Bank of Maharashtra Makes Education More Accessible with Its Education Loan Schemes

In India, the desire for higher education among the youth is growing stronger, but the soaring costs tied to academics often pose significant barriers. To bridge this gap, Bank of Maharashtra steps forward with its Education Loans tailored to lighten the financial load so that students can pursue higher studies domestically and internationally. Potential candidates can explore the education loans on the Bank of Maharashtra Education Loan Scheme webpage.          

Empowering Education Through Maximum Financial Support     
The Bank’s Education loan emerge as a source of light for students, as they provide with maximum funding for all their education related expenses which helps the students to focus on their studies without worrying too much of the financing part. Numerous offerings, such as the following, can attest to this.

Education Loan Coverage: Comprehensive Financial Support

Facing financial hurdles shouldn't stop students from achieving their educational goals. Keeping this in mind, the bank’s education loans cover an extensive range of academic expenses, including

• Tuition fees
• Hostel fees
• The cost of books and more

This extensive coverage ensures that students can focus entirely on their studies and academic development, free from the worry of financial constraints. With such holistic financial support in place, the path to academic success becomes more accessible, enabling students to achieve their educational aspirations with peace of mind.

Prolonged Repayment Period: Easing Financial Worry         
Bank of Maharashtra Education Loans are designed in such a way that significantly reduce the EMI loads on students. For these loans, students get a repayment duration upto 15 years (excluding moratorium period). This is a testament of the bank’s commitment to providing students with peace of mind, allowing them to focus on their studies. 

Tailored Financial Solutions for Prospective Candidates

The Bank's education loan portfolio features several specialized schemes, each designed to cater to varying educational needs:

• Model Education Loan Scheme- For students charting their academic paths both in India and on international shores, the Model Education Loan Scheme emerges as a beacon. It covers various courses approved by government bodies like UGC, AICTE, AIBMS, and ICMR, and offers a simple interest rate during the moratorium period. Additionally, students can benefit from interest rate concessions, including a 1% interest concession for regular interest payments during the study period, a 0.50% concession for girl students and existing housing loan borrowers, and an additional 0.25% discount for meritorious students (with a maximum overall concession of 0.5%).
• Maha Scholar Education Loan Scheme- This scheme is particularly tailored for meritorious students aiming for higher degree/diploma courses in renowned institutes, such as IIMs, ISBs, IITs, NITs, XLRI, MBBS colleges, and other medical colleges. It stands out by offering an interest rate concession of 0.10% for female students, reinforcing the bank's dedication to promoting gender equality in education.
• Mahabank Skill Loan Scheme - This scheme aligns with the evolving educational landscape, which includes skill development. This scheme supports individuals pursuing skill development courses to amplify their professional capabilities. It embarks on supporting skill enhancement with financial aid that is accessible and inclusive.

Bank of Maharashtra's enriched Education Loan Scheme mirrors its determination to invest in future leaders by removing financial barriers to education. Each scheme within the portfolio is meticulously crafted to address the diverse educational aspirations and financial situations of students. Through the schemes, students will gain academic empowerment as well as a sense of financial responsibility and confidence.

For more details on these schemes, applicants can visit the Bank of Maharashtra's website.