Baroda Scholar

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 ₹1.5 crore, depending upon the course category and educational institution.

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.

1. Premier Institutions(Abroad & Canada)

   Floating Interest Rates

   • Up to ₹7.50 lakh: BRLLR + 0.55% = 9.45%

   Fixed Interest Rates

   • Up to ₹7.50 lakh: Base Rate + 2.00% = 11.40%

2. Non-Premier Institutions(Abroad excluding Canada):

   Floating Interest Rates

   • Up to ₹7.50 lakh: BRLLR + 2.00% = 10.90%

   Fixed Interest Rates

   • Up to ₹7.50 lakh: Base Rate + 2.00% = 11.40%

3. Non-Premier Institutions(Canada):

   Floating Interest Rates

   • Up to ₹7.50 lakh: BRLLR + 2.00% = 10.90%

   Fixed Interest Rates

   • Up to ₹7.50 lakh: Base Rate + 2.00% = 11.40%

   Investment

   Secure

   

   Secure your child’s future with or without you

   Start Investing

   ₹10,000/Month

   & Get

   ₹1 Crore^*

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   *Standard T & C Apply

4. Special Interest Rates for Children of Defence Personnel (Baroda Yodha Education Loan Scheme)

   Floating Interest Rates

   • Up to ₹7.50 lakh: BRLLR + 1.05% = 9.95%

   Fixed Interest Rates

   • Up to ₹7.50 lakh: Base Rate + 2.00% = 11.40%

The Baroda Scholar education loan interest concession rate is 0.20% for female students enrolled in non-premier educational institutions.

Features of Baroda Scholar

• Zero loan processing fee for loans up to ₹7.50 lakh.

• Loans to ₹1.5 crore for students in premier institutions

• It covers the cost incurred in books, living allowances, travel, tuition fees, etc.

• Flexible moratorium period, i.e. course length + one year

• Low-interest student loans with competitive interest rates for different institutions

Eligibility Criteria

To be eligible for a Baroda Digital Education Loan, students must:

• Be Indian nationals.

• Have received admission to a professional or technical course in a foreign country via a merit-based selection process.

• Be a student undertaking an undergraduate, postgraduate, diploma, or certification course from a qualifying institute.

Documents Required

Applicants must submit the following documents:

• KYC documents (Aadhaar, PAN, passport)

• Admission letter from the university

• Academic records (mark sheets, certificates)

• Proof of entrance exam results (if applicable)

• Course expense statement

• Income proof of co-applicant (if required)

• Property documents (if applicable)

Important Terms and Conditions

1. Loan Amount

   • Up to ₹1.5 crore for premier institutions

   • Up to ₹60 lakh for non-premier institutions

2. Margin Money

   • No margin for loans up to ₹4 lakh

   • 15% margin for loans above ₹4 lakh up to ₹7.50 lakh

   • 10% margin for non-premier institution loans above ₹7.50 lakh

3. Security Requirements

   • No security required for loans up to ₹7.50 lakh

   • Collateral security equal to 100% of the loan amount for loans above ₹7.50 lakh

4. Repayment Period

   • Maximum 10 to 15 years, depending on the loan amount

   • EMI starts after the moratorium period, which includes the course duration plus 1 year

5. Tax Benefits

   • Interest paid on the Baroda Scholar loan qualifies for tax deductions under Section 80E of the Income Tax Act

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.