
Proof of Income for Parents:
- For Salaried Person: Salary slip of last 3 months, Bank statement of last 6 months, IT return of last 1 year, Form 16.
- For Self Employed: IT Return of last 2 years, Audited Balance Sheet, Bank Statement of last 12 months.
Documents related to education loans:
- Proof of admission to any vocational or technical course in India or abroad through entrance test or merit-based selection.
- Educational certificates of class X and XII.
- The Graduation mark sheet and certificate.
- Letter confirming admission.
- Prospectus of the College/University.
- Receipt of payment made.
- Proof of having obtained the required exam scorecard or seat through merit-based selection.
How to apply for Bank of Maharashtra Education Loan?
You can apply for a Bank of Maharashtra education loan both online and offline. Following is the procedure to apply:
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Bank of Maharashtra Education Loan Online Apply
Follow the steps mentioned below to apply for a Bank of Maharashtra home loan online:
- First of all, go to the official website of the Bank of Maharashtra.
- Now go to the 'Loans' section under 'Personal'.
- In the 'Loans' section, click on 'Education Loan Scheme'.
- A new page will open where you have to click on the button 'Click Here to Apply in Vidya Laxmi Portal'.
- The application form will open in front of you.
- You will be redirected to Vidya Lakshmi Portal.
- Now click on 'Apply Now'.
- After this, a form will open in front of you where you have to register yourself by entering your name, mobile number, email id.
- Fill in the correct information in the application form and enter the captcha in the box given below.
- Now click on 'Submit'.
- A representative of the bank will get in touch with you and assist you in the process of your loan application.
Bank of Maharashtra Education Loan Offline Apply
Follow the steps mentioned below to apply for a Bank of Maharashtra home loan offline:
- You visit your nearest Bank of Maharashtra branch.
- Tell the bank employee that you want to apply for an education loan.
- The representative of the bank will provide you all the necessary information related to the education loan.
- Necessary documents will be taken from you and they will be checked.
- If you find eligible then your loan will be accepted and the amount will be credited to your account.
How to log in to the Bank of Maharashtra Portal?
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Follow the steps given below to login to the Bank of Maharashtra portal:
- Visit the Bank of Maharashtra website.
- Now click on 'Internet Banking.
- Click on 'Retail' under Login.
- Enter your Internet Banking User ID and Password to log in.
How to Check Bank of Maharashtra Home Loan Application Status?
Follow the steps given below to check the Bank of Maharashtra home loan application status:
- Visit the official website of the Bank of Maharashtra.
- Now click on 'Online Applications.
- Under 'Know your Application Status' click on 'Click here.
- Enter your application reference number, and mobile number, and choose your loan type.
- Enter the captcha code given below and then click on 'Submit'.
- The status of your application will be displayed on your screen.
Subsidy Schemes on Bank of Maharashtra Education Loan
The Government of India has allowed a scheme that provides full subsidy on interest during the moratorium period for applicants from economically weaker sections of society. Under the educational loan scheme, students can get an interest subsidy on their loans to study approved courses from various recognized institutes in India for technical courses or vocational streams.
Bank Of Maharashtra Customer Care
You can call the toll-free number 1800-233-4526 / 1800-102-2636. can call on
You can visit your nearest Bank of Maharashtra branch.
Conclusion
Complete information related to the Bank of Maharashtra education loan has been provided in this post. We learned that the Bank of Maharashtra Education Loan can be taken. If you have any queries in your mind then you can contact Bank of Maharashtra customer care or you can ask by commenting. Hope you liked this article.
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