Bank of Maharashtra Education Loan to Study in Canada in 2026

Canada has become a land of dreams for countless Indian students, offering world-class universities, multicultural opportunities, and a pathway to global careers. But while chasing this dream, the financial side of studying abroad often feels like the biggest hurdle. This is where education loans step in, not as obstacles, but as enablers. Among the options, Bank of Maharashtra’s student loan schemes stand out for their flexibility and support to different income groups. 

In this article, we’ll explore the key features, eligibility criteria, required documents, and application process of the Bank of Maharashtra Education loan to Study Abroad, especially for Canada.

Key Features of Bank of Maharashtra Education Loan for Studying in Canada

Here are the key features of the loan offered by Bank of Maharashtra:

Key Feature

Details

Income Criteria

The bank accepts all income groups

Loan Amount

The bank offers secured loans and unsecured loans to students up to INR 1.5Cr

Rate of Interest

For secured loans with 120% collateral, the bank offers a rate of interest is 10.05%.

Interest Rate Concessions

0.25% for Mahasaraswati RD account holders for 3 years. 0.50% for Premier Listing institutions. Interest concession of 1% during the moratorium period only.

Funding Margin

For secured loans up to INR 1.5Cr, they have a margin of 15% with each disbursement.

 

For an unsecured loan, they have a partial interest option of INR 3000 per month.

Study Level & Courses

The bank offers secured loan for all courses, including Pathway, Foundation, and Integrated courses like Bachelors, Masters, and PG Diploma.

Loan Repayment Tenure

The loan repayment tenure is 15 years.

Sponsors

The bank allows applicants to have Parents, Grandparents and other immediate family members.

Simple Interest

Bank of Maharashtra offers applicants the option of paying simple interest.

Moratorium Period

The moratorium period for the loan is between 6 and 12 months.

After looking at the key features, let’s see the eligibility criteria students have to meet to get Bank of Maharashtra Education loan for Abroad Studies.

Eligibility Criteria & Documents Required of Bank of Maharashtra Education Loan 

To be eligible for abroad education loan offered by Bank of Maharashtra, students need to be:
  • An Indian Citizen or Person of Indian Origin.
  • Students also need to have a good academic record.
  • They need to have confirmation of selection from the university.
Apart from these requirements, some documents needed for application include:
  • Marksheets of 10th & 12th standard
  • Marksheets of Diploma & Degree for all semester
  • Admission Confirmation letter from the university
  • Expense quotation
  • Declaration of job opportunities, source of margin money and repayment during moratorium period.
After looking at these requirements, let’s see the steps students can take to apply for the course.

How to Apply for Bank of Maharashtra Education Loan?

Here are some steps students can follow to apply for Bank of Maharashtra Education Loan:

  • Step 1: Students need to start by looking for education loan schemes offered by Bank of Maharashtra.
  • Step 2: They should then decide if they want a secured or unsecured loan
  • Step 3: After deciding that, they need to gather the documents needed for the loan application.
  • Step 4: Once all the conditions are met and they have the documents, students can initiate a loan application by filling out the form and submitting the documents for the loan.
This brings us to the end of the article, where we saw the abroad education loan offered by Bank of Maharashtra. Students who want to know more about this can reach out to overseas education loan experts near them. They have the knowledge and expertise to help students by giving them the knowledge they need to make the right choices. They can tell students about Govt as well as private bank education loan scheme. With the right guidance students can choose the right loan.

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