Education and Career Forum

Sir, I am MA and B.Ed and now want to study M.Ed course. So, I want to know how can I get education loan from State Bank of Maharashtra? What are the conditions for it?

To get an education loan from State Bank of Maharashtra, you should have secured admission in any course in a recognised college/ university. You can apply for an education loan from State Bank of Maharashtra directly by visiting the bank or through respective bank official website. You need to submit collateral security documents related to property to get an education loan of Rs. 7.5 lakhs or more for pursuing your M.Ed course.

Eligibility criteria for getting education loan from Bank of Maharashtra:-

The applicant should be an Indian National

The applicant should have been selected for a professional / technical course, in graduation programme, degree or diploma in a college, university or institute approved by UGC / ICMR / AIBMS / AICTE etc.

The applicant should have secured admission to a job oriented course such as MS, MBA, MCA etc. in a recognized foreign university.

Documents required for this:-

Identity proof
Admission letter of college, institute or university (in India or abroad)
Brochure stating the course fee charged by the institute

Amount of education loan:-
The maximum loan amount offered is Rs 10 lakhs for education in India and Rs 20 lakhs for education in foreign countries.

Interest Rates:-
12.75% for loan amounts of Rs 4 lakhs or below
12.25% for loan amounts between Rs 4 and Rs 7.50 lakhs
11.50% for loan amounts above Rs 7.50 lakhs

Security:-
No security is required for education loans up to Rs 4 lakhs.

The State Bank of Maharashtra is now merged into State Bank of India and all the State Bank associated banks are merged into State Bank of India ( SBI). To get an education loan from State Bank of India (SBI), you should have secured admission in M.Ed course in a Government recognised university.

The application forms to apply for an education loan can be obtained from bank or you can apply through online. No security is required to get an education loan upto Rs. 4 lakhs and for education loan above Rs. 4 lakhs and Rs. 7.5 lakhs, your parents should be joint-borrowers and collateral security documents related to property should be provided to bank for sanctioning your education loan.