Bank of Maharashtra Education Loan

Thinking of higher studies? Bank of Maharashtra offers education loans at 9% interest with a smooth, student-friendly online process.

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Making your document available to your lender bank is the only foolproof way of starting the education loan process. In our recently published article, we have compiled the complete list of documents that are required for an education loan . You can go through it for a better understanding. Here is the list of some basic documents for the Bank of Maharashtra education loan: Completed Application Form Admission Confirmation: Proof of admission to the Institute. Identification Copies: Passport, Voter ID, Driving Licence, or PAN Card copies. Passport Photos: Two recent passport-size photographs of the applicant, co-applicant, and guarantor. Educational Records: Latest qualified exam mark sheet result of the entrance exam through which admission is being taken (e.g. CAT, GRE , TOEFL , IELTS , etc.) Income Proof: Parents' or guardians' income proof with the last 2 years' income tax statements. Financial Statements: Six months' bank statement or recent salary slip. Course Expenses Plan: Detailed breakdown of course expenses. Current Financial Obligations: Details of existing loans and any scholarships received. Institute Prospectus: Copy of the institute's prospectus for cost estimation.

Bank of Maharashtra has its own EMI calculator available on its website, but we suggest you use the Subraxo Education loan EMI calculator , as it provides a more detailed analysis of your repayment statistics, including: EMI amount Interest component in the EMI The principal amount repaid towards the loan Outstanding loan amount Here is an example of how to calculate the EMI for a Bank of Maharashtra education loan: Let’s assume that you have taken a loan of Rs. 10 lakhs for a course period of 24 months. The interest rate is 8.5% per annum and the moratorium period is 12 months. You will not be paying during the study + moratorium period. Here is how you can calculate the EMI: Calculate the total amount payable after the moratorium period: Total amount payable = Loan amount + (Loan amount * Interest rate * Moratorium period / 12) Total amount payable = 10,00,000 + (10,00,000 * 8.5 * 12 / 100) Total amount payable = Rs. 11,02,000 Calculate the EMI using the following formula: EMI = [P x R x (1+R)N]/[(1+R)N-1] Where, P = Principal amount (loan amount) R = Rate of interest (monthly) N = Tenure (in months) Monthly interest rate = Annual interest rate / 12 Monthly interest rate = 8.5 / 12 = 0.708% Tenure = Course period + Moratorium period Tenure = 24 + 12 = 36 months EMI = [10,00,000 x 0.708% x (1+0.708%)36]/[(1+0.708%)36-1] EMI = Rs. 32,042 So, the EMI for your Bank of Maharashtra education loan would be Rs. 32,042. The education loan repayment period in the Bank of Maharashtra is 15 years, which starts immediately after the moratorium period ends. Students are provided with an education loan sanction letter in which the current effective rate of interest is mentioned along with,

Offline application process Visit the nearest Bank of Maharashtra branch and ask the loan officer about the education loan products offered by the bank. Check your eligibility for an education loan and fill out the application form accordingly Collect all the documents required and submit them to the bank on your next visit to start your loan application process The online application process is to the Bank of Maharashtra's official website or you can apply directly on WeMakeScholar's official portal . Initiate Application: Click on the " Apply Now " section designated for education loans. Complete Form Details: Provide your information by filling out the application form with the necessary details. Document Submission: Upload the essential documents as listed for the loan application. Form Submission: After filling in all required fields, submit the form electronically. Additionally, it's advisable to print a copy of the application for your records. Visit the Nearest Bank Branch: Proceed to your nearest Bank of Maharashtra branch to complete any further formalities or requirements regarding your loan application.