Baroda Education Loan to Students of Premier Institutions

About Baroda Education Loan Scheme

The Baroda Education Loan to Students of Premier Institutions is a designated loan from the Bank of Baroda to students who acquire access to the top-ranking colleges and universities. It allows the students to receive high loan amounts with low interest rates and minimal collateral as compared to standard educational loans. Additionally, this scheme offers great tax benefits under Section 80E of the Income Tax Act.

Baroda Education Loan to Students of Premier Institutions - Rate of Interest

Below is a list of the interest rates available for each category of the education loan to students of premier institutions:

• Category AA: Repo Rate + Spread (BRLLR - 1.00%) = Effective rate of 7.90%

• Category A: Repo Rate + Spread (BRLLR - 0.70%) = Effective rate of 8.20%

• Category B: Repo Rate + Spread (BRLLR + 0.60%) = Effective rate of 9.50%

• Category C: Repo Rate + Spread (BRLLR + 0.80%) = Effective rate of 9.70%

Features of the Baroda Education Loan Scheme

The following are the features of the Education Loan Scheme for students of premier institutions:

• No fees for processing: The Bank of Baroda offers loans with no processing fees to students in premier institutions.

• No collateral requirement: Students in premier institutions acquiring loans up to INR 40 lakhs are not required to have collateral.

• Great interest rates: The interest rates of loans to premier institutions start at 8.15% per year.

• Flexible repayment period: The Bank of Baroda offers up to 15 years for students in premier institutions.

• Special offers: For students of Army personnel, there are special offers for loans.

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Eligibility of the Baroda Education Loan Scheme

For you to acquire an educational loan, the following have to be met:

• Nationality: Students must be of Indian nationality

• Proof of admission: Students must secure admission to a technical or professional course in a recognised premier institution in India.

• Course type: Students must be enrolled in courses including medicine, engineering, law, economics, management, and design.

• Exam: Students may be required to qualify for relevant entrance exams such as NEET, JEE, and CAT.

Documents Required for Baroda Education Loan

In order for you to qualify for an education loan, the following documents should be submitted:

1. Proof of identity

   Aadhaar Card, Voter ID, Passport

2. Proof of address

   Ration Card, Utility bill

3. Proof of admission

   Letter of admission from the premier institution

4. Academic records

   Certificates and mark sheets of the previous qualifications

5. Proof of income

   Income tax returns, salary slips, Form 16

6. Bank statements

   Bank account statements from the last 6 months

Most Important Terms and Conditions

Some of the most important terms and conditions that a student applying for the education loan should learn include:

1. Loan amount

   The premier institution's category determines the loan amount you can apply for, and it can go up to INR 40 lakhs without collateral requirements.

2. Repayment

   The repayment period of the educational loan can be extended to 15 years; this includes the moratorium period.

3. Interest rate

   The interest rates of each loan are linked to repo rates and vary depending on the premier institution category.

4. Processing fees

   The loans offered have no processing fees to students in premier institutions.

5. Prepayment charges

   There are no prepayment charges for the educational loans offered.