Bank of Maharashtra Education Loan interest rates · November 2026
Your education loan at Maharashtra.
Choose a scheme. Understand the rate. Explore your repayment.
What would I pay each month?
See scheme conditions Scheme selected for illustration. Check eligibility with the bank.
About you
Maharashtra's published education loan rates are the same whatever your credit score, income, gender or employer, so there's nothing to ask. Where you land inside a scheme's range is up to the bank.
At 7.10%, you repay ₹12.72 lakh: ₹10 lakh borrowed and ₹2.72 lakh interest.
From the first year, most of each EMI repays the loan.
Every 0.25% off the rate saves about ₹122 a month. Worth asking for.
Range estimate, not your approved offer. Excludes fees. Assumes the rate stays unchanged.
Scheme conditions & source
Understand this scheme
- Published rate
- 7.10% p.a.
- Rate type
- Floating
- Pricing published as
- RLLR − 1.20%
- Benchmark
- RLLR today: 8.30%
- Who it's for
- For List - AAA Institutions
What still needs confirming
- Your eligible rate and the scheme's conditions
- Processing fees and other charges
- How often the rate resets, and to what
Effective date not stated · checked 15 Nov 2026
Compare Maharashtra's education loan schemes
Different schemes have different conditions. Starting rates are not personalised quotes.
| Scheme | Published rate | EMI range* | Choose |
|---|---|---|---|
| PM-Vidyalaxmi4 borrower bands | 7.10%–8.80% | ₹15,142–₹15,988 | Selected |
| Model Education Loan3 borrower bands | 8.30%–10.30% | ₹15,736–₹16,757 |
*₹10 lakh over 7 years, before fees. Scheme names follow the bank's published wording.
Every education loan rate Maharashtra publishes
7 rates across 2 schemes, by who each is for.
| Scheme and band | Who it's for | Rate | EMI* | Use |
|---|---|---|---|---|
| PM-VidyalaxmiFor List - AAA Institutions | As the band says | 7.10% | ₹15,142 | |
| PM-VidyalaxmiFor List - AA Institutions | As the band says | 7.35% | ₹15,264 | |
| PM-VidyalaxmiFor List - A Institutions | As the band says | 7.50% | ₹15,338 | |
| PM-VidyalaxmiFor List - B Institutions | As the band says | 8.80% | ₹15,988 | |
| Model Education LoanUp to Rs 7.50 Lacs | Loans up to ₹7.5 lakh | 10.30% | ₹16,757 | |
| Model Education LoanAbove Rs 7.50 Lacs | Loans above ₹7.5 lakh | 9.95% | ₹16,575 | |
| Model Education LoanFor Children of staff where employee is the co-applicant | As the band says | 8.30% | ₹15,736 |
*₹10 lakh over 7 years, before fees. Band names are the bank's own; “who it's for” is what they state.
How Maharashtra compares
Each bank's lowest published rate, and what the same loan would cost a month there. Before charges.
The rates Maharashtra's loans are linked to
A floating loan's rate is one of these plus a spread fixed when you borrow. When it moves, your EMI or your term moves at the next reset.
Official Checked 15 Nov 2026 · Bank's own page
Maharashtra education loan: questions borrowers ask
Which Maharashtra education loan scheme has the lowest rate?
PM-Vidyalaxmi, from 7.10% a year (priced as RLLR − 1.20%). Bank of Maharashtra publishes 2 education loan schemes we read; each has its own conditions, so check which you qualify for.
What is the Maharashtra education loan interest rate?
As of 15 Nov 2026, Bank of Maharashtra publishes education loan rates of 7.10% to 10.30% a year (floating). The lowest, 7.10%, is for: For List - AAA Institutions. The rate you are offered depends on your credit score, income and the loan amount.
What is the EMI on a ₹10 lakh education loan from Maharashtra?
At Maharashtra's lowest published rate of 7.10%, a ₹10 lakh education loan over 7 years costs about ₹15,142 a month, or ₹2,71,895 in interest over the loan. Charges and insurance are extra.
Are Maharashtra loans linked to the repo rate?
Bank of Maharashtra's repo-linked lending rate (RLLR) is 8.30%. Floating retail loans are priced from it, plus a spread fixed when you borrow.
Is Maharashtra cheaper than other banks for a education loan?
Of the 6 banks we read for education loans, Maharashtra's lowest published rate (7.10%) ranks number 2; the lowest is 6.95% at Central. Compare the charges as well as the rate.
Does RateScan get paid by Maharashtra?
No. We take no referral fees, show no ads and don't take loan applications. Every figure is read from the bank's own page, which is linked from every scheme.
More from Maharashtra
Other banks
How we collect loan rates
From the bank's own pages. Every figure is read from the lending-rate page the bank publishes, and links back to it. Benchmarks are re-read every day.
A published rate is not an offer. Banks set your rate from your credit score, income, the loan amount and the property or vehicle. We show the range the bank publishes; "7.60% onwards" means the bank gave no top figure.
Benchmark plus spread. A floating loan's rate is the bank's benchmark (its repo-linked rate, or MCLR for older loans) plus a spread fixed when you borrow. When the benchmark moves, your rate moves with it at the next reset.
The EMI is worked out on a reducing balance with monthly instalments: EMI = P × r × (1 + r)n ÷ ((1 + r)n − 1), where r is the yearly rate ÷ 12 and n the number of months. It leaves out processing charges and insurance.
No referral fees. We don't take loan applications or get paid by lenders, so the order is the order.
Independent. No referral fees. Official sources.
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