Bank of Maharashtra Student Personal Loan

Bank of Maharashtra offers a Bank of Maharashtra Education Personal Loan scheme for students to meet educational expenses. This loan can cover costs beyond tuition fees, living expenses, or emergencies. With a maximum of ₹20 Lakhs (₹10 Lakhs for India), students can manage their financial needs without draining savings or relying solely on family. This product caters to various educational paths, from university programs to vocational training.  The eligibility criteria and application process are outlined below to help you decide if this loan fits you.

Bank of Maharashtra Lakh Personal Loan for Students – Highlights 

Below is the table highlighting the features of Bank of Maharashtra Education Personal Loan

Eligibility Criteria for Students Personal Loan 

Students seeking a Bank of Maharashtra Education Personal Loan must meet the following eligibility criteria:

• Indian Nationals Only: Only Indian citizens are eligible for a Skill Loan.
• University Programs:
  • Graduation courses (including colleges) under UGC-approved universities.
  • Other courses leading to diplomas or degrees conducted by UGC/Govt./AICTE/AIBMS/ICMR approved colleges/universities.
• Studies Abroad: Job-oriented professional/technical/post-graduation courses (e.g., MCA, MBA, MS) are eligible.
• Premium Institutes: Admission secured in regular full-time degree/diploma courses of institutes covered under categories A, B, and C is required.

Training Institutes/Courses:

• Courses offered by:
  • Industrial Training Institutes (ITIs)
  • Polytechnics
  • Training partners affiliated with the National Skill Development Corporation (NSDC)
  • Sector Skill Councils
  • State Skill Mission
  • State Skill Corporation
• Courses should lead to a certificate/diploma/degree issued by the organisations above following the National Skill Qualification Framework (NSQF).

Schools:

• Schools recognised by Central or State Education Boards are eligible.
• Colleges affiliated with recognised universities are also eligible.
• Like training institutes, the courses should lead to a certificate/diploma/degree issued under the National Skill Qualification Framework (NSQF).
• There is no minimum course duration requirement for a Skill Loan.

Documentation needed for loan application

The following documents are typically required for a Bank of Maharashtra Education Personal Loan application:

• Duly filled application form.
• KYC documents (PAN card, Aadhaar card).
• Proof of income (salary slips/income tax returns).
• Bank account statements.
• Proof of residence.
• Education-related documents (if applicable)

Bank of Maharashtra Personal Loan for Students – Fees and Charges 

Here are the charges applicable for the Bank of Maharashtra Education Personal Loan

How to Apply for a Student Personal Loan

Here is the step-by-step procedure of how to apply for the Bank of Maharashtra Education Personal Loan

Online Application:

1. Visit the Bank of Maharashtra Website: Go to the Bank of Maharashtra’s website.
2. Navigate to the Loan Section: Click on the “Personal Loans” tab under the “Retail Banking” section.
3. Initiate Online Application: Locate the “Apply Online” button and click on it.
4. Fill Out the Application Form: Enter your personal details, contact information, loan amount requirement, and preferred loan tenure.
5. Upload Documents: Scan and upload the necessary documents like KYC documents (PAN card, Aadhaar card), proof of income (salary slips/ITR), bank statements, proof of residence, and any education-related documents (if applicable).
6. Submit Application: Once you’ve reviewed the information, submit the application form online.

Branch Application:

1. Locate Your Nearest Branch: Use the Bank of Maharashtra’s website branch locator to find the nearest branch.
2. Visit the Branch: Go to the branch and inquire about the personal loan scheme for students.
3. Obtain Application Form: Request a personal loan application form from a bank representative.
4. Fill Out the Application Form: Carefully fill out the application form with accurate details.
5. Submit Documents: Along with the completed form, submit the required documents mentioned earlier (KYC documents, income proof, residence proof, etc.).

Follow-up: The bank representative will guide you through the process and inform you about the loan approval status.