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Bank of Maharashtra Model Education Loan

Education finance for recognised graduation, diploma, professional and technical courses in India and job-oriented postgraduate courses abroad, with collateral and margin rules by loan size and location.

RateThe education landing page publishes a starting education-loan rate of 6.85% p.a.; the Model Education page links the applicable current rate table and does not print a separate model-scheme figure.Maximum amountUp to ₹10 lakh for studies in India and ₹20 lakh for studies abroad; higher amounts may be considered on merit and case-by-case basis.TenureRepayment is course period plus one year, with up to 180 equated monthly instalments (15 years), excluding the moratorium period.
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Quick eligibility check

Bank of Maharashtra Model Education Loan

0 of 6 answered

Answer what you know. This guide compares your answers with the criteria published for this product; it is not an approval decision. Your answers stay on this device.

1Does your annual income meet this requirement: No minimum rupee income is published for the student?

Published source: Minimum income

2Does your annual income meet this requirement: parent or guardian income and asset documents are required for credit assessment?

Published source: Minimum income

3Are you this type of customer: Student must be an Indian national with admission through entrance test or merit selection?

4Do you meet this requirement: Parent or guardian joins as co-borrower?

5Are you this type of customer: a spouse or parents-in-law may co-borrow for a married student?

6Document checkDo you have this required document or proof: Admission proof, last qualifying marksheet, course expense schedule, photographs, six-month bank statement, income-tax assessment order and asset/liability statement?

Published source: Minimum income
0 of 6 answeredAnswer the remaining questions to see your checklist result.
✓ Manually checked 31 Aug 2026 · active
Offered byBank of Maharashtra

India and approved overseas institutions

Key facts

What the official sources publish

Every value belongs to this exact product. Expand any fact to inspect its official evidence in place.

Loan typeModel education loan for recognised higher-education courses in India and job-oriented professional or postgraduate courses abroad.View source
The official parameter table covers studies in India and abroad and lists recognised course authorities.
Source
Model Education Loan Scheme
Page / section
Purpose and eligibility
Accessed
31 Aug 2026
Confidence
high
Open official source ↗
RateThe education landing page publishes a starting education-loan rate of 6.85% p.a.; the Model Education page links the applicable current rate table and does not print a separate model-scheme figure.View source
The education landing page displays 6.85% P.A.; the model page directs applicants to the current rate table.
Source
Mahabank Education Loan
Page / section
Interest Rate; model-scheme rate link
Accessed
31 Aug 2026
Confidence
high
Open official source ↗
BenchmarkNo benchmark or spread is published on the reviewed Model Education page.View source
The page links the current rate but does not state a benchmark or spread.
Source
Model Education Loan Scheme
Page / section
Rate of Interest
Accessed
31 Aug 2026
Confidence
high
Open official source ↗
APRNo separate APR figure is published.View source
The reviewed scheme page publishes instructions rather than a fee-inclusive .
Source
Model Education Loan Scheme
Page / section
Rate of Interest
Accessed
31 Aug 2026
Confidence
high
Open official source ↗
Minimum incomeNo minimum rupee income is published for the student; parent or guardian income and asset documents are required for credit assessment.View source
The page requires parent/guardian as co-borrower and lists income-tax and asset/liability evidence without an income floor.
Source
Model Education Loan Scheme
Page / section
Eligibility; checklist
Accessed
31 Aug 2026
Confidence
high
Open official source ↗
Maximum amountUp to ₹10 lakh for studies in India and ₹20 lakh for studies abroad; higher amounts may be considered on merit and case-by-case basis.View source
The parameter table states Rs. 10.00 lac in India and Rs. 20.00 lac abroad.
Source
Model Education Loan Scheme
Page / section
Maximum amount
Accessed
31 Aug 2026
Confidence
high
Open official source ↗
TenureRepayment is course period plus one year, with up to 180 equated monthly instalments (15 years), excluding the moratorium period.View source
The repayment row states course period plus one year and maximum 180 excluding moratorium.
Source
Model Education Loan Scheme
Page / section
Repayment
Accessed
31 Aug 2026
Confidence
high
Open official source ↗
Processing feeThe reviewed Model Education page does not publish a universal processing fee; the education landing-page FAQ states 0.50% for studies abroad only, refundable when the borrower takes up the course.View source
The official specifies 0.50% for Model Education Loans for studies abroad and refund on course take-up.
Source
Mahabank Education Loan
Page / section
— processing fees
Accessed
31 Aug 2026
Confidence
high
Open official source ↗
Prepayment / foreclosureNo prepayment term is published on the reviewed Model Education page.View source
The reviewed page covers repayment and interest concession but contains no prepayment-charge figure.
Source
Model Education Loan Scheme
Page / section
Complete scheme page
Accessed
31 Aug 2026
Confidence
high
Open official source ↗

Benefits and features

  • Maximum ₹10 lakh for studies in India and ₹20 lakh abroad
  • No collateral up to ₹7.50 lakh under the model scheme
  • Repayment up to 180 (15 years), excluding moratorium
  • Interest concessions for girl students, existing housing-loan borrowers and meritorious students

Eligibility

  • Student must be an Indian national with admission through entrance test or merit selection. Parent or guardian joins as co-borrower; a spouse or parents-in-law may co-borrow for a married student.

Passing a listed condition does not mean the bank will approve an application.

Documents the bank lists

  • Admission proof, last qualifying marksheet, course expense schedule, photographs, six-month bank statement, income-tax assessment order and asset/liability statement

Related official documents

Model Education Loan Scheme — official product pageofficial-product-page · current · accessed 31 Aug 2026
↗

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Loan repayment estimate

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One monthly payment₹21,696twenty-one thousand six hundred ninety-six rupees
Interest paid over the full loan₹27,06,939twenty-seven lakh six thousand nine hundred thirty-nine rupees
Everything you repay₹52,06,939fifty-two lakh six thousand nine hundred thirty-nine rupees

This is only an estimate, not a bank or insurer offer. The final amount can change because of taxes, fees, rate changes and provider rules.

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Personal Loan · RateFrom 8.75% p.a.

This value is copied from Bank of Maharashtra personal, education, skill and gold loans — published terms. Check the table notes before relying on it.

Source: Bank of Maharashtra official retail loan pages · Personal, Model Education, Skill and Gold loan tables Open official source ↗

Published tables

Complete rates, limits and schedules

Tables preserve every reviewed row and column from the cited official source.

Table 1 · 4 rows · 5 columnsBank of Maharashtra personal, education, skill and gold loans — published termsView tableHide table

Scroll sideways to view every column

Bank of Maharashtra personal, education, skill and gold loans — published terms
ProductRateAmount / eligibilityTenureFees / security
Personal LoanFrom 8.75% p.a.₹3 lakh annual income; up to 20× gross monthly income, max ₹20 lakh60–84 months by scheme1% + ; unsecured; no prepayment penalty
Model Education LoanEducation page starts at 6.85% p.a.; model scheme links current table₹10 lakh India / ₹20 lakh abroad; parent/guardian co-borrowerUp to 180 plus course-period moratoriumAbroad processing 0.50% refundable on course take-up; collateral above ₹7.5 lakh
Mahabank Skill LoanNumeric rate not printed on reviewed scheme page₹5,000–₹7.50 lakh; eligible NSQF/SIDH courses36/60/84 months by amount; 6/12-month moratoriumNil processing; collateral-free with CGFSSD cover
Gold Loan8.50%–9.25% p.a. by slab and ₹20,000–₹1 crore; age 18+, own gold, ; no requiredTerm up to 24 months; bullet up to 12 monthsSlab fee ₹0–₹2,000 plus ₹100 + packing; gold pledged; no prepayment charge
Bank of Maharashtra official retail loan pages · Personal, Model Education, Skill and Gold loan tables · accessed 31 Aug 2026Open official source ↗

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