Bank of Baroda Education Loan

The Bank of Baroda Education Loan is a financial solution designed to support students in pursuing their academic aspirations. The loan facility is tailored to meet the diverse needs of education by funding for tuition fees, accommodation, and other related expenses. Bank of Baroda education loans provide competitive interest rates and flexible repayment options to help students achieve their educational goals without financial constraints.

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Policies Sold

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 2024

Bank of Baroda Education Loan Scheme Interest Rates (in % p.a.)
Baroda Gyan 11.05% - 11.15% p.a.
Baroda Education Loan to Students of Premier Institutions (For Studies in India) 8.55% - 10.20% p.a.
Baroda Vidya 12.50% p.a.
Digital Education Loan  9.15% - 10.20%  p.a.
Baroda Scholar 9.70% - 11.15% p.a.
Baroda Executive Development Premier Institutions (For Studies in India) 8.55% - 10.20% p.a.
Baroda Executive Development Premier Institutions (For Studies overseas) 11.15% - 11.50% p.a.
Baroda Skill Loan Scheme 10.65% p.a.

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
  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

Loan Features Details
Interest Rate 9.15% to 10.20% p.a.
Processing Fee Nil
Collateral
  • Up to Rs. 20 lakhs - No collateral, co-obligation of parents or guardians, and future income assignment. 
  • Above Rs. 20 lakhs - Collateral worth 100% of the loan amount and future income assignment.
Loan Tenure Up to 15 years
Eligibility
  • Indian citizenship
  • Admission to technical/professional courses abroad through Merit-Based Selection or Entrance Test

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Baroda Scholar Scheme

Criteria Details
Interest Rate 10.40% to 11.15%
Processing Fee
  • 1% of the loan amount, max Rs.10,000 (refundable after first disbursement)
  • Rs.7,500 per property upfront (non-refundable)
Collateral
  • Up to Rs.4 lakh: No security required
  • Above Rs.4 lakh - Rs.7.50 lakh: Third-party guarantee and future income assignment required
  • Above Rs.7.50 lakh: 100% collateral security and future income proof required
Eligibility
  • Admission in specified courses (Graduation, Post-graduation, CPA, Diploma/Degree, Management, STEM, Medical)
  • Indian citizenship
  • Merit-based or Entrance Test admission to technical/professional courses

Baroda Scholar Scheme for Studies in Abroad

Criteria Details
Interest Rate
  • 9.70% to 11.15% p.a.
  • Girl applicants receive a 0.50% interest rate concession.
Processing Fee Nil
Loan Period Up to 15 years
Documents Required
  • Complete KYC of the applicant
  • Academic records
  • Admission proof
  • Entrance Exam Result (if applicable)
  • Statement of cost of study/Schedule of expenses
  • Proof of income for Salaried Co-applicant/Guarantor (if applicable)
  • Bank account statement for the last six months
  • Property Documents (if applicable)
Eligibility
  • Nationality: Indian
  • Admission to specified courses:
  • Graduation (technical courses by reputed universities)
  • Post-graduation courses (MCA, MBA, etc.)
  • Courses offered by CPA in the USA, CIMA-London, etc.
  • Premier institutes for management courses
  • Premier institutes for STEM courses
  • Premier institutes for medical, law, economics, design courses, etc.
  • Education loans for courses abroad
  • Recognized regular degree/diploma courses such as pilot training, aeronautical, shipping, etc., for employment purposes in India or abroad

Bank of Baroda Skill Loan Scheme

Criteria Details
Skill Loan Scheme
Interest Rate 10.65%
Loan Amount Up to Rs.1.50 lakhs
Processing Fee NIL
Loan Tenure
  • Up to Rs.50,000: Up to three years
  • Rs.50,000 to Rs.1 lakh: Up to five years
  • Above Rs.1 lakh: Up to seven years
Security No collateral or third-party guarantee is required.
Disbursement Directly to the institution
Insurance
  • Group credit life insurance cover is provided
  • The bank covers the cost of the insurance premium
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BOB Higher Education and Skill Development Guarantee Scheme (to Pursue Higher Education in Delhi)

Criteria Details
Interest Rates
  • Up to Rs.7.5 lakhs: BRLLR + 2.00% p.a.
  • Above Rs.7.5 lakhs: BRLLR + 1.75% p.a.
Processing Fee NIL
Guarantee Scheme
  • Aims to provide financial support to meritorious students for higher education
  • Focus on students pursuing education in Delhi.
Guarantee Fee 0.50% of the outstanding amount
Eligibility
  • Students who completed Class X and Class XII from Delhi
  • Seeking enrolment in certificate, degree, or specific skill development programs

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:

Criteria Details
Processing Fee
    • Loans up to Rs.7.50 lakhs: No processing fees.
  • Above Rs.7.50 lakhs: The processing fee is refundable.
Additional Fees Attorney and evaluator charges: Rs.8500.
Criteria Details

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.

FAQ's

  • Is the Bank of Baroda good for education loans?

    Bank of Baroda can be a good option for an education loan, particularly for students seeking smaller loans or studying at premier institutions. However, it's always advisable to compare and contrast loan options from other banks before making a final decision. Consider factors like interest rates, processing fees, loan amount eligibility, repayment terms, and branch network proximity when making your choice.
  • What is the Bank of Baroda student loan interest rate?

    Bank of Baroda offers various student loan schemes with different interest rates, depending on the specific scheme and factors like course, institution, and loan amount:
    Scheme Interest Rate
    Baroda Vidya 12.50% p.a.
    Baroda Gyan 11.05% - 11.15% p.a.
    Baroda Education Loan to Students of Premier Institutions (For Studies in India) 8.55% - 10.20% p.a.
    Baroda Scholar 9.70% - 11.15% p.a.
  • Can I get a Rs. 45 lakh education loan from the Bank of Baroda?

    Whether you can get a Rs. 45 lakh education loan from the Bank of Baroda depends on:
    • If your course is medicine or aviation in India, Yes, you can potentially get a loan of Rs. 45 lakhs under the Baroda Gyan Loan scheme.

    • If your course is in a premier institute in India, You can potentially get a loan of Rs. 45 lakhs if the course fee matches and you meet the collateral and creditworthiness requirements.

    • If your course is not in a premier institute or is abroad, It's unlikely you'll get the full Rs. 45 lakhs, but you could still get a significant portion depending on the course fee and your financial situation.

  • Can I get a Rs. 20 lakh education loan without collateral from the Bank of Baroda?

    Yes, you can potentially get a Rs. 20 lakh education loan without collateral from the Bank of Baroda under the Baroda Gyan Loan scheme:
    • Baroda Gyan Loan (For studies in India):

      • Offers loans up to Rs. 40 lakhs without collateral for studies in identified premier institutes.

      • Offers loans up to Rs. 7.5 lakhs without collateral for other institutes.

      • You must be enrolled in a full-time academic program at an eligible institution.

      • You must meet the bank's age criteria (typically 18-35 years).

      • You must have a strong academic record.

      • You must have a co-applicant who is a parent or guardian with good creditworthiness.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^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 lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
+Returns Since Inception of LIC Growth Fund
~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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