Bank of Baroda Educational Loan: Application, Eligibility, Interest Rate, Documents & Much More.

Bank of Baroda Education loan
Bank of Baroda Education loan

The Bank of Baroda is state-owned International Banking and Financial Services company Headquartered in Gujarat (Vadodara). several services provided by Bank of Baroda are Consumer banking, Investment banking, Mortgage loans, Private banking, Private equity, Corporate banking, Credit cards, Finance and insurance,  Wealth management etc. Bank of Baroda also provides the service of Education Loan. If you want Education Loan to complete your education or pursue higher studies from Abroad, You are at the right place to collect every aspect of information related to Education Loan in India.

Bank of Baroda Logo

Read this full post on Bank of Baroda Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Education Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding Bank of Baroda Education Loan it’s Process to Apply and full detailed Information.


Bank of Baroda Education Loan


The major aim of the bank is to ensure anywhere and any time banking for the customer with the latest state-of-the-art technology. The Bank is very serious about its Education Loan Facility and by developing an effective customer-centric relationship it promises to emerge as a world-class education Loan provider. Before we share further, let us first have a brief review of the Bank.

Brief Review

Profile Description
Name of Bank  Bank of Baroda
Founded on 20 July 1908
Headquarter Vadodara Gujarat
Type of Bank  Public
Number of Employees 52,420 (2017)
CEO Name P. S. Jayakumar
Maximum Loan Amount  Different According to Schemes
Timeline for Loan Disposal Maximum 15 Working days
Annual Revenue ∇ ₹42,199.92 crore (US$5.9 billion) (2017)
Processing Fees Different according to Schemes
Other Subsidiaries
  • BOB Financial Solutions Limited
  • BOB Capital Markets
  • Bank of Baroda Ghana
  • Baroda Global Share Services Limited
  • Bank of Baroda UK
  • Bank of Baroda (Kenya) Ltd.
  • Nainital Bank
  • M/s Capital Markets Ltd.
  • Baroda Pioneer Asset Management Company Ltd.

And Many More…..

Category  Education Loan in India

Types of Bank of Baroda Education Loan

S.no. Schemes Description
1. Baroda Vidya (Education from Nursery to XII) In this Scheme, the loan is given out for school education in any recognized school. One can avail loan maximum of Rs. 4 lacs and is payable in 12 instalments after disbursement.
2. Baroda Gyan (Higher Study in India) This Scheme is specifically designed for students pursuing graduation, post-graduation, or any other professional courses in India. One can avail a loan of Rs. 80 lakhs for medical & aviation education and Rs. 60 lakhs for other courses.
3. Baroda Scholar (for study abroad) Under this scheme Education loan is given for MBA, MCA, MS, and other notified courses that help with job creation. The loan limit under this scheme is Rs. 80 lacs for specified institutes is and Rs. 60 lacs for non-specified institutes
4. Baroda Education Loan to students of premier Institutions This student education loan is given to Indian Nationals who have secured admission into premier educational institutions in India. The loan amount depends on the specified categorization of the institute (AA, A, B, C).
5. Skill Loan Scheme This loan is given for students pursuing technical courses offered by training institutes, polytechnics etc. One can Avail Loan from Rs. 5,000 to Rs. 1,50,000. The repayment period depends on the loan amount but can go up to 7 yrs.
6. Subsidy Schemes for Education Loan A student can apply for an education loan and get an education loan subsidy by checking his eligibility under these subsidy schemes.

Central Scheme of Interest Subsidy for Education Loan.
• Dr Ambedkar Central Sector Scheme of Interest Subsidy for Educational Loan.
Padho Pardesh Scheme of Interest Subsidy for Education Loan.

7. Vidya Lakshmi Portal Vidya Lakshmi is a first of its kind portal for students seeking Education Loan. Students can view, apply and track the education loan applications to banks anytime, anywhere by accessing the portal. The portal also provides linkages to National Scholarship Portal.
8. Baroda Education Loan for EDP being offered by Premier Institutions in India This study loan is offered to resident Indians. The student must have secured admission in the institute and must be employed during the course of study. A loan can be sanctioned up to a maximum of Rs. 20 Lacs.
9. Baroda Education Loans for EDP being offered by Premier Institutions abroad This study loan is given an amount up to Rs. 80 lakhs for executive development programmes abroad. The student must have secured admission in the university for availing the loan and must be employed while applying for an education loan and during the course of study.

How to Apply

Online

  • Visit official Web Site of Bank of Baroda (Click Here).
  • Find the Educational Loan Section Apply Now Button.
  • Fill online Application Form.

Offline

  • Visit the nearest Bank of Baroda to get offline Education Loan form.
  • You may also download the form from official web handle.
  • Submit the Application Form to Nearest Branch along with document needed.

Eligibility

  • The applicant should be an Indian national.
  • Applicant must have secured an admission in Government recognized educational institution.

Documents Needed

  • Mark sheet of last qualifying examination for school and graduate studies in India
  • Academic Records: 10th Result, 12th Result, Graduation result-semester Wise (if Possible) Entrance Exam Result through which admission is being taken
  • Proof of admission: Offer Letter or Admission Letter from the Institution.
  • Schedule of expenses for the course
  • Copies of the letter confirming scholarship, etc.
  • Copies of foreign exchange permit, if applicable.
  • 2 passport size photographs
  • Statement of Bank account for the last six months of borrower
  • Income tax assessment order not more than 2 years old
  • A brief statement of assets and liabilities of the borrower.
  • If you are not an existing bank customer you would also need to establish your identity and give proof of residence.

Expenses Considered

  • Tuition and course fee
  • Examination, library and laboratory fees
  • Caution deposit
  • Cost of books, Uniforms, Equipment and other instruments.
  • Travel Expenses

Return Policy and Repayment Period

  • In the case of Bank of Baroda Education loan, repayment will start after the completion of course period and moratorium period. Repayment will commence 6 months after completion of Course.
  • Repayment up to Maximum of 15 years
  • Penal interest @ 2% p.a. on overdue amount, if the loan amount exceeds Rs.4/- lacs.

Bank of Baroda Education Loan EMI Calculator

EMI Calculator is used for calculating the periodic payment amount due on a loan. For calculating EMI one must input data like Amount, Interest Rate, tenure, Processing Fee etc.

  • If you want to calculate EMI for Bank of Baroda Education LoanClick Here

Bank of Baroda Education Loan Security

  •  Up to Rs. 4 Lacs
    • Co-obligation of parents
    • No security
  •  Above Rs. 4 lacs and up to Rs.7.50 Lacs
    • Co-obligation of parents together with collateral security
    in the form of suitable third party guarantee. The bank
    may, at its discretion, in exceptional cases, waive third
    party guarantee if satisfied with the net-worth/means of
    parent/s who would be executing the documents as
    “joint borrower”.
  • Above Rs. 7.50 Lacs
    • Tangible collateral security equal to 100% of the loan amount along with assignment of future income of the student for payment of instalments.

Contact Details

Head office  Bank of Baroda Baroda Bhavan 7th Floor, R.C. Dutt Road, Vadodara-390 007, (Gujarat) India.
Official website www.bankofbaroda.com
Apply for Loan  Click Here
Contact Number 846 700 1122 (Miss call no. for Loan),  Phone No. : (0265) 2316792

 

Educational Loans FAQs

Q1. Who can be my co-borrowers?

Ans. Your parents/guardian can be a co-borrower as well as the spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.

Q2. How long does it take to process Education Loan?

Ans. Generally, the time taken for the education loan to process is somewhat between 7-10 working days. Often, the whole process can be easily completed within 3 to 5  Working days, once the student fulfils all documentation.

Q3. What all expenses will be covered by Education loans?

Ans. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course-related expenses may also be covered by the education loan.

Q4. What are the courses for which an Education loan can be availed?

Ans. An education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.

Q5. Can a student avail another loan for further studies?

Ans. Yes, this is possible. You can borrow a loan for a bachelor’s degree followed by one for master’s without repaying the first loan. This loan can be taken as a top-up loan against the already existing loan; however, it is subject to the lending bank’s discretion and the internal rules and regulations of the lender.

Q6. Do education loans have any Income Tax benefits?

Ans. Loan borrowers can avail tax benefits on interest paid on education loan under Sec 80E of the Income Tax Act. This benefit is available over and above the Rs. 150,000 deduction allowed under Section 80C. Tax benefits can be availed once the borrower starts paying the interest on the education loan. Further, the deduction is available until the borrower pays off the full interest amount on the loan or for a maximum period of 8 years, whichever is earlier.

Q7. Why do banks require an insurance policy?

Ans. Banks usually prefer that students avail a life insurance policy equivalent to, or more than, the loan amount. The policy acts as a security feature and forms a part of the collateral. In case of the untimely demise of the borrower, the bank recovers the outstanding loan amount from the student’s life insurance policy and the remaining amount, if any, is paid out to the beneficiary of the policy.

Q8. Is any incentive available for a girl student applying for Education loan?

Ans. Banks generally provide a 0.5% concession on the applicable education loan interest rate to girl students pursuing higher education in India and abroad.

Q9. Are there any special privileges for students of SC/ST category who avail education loans?

Ans. Yes, eligibility criteria and loan margins on education loan are relaxed for Scheduled Caste/Scheduled Tribe students availing education loans in India. The eligibility criteria are lowered from first/second class to pass class for SC/ST category students seeking education loan for graduate and postgraduate studies, while, margin money is sometimes lowered than the regular percentage or nil.

Q10. Where can I avail on a Bank of Baroda Education loan?
Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.

 

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