Bank of Baroda Education Loan

Numerous education loans with low-interest rates and up to 15-year repayment terms are available from the Bank of Baroda. For loans up to Rs. 4 lakh, no collateral is needed. Tax advantages are also available for interest paid in accordance with Section 80E of the Income Tax Act. You can utilize an education loan to pay for your high school, college, or graduate degree.

Bank of Baroda Education Loan Interest Rates 2023

The maximum loan amount that will be provided will depend on the type of loan that has been availed. You can contact the Bank of Baroda to check the maximum loan amount that will be provided.

*All the interest rates are inclusive of Strategic Premium.

Bank of Baroda education loan for abroad

Baroda Scholar

• Interest Rate: 10.60% to 11.25%
• Girl applicants get a 0.50% of concession in interest rate.
• Processing Fee: Nil
• Loan Period: Up to 15 years.
• Documents required:
• Complete Know Your Customer (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:

The applicant’s nationality should be Indian

The applicant should secure admission in one of the below-mentioned courses in order to avail of the loan:

• Graduation (technical courses offered by reputed universities)
• Post-Graduation courses (MCA, MBA, etc)
• Courses offered by CPA in USA, CIMA-London, etc.
• Premier institutes for a management course.
• Premier institutes for Science, Technology, Engineering, and Mathematics courses.
• Premier institutes for medical and other education like law, economics, design courses, etc.
• Diploma courses
• Education loans for courses abroad other than the ones mentioned above will also be considered.

Different Bank of Baroda Education Loan Schemes

1. Baroda Vidya

• Interest Rate: 12.20%
• Processing Fee: Nil
• Collateral: No collateral or security needs to be provided
• Loan Tenure: The loan that is availed for each year must be paid back in 12 installments. The first installment must be paid 12 months after the first disbursement has been paid.
• Eligibility: The eligibility criteria that must be met in order to avail of the loan are mentioned below:
• Must be an Indian citizen.
• The student must have secured admission to a recognized school.
• The loan will be granted in the name of the student’s father or mother.

2. Baroda Gyan

• Interest Rate: Up to 11.10%
• Processing Fee: Nil
• Collateral: The collateral that must be provided will depend on the loan amount and is mentioned below:
• Up to Rs.4 lakh: No security needs to be provided. However, the co-obligation of a parent is required.
• Above Rs.4 lakh: Collateral needs to be provided.
• Loan Tenure: 10 years to 15 years
• Eligibility: The individual must join one of the below-mentioned courses in order to avail of the loan:
• Graduation courses
• Post-Graduation courses
• Professional courses
• Management courses
• Computer certificate courses
• Courses such as Chartered Financial Analyst (CFA), Chartered Accountant (CA), Institute of Cost and Works Account (ICWA)
• Diploma courses
• Teachers training courses

3. Baroda Education Loan to Students of Premier Institutions (For Studies in India)

• Interest Rate: 8.85% to 10.85%
• Processing Fee: Nil
• Collateral: Depending on the category of the institution, the collateral that must be provided will vary. Given below is the collateral that must be provided for different categories: List A
• Up to Rs.20 lakh: No collateral needs to be provided. However, the co-obligation of the guardian or parents, as well as the future income of the student, must be provided.
• Above Rs.20 lakh: Collateral worth 100% of the loan amount as well as the assignment of future income must be provided.
• Loan Tenure: Up to 15 years.
• Eligibility: The eligibility criteria for Education Loan that must be met are mentioned below:
• Must be an Indian citizen.
• Must have secured admission for technical/ professional courses abroad via the Merit-Based Selection process or Entrance Test.

4. Baroda Scholar

• Interest Rate: 10.60% to 11.25%
• Processing fee: 1% of the loan amount, a maximum of Rs.10,000 will be charged. However, this amount is refundable after the first disbursement. Rs.7,500 will be charged per property and will be taken upfront. This amount is non-refundable.
• Collateral: Depending on the amount of loan that has been availed, the collateral that must be provided will vary. Given below is the collateral that must be provided for different loan amounts:
• Up to Rs.4 lakh: No security needs to be provided.
• Above Rs.4 lakh and up to Rs.7.50 lakh: Third-party guarantee must be provided as collateral. Assignment of future income must also be provided.
• Above Rs.7.50 lakh: Collateral security worth 100% of the loan amount must be provided as collateral. The future income of the student must also be provided to show that future payments can be made.
• Eligibility: Individuals who have received admission in one of the below-mentioned courses can avail of a loan:
• Graduation courses offered by reputed universities
• Post-Graduation courses
• Courses offered by Certified Public Accountants (CPA) in the USA, CIMA London, etc.
• Regular Diploma/Degree courses
• Premier institutions that offer Management courses
• Premier institutions that offer STEM Courses
• Premier institutions that offer medical courses
• Must be an Indian citizen
• Must have secured admission to technical/ professional courses via the Merit-Based Selection process or Entrance Test.

How to Apply for a Bank of Baroda Education Loan?

The step-by-step procedure to apply for an education loan is mentioned below:

Step 1: Visit the Bank of Baroda’s official website.

Step 2: Click on ‘Education Loan’. The option can be found under the ‘Loans’ tab.

Step 3: On the next page, click on ‘Apply Now’.

Step 4: Click on ‘Apply Now‘.

Step 5: Next, complete the registration process and click on submit.

Step 6: A Bank of Baroda representative will contact you to process the request.

Bank of Baroda Education Loan Documents Required

Depending on the loan, the documents that must be submitted will vary. The main documents that must be submitted when you apply for an education loan are mentioned below:

• Application form
• Passport-size photographs
• Proof of admission
• Income proof of the co-borrower or guarantor
• Collateral documents
• Bank statements

Academic Documents: The below-mentioned academic documents must be submitted:

• 10th and 12th exam marks cards
• Marks cards of any further education
• Entrance Exam mark sheet
• Mark sheets of GRE/IELTS/TOFEL/GMAT
• Any scholarship documents if applicable

Address Proof: Any of the below-mentioned documents may be provided as proof of address:

• Voter’s ID
• Driving License
• Aadhaar Card
• Passport

Identity Proof: Any of the below-mentioned documents can be submitted as proof of identity:

• PAN Card
• Aadhaar Card
• Passport
• Voter’s ID
• Driving License

Any other document that has been requested by the bank must also be submitted.