Baroda Skill Loan Scheme

About the Baroda Skill Loan Scheme

The Baroda Skill loan scheme allows you to acquire education loans with minimal documentation and no processing fees. In most cases, the education loan for skill-based courses may be offered with no collateral requirement, enabling you to access the funds easily. The Baroda Skill loan scheme also offers tax benefits under Section 80E of the Income Tax Act.

Baroda Skill Loan Scheme- Rate of Interest

The interest rates for the Baroda Skill Loan Scheme are as shown below:

• Repo Rate + Spread (BRLLR + 1.50%) = Effective rate of 10.40%

• Loans above INR 7.50 lakhs = 0.10% addition for risk premium

Features of the Baroda Skill Loan Scheme

The following are the features of the Baroda Skill Education Loan scheme:

• Amount of loan: A loan of up to INR 1.5 lakhs is offered for skill-based courses.

• Processing fees: There are no processing fees for acquiring the education loan.

• Repayment period:

  • 3 years: loans up to INR 50,000

  • 5 years: Loans ranging from INR 50,000 to INR 1 lakh

  • 7 years: loans above INR 1 lakh

• Collateral: There are no collateral or third-party guarantor requirements when acquiring an education loan.

• Moratorium:

  • 6 months: courses less than 1 year

  • 12 months: courses more than 1 year

  Investment

  Secure

  

  Secure your child’s future with or without you

  Start Investing

  ₹10,000/Month

  & Get

  ₹1 Crore^*

  VIEW PLANS

  *Standard T & C Apply

• Application: To apply for a Baroda Digital Education Loan, visit a Baroda Bank branch or the bank's website.

• Insurance: A Group credit life insurance cover is given to you when you apply for an education loan.

• Disbursement: The education loan is directly sent to the institution.

• Eligibility: There are no age restrictions for acquiring the Baroda Skill loan.

Eligibility Of The Baroda Skill Loan Scheme

The following are the necessary criteria you must meet to acquire a secured child investment plan through the Baroda Skill loan:

• Nationality: You must be of Indian nationality

• Institution: You must be admitted to a Polytechnic, Industrial Training Institute, or school with an eligible course recognised by the Central Board of Education or the State.

• Course: You must be admitted to a course that aligns with the National Skill Qualification Framework.

Documents Required For Baroda Skill Loan Scheme

The following are the documents you are required to submit to qualify for a Baroda Skill Loan:

• Identity proof: Passport, PAN Card, Voters ID, Driver's Licence

• Address proof: Aadhaar card, utility bill

• Admission proof: Institution admission letter

• Academic records: Graduation documents or Mark sheets

• Entrance exam results: Examination results for CAT, GMAT, JEE, NEET, GRE or TOEFL, if applicable

• Proof of income: Income proof of salaried guarantors or co-applicants, if applicable

• Bank statements: Bank statements for the last 6 months

• Property documents: If applicable

Most Important Terms and Conditions

The following are the terms and conditions you should note before applying for the education loan:

1. Loan Amount

   The loan amount can go up to INR 1.5 lakhs without any collateral requirements.

2. Coverage of the Loan

   The Baroda Skill Loan covers examination fees, tuition fees, library fees, caution deposits, laboratory fees, and other skill-based course expenses.

3. Repayment

   The repayment period is based on the loan amount you apply for, ranging from INR 50,000 to INR 1 lakh and above.

4. Processing Fees

   There is no processing fee for acquiring a Baroda Skill loan.

5. Moratorium Period

   Once you finish the course, the repayment period will begin after the moratorium period.