Bank of Maharashtra Model Education Loan Scheme

To be eligible, an applicant must:-

• be an Indian citizen
• have secured admission through the entrance test/merit-based selection
• pursue higher education courses at:
• Graduation courses/Colleges under Universities approved by UGC
• Job-oriented Professional/Technical courses approved by AICTE, AIBMS, ICMR, etc.
• Post Graduation courses: MCA, MBA, MS, etc., at reputed institutions abroad

• For studies in India: Up to ₹10 lakhs
• For studies abroad: Up to ₹20 lakhs

Note: A loan for a higher amount can be considered on a merit and case-by-case basis.
Margin:

• Up to ₹4 lakhs: NIL
• Above ₹4 lakhs: 5% for studies in India, 15% for studies abroad

Security:

• Up to ₹7.50 lakhs: Clean. Parents/Guardian to be joint borrowers. All eligible education loans should be covered under the Credit Guarantee Fund Scheme for Education Loan (CGFSEL).
• Above ₹7.50 lakh: Collateral equivalent to the quantum of finance after providing the requisite margin. Parents/Guardian to be joint borrowers.

Rate of Interest: Check the current interest rate on the bank's website. Interest rate concessions available:

• 0.50% concession for girl students
• 0.50% concession to existing Housing Loan borrowers
• Up to 0.25% for meritorious students
• Overall maximum concession of 0.5% allowed
• 1% interest concession if interest is serviced regularly during the study period

• A duly filled application form
• ID proof
• Academic transcripts
• Admission letter/offer
• Bank details
• Other necessary documents

Eligible applicants can apply by following these steps:-
Step 1: Click on the 'Apply Now' button below.
Step 2: Click on the 'Register' button and fill in the required registration details (Note:- If already registered, log in using Gmail/Mobile number/Email ID).
Step 3: Visit the PM Vidyalaxmi Portal and register with your details.
Step 4: Fill out the Common Education Loan Application Form by providing all necessary details.
Step 5: Search for an Educational Loan and submit your application to the Bank of Maharashtra as per your needs and convenience.

Note: You can also apply directly through Bank of Maharashtra's official digital portal.

The application is open throughout the year.