Beti Bachao Beti Padhao

In today’s competitive world where advancements and opportunities are ample, obtaining a higher education has become essential for career growth and success. We empower students by providing them with the financial support they need to pursue their desired courses and unlock opportunities for a brighter future.

Start with Bank of Maharashtra tailored Education Loan and turn your educational dreams into reality!

Education loan rates

Interest Rate


Education Loan schemes:

Features and benefits of Education Loan

  • best Education loan rates,Education loan interest rates
    Low EMI
  • higher Education loan amount
    Higher Loan Amount
  • track my loan
    Track my Loan
  • Simplified Disbursement
    Simplified Disbursement
  • no hidden charges
    No Hidden Charges
  • no prepayment penalty
    No Prepayment Penalty
  • No Margin Money. Up to 100% financing (for Premier institutions)
  • No collateral security (for Premier institutions).
  • ROI concession to Girl student.
  • Instant In-principle sanction before registration in Institutions.
  • Longer repayment period upto 15 years (Excluding Moratorium) to reduce the EMI burden.
  • Loan will cover tuition fees, hostel fees, cost of books etc.

Documents required for Education Loan

  • KYC documents of Student, Applicant, Co-Applicant and Guarantor
    • Photo ID (PAN Card/Passport/Driving License/Voter ID/Aadhar Card)
    • Address Proof (Passport/Driving License/Voter ID/Aadhar Card/Ration Card/Light Bill)
  • Income documents of parents/Co-Applicants
  • For Salaried persons
    • Last 2 years ITR (if Taxable Income) & Form 16
    • Last 3 months salary slips
    • Last 6 months salary account statements
  • Documents of Businessman / self employed
    • Last 2 years ITR
    • Last 2 years audited balance sheets & Profit loss statements along with computation of income
    • Last 12 months business bank account statement
    • Tax paid challan/26AS
    • Business Proof - Properitor - shop act / Gramapanchayath certificate
    • For Agriculturist - Those who do not file Income Tax Returns, income certificate issued by Tahasildar, 8A & all 7/12 extract along with supporting income proofs
      Tahasildar income certificate for interest subvention claim
  • Other documents related to academics
    • 10th std mark sheet
    • 12th std mark sheet
    • Diploma/Degree mark sheet of all semesters
    • Requisite exam scorecard /proof of obtaining seat in merit based selection process(DTE/JEE score card studies in India, GRE/TOEFL score card studying abroad or equivalent requisite exam score card)
    • Confirmation letter from institute with free structure or I-20(studying abroad)
    • Receipts of fees paid already
    • Quotation of the laptop (fee structure of college to specially mention the requirement of course)
    • If student has taken gap during academic year affidavit for gap
    • Declaration of source of margin money if applicable.
    • Declaration of job opportunities, expected salary after getting job.
    • Declaration for option of repayment of interest during moratorium period.
    • If plot/house/flat is offered as security - Latest search & valuation report & all property related documents as per housing loan checklist
    • If takeover from other bank/institution, sanction letter with statement of account .

Education Loan Interest Rates

bank of maharashtra Education loan interest rate

Bank of Maharashtra helps you to provide financial assistance/support to meritorious student for pursuing higher studies with a very low EMI options. The EMI Calculator on the website works this out for you.
Check your eligibility, upload your documents and obtain the loan sanction.

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Education Loan Interest Rate


For more Interest Rates & Charges Click here

Education Loan EMI Calculator

Course Period (Months) *
Loan Amount *
Amount Required in Year 1
Interest Rate ( % P.A ) *
Tenure (Months) *
Moratoriam Period (Months) *
Will you be paying during the study + moratorium period

Total Moratorium:

* (indicative,actual returns may vary)

Educational Subsidies Scheme

Educational Subsidies Scheme

Bank of Maharashtra provides Interest subsidies scheme for Education Loans, such as




Click here to Know More about the Subsidies

Frequently Asked Questions (FAQs)

frequently asked questions

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