Bank of Maharashtra Education Loan: Your Gateway to Studying Abroad

Education has the power to change one’s life. However, the rising cost of education can make it difficult for students. Whether you aim to study in India or abroad, funds and expenses can often come between your goals. This is where taking a loan comes to your rescue. Bank of Maharashtra education loan ensures that money never becomes a barrier to your education dreams.

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Types of Bank of Maharashtra Education Loan

Bank of Maharashtra offers various education loans for students planning to study in India or abroad. The different types of Bank of Maharashtra education loans are as follows:

Bank of Maharashtra Abroad Education Loan

Bank of Maharashtra offers loans to students for their studies in India and abroad. The bank offers a Model Education Loan scheme and a Maha Scholar Overseas Education Loan scheme for students planning to study abroad. The details are as follows:

Note: Students can get a concession of up to 1% if they pay Simple Interest during the moratorium period.

Bank of Maharashtra Education Loan for Studying Abroad: Country-Specific Insights

Bank of Maharashtra offers an education loan for international students up to INR 20 lakhs. Whether you are planning to study in Australia, Canada, the US, or the UK, the bank offers competitive loan options.

• Australia: Bank of Maharashtra for study in Australia offers financial assistance through its education loan scheme. This scheme supports international students aiming to pursue higher education in recognized Australian universities.
• Canada: For students planning to apply for a loan from the Bank of Maharashtra for study in Canada, they can get an education loan at an interest rate starting from 8.10% PA.
• UK: Bank of Maharashtra for study in UK is for Indian students seeking higher education in the UK. The loan covers various expenses, including tuition fees and living costs.
• US: Bank of Maharashtra loan for study in USA is customized for students aspiring to study in top universities in the USA. These loans can be paired with scholarships to ease your financial burden.

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Bank of Maharashtra Education Loan Interest Rate

Calculating your interest rate when planning to take an education loan is very important, as the interest rate decides your overall loan cost. The Bank of Maharashtra offers a 0.50% concession if you are a female student. The bank also offers meritorious students a 0.25% concession on the interest rate. Bank of Maharashtra education loan interest rate is as follows:

Model Education Loan:

Maha Scholar Overseas Education Loan:

Documents Required for Bank of Maharashtra Education Loan

While applying for your education loan to study abroad, you need to submit various documents to the bank for a successful loan application. Here’s a list of documents required for a Bank of Maharashtra education loan:

• Identity and Address proof
• Pan Card
• Admission proof through Entrance test / Merit-based selection
• Academic certificate
• Graduation mark sheets/certificates
• Exam scorecard (entrance exam)
• Recognition of institute/college / university
• Admission letter
• Prospectus of institute/college / university
• The fee structure of the program
• Receipt of the fee already paid

Proof of Income (for salaried class):

• For the last 2 years, ITR
• Form 16
• Last 3 months’ salary slips
• The last 6 months’ bank statements

Proof of Income (non-salaried class):

• For the last 2 years, ITR
• Audited balance sheet
• Last 12 months’ bank statements
• Tax paid challan / 26AS
• Business proof – Proprietor – shop act / Gramapanchayath certificate

For agriculturists who do not have an Income Tax Return (ITR), an income certificate issued by the Tahsildar, 8A & all 7/12 or other appropriate authorities is necessary.

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