Education Loans from Bank of Maharashtra
Bank of Maharashtra is one of the largest public sector banks in India. With a strong network in the state of Maharashtra and a compelling presence all over the country, it is one of the best choices for students looking for education loan to pursue higher education in India and abroad. As of October 2020, Bank of Maharashtra offers two study loans to students and one interest subsidy scheme.
The two education loans from Bank of Maharashtra are:
- Education Loan Scheme
- Skill Loan Scheme
The bank also offers one Government of India Interest Subsidy Scheme on education loans for deserving students, namely:
- Interest Subsidy on Education Loans to Students from Economically Weaker Sections
You can read a brief intro to each of these Bank of Maharashtra Student Loan and Interest Subsidy schemes below. This page gives you all the information about the Bank of Maharashtra loans in one space in an easy-to-read format. For more information, click on the links under each summary to read in detail about each education loan.
Bank of Maharashtra Education Loan Scheme (Higher Education in India and Abroad)
This Bank of Maharashtra study loan is designed to provide financial support to meritorious students for pursuing higher education within the country as well as overseas. The maximum loan amount you can get for higher education is Rs. 10 lakh in India and Rs. 20 lakh abroad. However, the loan amount can be higher but this is decided by the bank on a case to case basis.
Features of Bank of Maharashtra Education Loan
Why this Loan?
- The loan is meant to help meritorious students pursue higher education within India or abroad
- This Bank of Maharashtra Education Loan Scheme for Higher Education in India and Abroad is disbursed as a series of payments over the required number of years and not as a lump sum
- The loan can be taken for covering expenses including purchase of books, equipment, uniform, instrument; examination, library and laboratory fees; purchase of laptop or computer essential for completion of the course; life insurance premium for life cover of the student or borrower and travel expenses in addition to admission fees
- The loan is disbursed directly to the college, bookseller or publisher, computer seller, and so on and not to the applicant
Bank of Maharashtra Skill Loan Scheme (Pradhan Mantri Kaushal Vikas Yojana)
This loan helps students who intend to pursue skill development courses as per the eligibility criteria to pay for their course fees and related expenses. The loan amount starts from Rs. 5,000 and can go up to Rs. 1.5 lakh depending on the duration of the course. This loan scheme is sometimes referred to as the Pradhan Mantri Kaushal Vikas Yojana (PMKVY).
Features of Bank of Maharashtra Skill Loan Scheme
Why this Loan?
- The loan is meant for you if you have gained admission into a technical course offered by a polytechnic, Industrial Training Institute (ITI), school, college or training partner affiliated to the National Skill Development Corporation (NSDC), Sector Skill Councils, etc.
- The bank disburses the Bank of Maharashtra Skill Loan Scheme as a series of payments over the required number of terms or years to pay the course fees or other approved charges
- No collateral is required to get this skilling loan
- Bank of Maharashtra website: www.bankofmaharashtra.in and www.mahaconnect.in(net banking)
- Headquarters: Pune, Maharashtra
- Call Centre Toll-Free Number: 1800 233 4526
IMPORTANT: Thousands of smart students and their parents lose lakhs of money every year by choosing a costlier education loan.
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