Bank of Baroda Education Loan

What is a Bank of Baroda Education Loan?

The BoB Education Loan is a financial product offered by the Bank of Baroda to assist individuals in funding their educational expenses. This loan is designed to cover tuition fees, books, accommodation, and other related costs for higher education. You can apply for this loan for studies in India or abroad. The loan repayment typically starts after the completion of the course. The loan amount, interest rates, and repayment terms may vary based on the specific details of the loan and the educational program.

Bank of Baroda Education Loan Interest Rates 2025

BoB Education Loan Schemes

1. Baroda Vidya Scheme

   Particulars	Details
   Interest Rate	12.50% p.a.
   Processing Fee	Nil
   Collateral	No collateral or security is required
   Loan Tenure	12 instalments per year, starting 12 months after the first disbursement
   Eligibility Criteria	Indian citizenship Admission to a recognized school Loan granted in the name of the student's father or mother

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2. Baroda Gyan Scheme

   Loan Features	Details
   Interest Rate	11.05% to 11.15% p.a.
   Processing Fee	Nil
   Collateral	Up to Rs. 4 lakhs: No security is required, but the co-obligation of a parent is needed. Above Rs. 4 lakhs: Collateral required.
   Loan Tenure	10 to 15 years
   Eligibility	Graduation courses Post-Graduation courses Professional courses Management courses Computer certificate courses Courses like CFA, CA, ICWA Diploma courses Teachers training courses

Baroda Education Loan for Students of Premier Institutions in India

Investment

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Secure your child’s future with or without you

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₹10,000/Month

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₹1 Crore^*

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Baroda Scholar Scheme

Baroda Scholar Scheme for Studies in Abroad

Bank of Baroda Skill Loan Scheme

BOB Higher Education and Skill Development Guarantee Scheme (to Pursue Higher Education in Delhi)

What are the Benefits of BoB Student Loan?

Following are some of the key advantages of borrowing a Bank of Baroda student loan:

• Minimal Interest Rate: Competitive and low interest rates for student loans.

• Reduced Paperwork: Streamlined application process with minimal paperwork requirements.

• Zero Processing Charges: No additional charges for processing the student loan application.

• Faster Payment: Quick disbursement of funds, ensuring timely financial support for education.

• No Upfront Fees: Applicants are not required to pay any upfront fees during the loan application process.

• No Fees for Early Closure: No penalties or charges for repaying the loan before the scheduled tenure.

• Discount for Female Students: Female students can benefit from a 0.5% discount on the interest rate, promoting gender

What are the Fees and Charges for Bank of Baroda Education Loan?

The fees/ charges levied on taking a BoB education loan are listed in the following table:

Equated Monthly Installment (EMI) Payment Options for Bank of Baroda Education Loan

The EMI Repayment Options for Bank of Baroda Education Loan are as follows:

1. Standing Instruction (S.I.):

   • Ideal if you have an existing Bank of Baroda account.

   • Automatic debit of EMI from your designated account at the end of the monthly cycle.

2. Electronic Clearing Service (ECS):

   • Suitable for non-Bank of Baroda account holders.

   • Enables automatic debit of EMIs from the designated account at the end of the monthly cycle.

3. Post-Dated Checks (PDCs):

   • Non-Bank of Baroda account holders can submit PDCs.

   • Timely submission of a new set of post-dated checks is required.

   • Note: Only non-ECS locations accept post-dated checks.

What are the Documents Required for the Bank of Baroda Education Loan?

The list of documents to apply for Bank of Baroda education loan is mentioned below:

1. Documents for Education Loan Application

   • General Documents:

     • Application form

     • Passport-size photographs

     • Proof of admission

     • Income proof of co-borrower/guarantor

     • Collateral documents

     • Bank statements

   • Academic Documents:

     • 10th and 12th exam marks cards

     • Marks cards of further education

     • Entrance Exam mark sheet

     • GRE/IELTS/TOFEL/GMAT mark sheets

     • Any applicable scholarship documents

   • Address Proof: Voter's I.D., Driving License, Aadhaar Card, Passport

   • Identity Proof:

     • PAN Card, Aadhaar Card, Passport, Voter's I.D., Driving License

     • Any other document requested by the bank

2. Bank of Baroda Education Loan Co-Applicant Documents:

   • Identity Proof: PAN/Passport/Driver's License/Voter ID card

   • Address Proof: Phone bill, electric bill, water bill, gas bill, passport, voter I.D., driving license, Aadhaar card

   • 2 RECENT passport-size photographs

   • Legal documents of collateral

   • Property documents

   • Income Proof for Salaried Co-Applicant/Guarantor:

   • Salary slips (last 3 months)

   • Copy of Form 16 (last 2 years)

   • Bank account statement for the last 6 months (of Salary Account)

   • Income Proof for Self-employed Co-Applicant/Guarantor:

   • Business address proof (if applicable)

   • Last 2 years, I.T. returns

   • TDS Certificate (Form 16A, if applicable)

   • Certificate of qualification (for C.A./ Doctor and other professionals)

   • Bank Account statement for the last six months

How to Apply for a Bank of Baroda Education Loan?

Follow the steps mentioned below to apply for Bank of Baroda Education Loan Schemes:

• Visit Bank of Baroda's Website: Go to the official Bank of Baroda website.

• Navigate to 'Education Loan': Click on the 'Loans' tab and select 'Education Loan' from the options.

• Access Application Page: Find and click the 'Apply Now' button on the next page.

• Visit Vidya Lakshmi Portal: You will be directed to https://www.vidyalakshmi.co.in/Students/.

• Click 'Apply Now' on Vidya Lakshmi: Once on the portal, locate and click on 'Apply Now'.

• Register and Submit: Complete the registration process on Vidya Lakshmi and submit your application.

• Wait for a Bank Representative: A representative from the Bank of Baroda will reach out to you to proceed with your loan request.

Conclusion

The Bank of Baroda Education Loan stands as a reliable financial solution for aspiring students pursuing higher education. The bank demonstrates its commitment to supporting educational aspirations with competitive interest rates, flexible repayment options, and a streamlined application process. The loan provides students with the necessary financial assistance to pursue their academic goals, making education accessible and affordable.