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Baroda Scholar
Indian students aspire to study abroad for higher education, although the related expenses are often substantial. As of January 2021, over 1 million Indian students are studying in 85 countries worldwide. Baroda Scholar education loan provided by Bank of Baroda is a financing option to assist students in their international studies. The scheme provides interesting rates and adjustable payment schedules, thus becoming an excellent financing resource for your child investment plan.
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About Baroda Scholar Scheme
Bank of Baroda's Baroda Scholar scheme is a part of the Baroda Digital Education Loan scheme to finance students undertaking studies overseas. It offers a range of courses like job-oriented undergraduate and postgraduate courses, diploma courses, and specialised certifications. The loan amount can be as much as â‚ą1.5 crore, depending upon the course category and educational institution.
EMI Calculator
Loan Amount
₹
- ₹10 K
- ₹1,00,000
- ₹5,00,000
- ₹10,00,000
- ₹50,00,000
- ₹1,00,00,000
- ₹2,00,00,000
- ₹4,00,00,000
- ₹6,00,00,000
- ₹8,00,00,000
- ₹10 Cr
Interest Rate
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- 30%
Loan Tenure
Yrs
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- 30 Yrs
Total Interest
Principal Amount
Baroda Scholar: Interest Rates
The Baroda Scholar education loan established its interest rates according to whether the educational institution belongs to the premier or non-premier category.
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Premier Institutions(Abroad & Canada)
Floating Interest Rates
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Up to â‚ą7.50 lakh: BRLLR + 0.55% = 9.45%
Fixed Interest Rates
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Up to â‚ą7.50 lakh: Base Rate + 2.00% = 11.40%
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Non-Premier Institutions(Abroad excluding Canada):
Floating Interest Rates
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Up to â‚ą7.50 lakh: BRLLR + 2.00% = 10.90%
Fixed Interest Rates
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Up to â‚ą7.50 lakh: Base Rate + 2.00% = 11.40%
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Non-Premier Institutions(Canada):
Floating Interest Rates
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Up to â‚ą7.50 lakh: BRLLR + 2.00% = 10.90%
Fixed Interest Rates
-
Up to â‚ą7.50 lakh: Base Rate + 2.00% = 11.40%
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Special Interest Rates for Children of Defence Personnel (Baroda Yodha Education Loan Scheme)
Floating Interest Rates
-
Up to â‚ą7.50 lakh: BRLLR + 1.05% = 9.95%
Fixed Interest Rates
-
Up to â‚ą7.50 lakh: Base Rate + 2.00% = 11.40%
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The Baroda Scholar education loan interest concession rate is 0.20% for female students enrolled in non-premier educational institutions.
Features of Baroda Scholar
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Zero loan processing fee for loans up to â‚ą7.50 lakh.
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Loans to â‚ą1.5 crore for students in premier institutions
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It covers the cost incurred in books, living allowances, travel, tuition fees, etc.
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Flexible moratorium period, i.e. course length + one year
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Low-interest student loans with competitive interest rates for different institutions
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Invest â‚ą10K/Month YOU GET â‚ą1 Crores* For Your Child
Invest â‚ą8K/Month YOU GET â‚ą80 Lakhs* For Your Child
Invest â‚ą5K/Month YOU GET â‚ą50 Lakhs* For Your Child
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Eligibility Criteria
To be eligible for a Baroda Digital Education Loan, students must:
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Be Indian nationals.
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Have received admission to a professional or technical course in a foreign country via a merit-based selection process.
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Be a student undertaking an undergraduate, postgraduate, diploma, or certification course from a qualifying institute.
Documents Required
Applicants must submit the following documents:
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KYC documents (Aadhaar, PAN, passport)
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Admission letter from the university
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Academic records (mark sheets, certificates)
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Proof of entrance exam results (if applicable)
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Course expense statement
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Income proof of co-applicant (if required)
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Property documents (if applicable)
Important Terms and Conditions
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Loan Amount
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Up to â‚ą1.5 crore for premier institutions
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Up to â‚ą60 lakh for non-premier institutions
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Margin Money
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No margin for loans up to â‚ą4 lakh
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15% margin for loans above â‚ą4 lakh up to â‚ą7.50 lakh
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10% margin for non-premier institution loans above â‚ą7.50 lakh
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Security Requirements
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No security required for loans up to â‚ą7.50 lakh
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Collateral security equal to 100% of the loan amount for loans above â‚ą7.50 lakh
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Repayment Period
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Maximum 10 to 15 years, depending on the loan amount
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EMI starts after the moratorium period, which includes the course duration plus 1 year
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Tax Benefits
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Interest paid on the Baroda Scholar loan qualifies for tax deductions under Section 80E of the Income Tax Act
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Students who seek international education without financial burden should consider the Baroda Scholar scheme. The education loan comes with low interest rates, flexible repayment terms, and no need for collateral for small loan amounts, making it a perfect choice to finance international studies.
You can also explore child education plans to manage your finances better, which will protect your child's educational prospects.
FAQs
-
What expenses does the Baroda Scholar loan cover?
The loan covers tuition fees, accommodation, travel, books, equipment, and other necessary study-related expenses. -
Can I apply for this loan without collateral?
Yes, for amounts up to â‚ą7.50 lakh, no collateral is required. This makes it among the best education loans for students seeking financial assistance without pledging assets. -
Is there any processing fee?
There is no processing cost for loans up to â‚ą7.50 lakhs. A 1% processing tax (maximum â‚ą10,000) applies for greater sums, which is refundable for students at top universities. -
Can I get a tax benefit on my education loan?
Yes, interest payments on the loan are eligible for a tax deduction under Section 80E. You can use an income tax calculator to check your savings. -
Can I prepay the loan before the tenure ends?
Yes, there are no prepayment charges if you repay using your funds. However, a 0.50% charge applies to the outstanding amount if another lender takes over the loan.
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance
plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.
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