Mahabank Education Loan

Education Loan is meant to provide financial assistance/ support to meritorious student for pursuing higher studies /education in courses conducted by the Premier Educational Institutions in India such as IIMs, ISB, IITs, NITs, XLRI, MBBS, Medical College etc.

Apart from these, Education Loans are also provided for Graduation courses/Colleges under Universities approved by UGC. Other courses leading to diploma / degree etc. conducted by colleges / universities approved by UGC / Govt. / AICTE / AIBMS / ICMR etc. in India.

For Studies Abroad, Education Loan is provided for Job oriented Professional/Technical / PG courses/ Post Graduation - MCA, MBA, MS etc.

Bank of Maharashtra provides three variants of Education Loans as under:

• Maha Scholar Education Loan –Loan for pursuing higher studies in Premier Institutions in India
• Model Education Loan- Loan for pursuing higher studies in India and abroad for recognized universities
• Mahabank Skill Loan- Loan for Skill development courses
• Maha Scholar Overseas Education loan- Loans is granted to deserving/meritorious students for pursuing full-time regular courses in premier foreign colleges/universities

Eligible applicants include students seeking education at recognized institutions, both in India and abroad. The loan is open to Indian nationals with a secured admission offer.

You will need to furnish the following documents along with the completed application form. When the loan is jointly taken, relevant information would relate to the guardian and the student both.

• Mark sheet of last qualifying examination for school and graduate studies in India
• Proof of admission to the course
• Schedule of expenses for the course
• 2 passport size photographs
• Statement of Bank account for the last six months of borrower
• Income tax assessment order not more than 2 years old
• Brief statement of assets and liabilities of borrower.

For more details, please check "Document Required" section

If you are not an existing bank customer you would also need to establish your identity and give proof of residence.

Co-applicant should be parent/natural guardian of the student borrower. In case of married person, co-obligator can be spouse or the parent(s)/parents in law.

• As per Model education loan scheme devised by IBA and subsequently implemented by our bank, no collateral security is required for loansupto ₹ 7.50 lakhs and for loan above ₹ 7.50 lakhs, acceptable tangible security with sufficient margin is insisted from the borrowers.
• Also, under “Maha scholar education loan scheme” of our Bank for students taking admission in Premier Institutes of India, no collateral security is required for loan upto ₹ 40.00 lakhs.

There is no processing fee irrespective of loan amount for Mahabank Scholar Loans for premier Institutes. For Mahabank Model Education Loans, there is a minimal Processing fee of 0.50% of the loan amount in case of studies abroad only& is refundable in case borrower takes up the course.

Education loan is being extended for 15 years of tenure. The repayment would begin after one year of the course period or six months after you get a job, whichever is earlier.

Bank of Maharashtra education loan covers various expenses like tuition fees, hostel fees, cost of books, Laptop/Computer cost etc.

For Maha Scholar Education Loan, there is no margin required for Premier Institutions listed under List ‘A’. For List ‘B’ & ‘C’ category Institutes, a minimal 5% margin of the loan amount is required. Under Model Education Loan uptoRs. 4 lakhs, there is no margin required. Above 4 lakhs, there is a required of 5% margin for studies in India and 15% for Studies abroad.

Yes, under Maha Scholar Education Loans, there is a concession of 0.10% in interest rate to Girl students. However, under Model Education Loan scheme, Bank offers interest concessions keeping the maximum concessions upto 0.50% for the following-

• 0.50% concession for girl students
• 0.50% concession to our existing Housing Loan borrower
• Up to 0.25% for meritorious students.

To Download Form for Offline Application      Cick here