Education Loan in Bank of Baroda

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Education Loan in Bank of Baroda

Baroda Gyan – Studies in India

A loan product specially designed for students pursuing Graduation, Post Graduation, Professional & other courses in India.

Bank of Baroda extends a helping hand to energize your studies and promote education of the youth.

  • No processing charges.
  • No Margin on educational loans upto 4 lacs.
  • Free Debit Card.

Bank of Baroda Education Loan Terms & Conditions

Courses Eligible :

  • All Graduation courses.
  • All Post Graduation courses & Doctorate courses.
  • Professional Courses viz. Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, Ayurved, Homeopathy,
  • Physiotherapy, Hotel Management, Hospital Management, Interior Designing, Architecture, Event Management, Mass Communication,
  • Fashion Technology, etc.
  • Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated to universities.
  • Courses like C.A, ICWA, CFA, CS, etc.
  • Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc.
  • Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation / shipping.
  • Other courses leading to diploma / degree etc. conducted by colleges / universities approved by UGC / Govt. / AICTE / AIBMS / ICMR etc.
  • Courses offered in India by reputed foreign Universities.
  • Evening courses of institutes approved by State / Central / Govt. / UGC / AICTE / AIBMS / ICMR / ICAR.
  • Courses offered by National Institutes and other reputed private institutions. The College / Institute must have been approved by the State /
  • Central Govt. / UGC / AICTE, etc.

Student Loan Eligiblity Criteria :

  • Should be Resident Indian.
  • Secured admission to either of above courses.

Coverage of student loan expenses :

  • Fee payable to college / Institution / University.
  • Examination / Library / Laboratory Fee.
  • Fee and other charges payable to hostel.
  • Purchase of books / equipments / instruments.
  • Personal Computers / Laptops wherever required.
  • Caution deposit / building fund / refundable deposit supported by institution bills / receipts.
  • Any other expenses required to complete the course – like study tours, project works, thesis, etc.

Maximum Student Loan Amount : ₹10.00 Lacs.

Bank of Baroda Education Loan Margin :

  • Upto ₹ 4.00 lacs: Nil.
  • Above ₹ 4.00 lacs: 5%.
  • Margin is to be contributed on pro rata basis on year to year basis as and when disbursements are availed.

Repayment Holiday / Moratorium Period : Course period + 1 year or 6 months after getting job, whichever is earlier.

Education Loan Repayment Period : The Bank of Baroda Education loan is repayable in 5-7 years after the above period.

Collateral Security for Education Loan in Bank of Baroda

  • Upto ₹ 4 lacs: No security.
  • Above ₹ 4.00 Lacs and up to ₹ 7.5 lacs: Collateral in the form of a suitable third party guarantee alognwith assignment of future income.
  • Above ₹ 7.5 lacs: Tangible collateral security equal to 100% of the loan amount along with assignment of future income.

Bank of Baroda Rate of Interest

  • Simple interest to be charged at monthly rests during the repayment holiday / moratorium period.
  • 1% interest concession is provided if interest debited during repayment holiday is serviced.
  • 1% Concession in rate of interest to education loans for girl student.
  • Penal interest @ 2% p.a. on overdue amount, if the education loan amount exceeds ₹ 4.00 lacs.
  • For present rate of interest : Please refer http://www.bankofbaroda.com/int_adv.asp# retailloan for present rate of interest.

Baroda Scholar – Studies in Abroad

Bank of Baroda presents financial assistance to students going abroad for Professional / Technical studies. The loan offering is designed to empower you with the financial capability to realise your dreams… Achieve your goals… Reach out to the maximum limits…

Terms & Conditions for Bank of Baroda Education Loan

Eligiblity of Courses : Graduate / Post Graduate / Doctorate / Job Oriented Professional / Technical Courses offered by reputed Universities overseas.

Regular Degree / Diploma courses like Aeronautical, pilot training, shipping etc. The Institute should be recognized by the competent local aviation / shipping authority and Director General of Civil Aviation / shipping in India.

Student Loan Eligiblity Criteria :

  • Should be an Indian National.
  • Secured admission to Professional / Technical Courses at foriegn Universities / Institutions.

Coverage of education loan expenses ( for overseas studies ) :

  • Admission / Tuition fees to College / University.
  • Hostel / Mess charges.
  • Examination / Library / Laboratory fee.
  • Purchase of books / equipments / instruments.
  • Caution deposit / building fund / refundable deposit supported by institution bills / reciepts.
  • One way travel expenses / Passage money.
  • Purchase of computers if essential for completion of the course.
  • Any other expense required to complete the course e.g. study tour, project work, thesis etc.

Maximum amount of loan : ₹ 20.00 Lacs.

BOB Bank Education Loan Margin : 15%

Repayment Period for Education Loan in Bank of Baroda

Repayment Holiday / Moratorium Period : Course period + 1 year or 6 months after getting job, whichever is earlier. The loan is repayable in 5-7 years after the above period.

Collateral Security for Education Loan in BOB Bank

  • Upto ₹ 4.00/- lacs : No security.
  • Above ₹ 4.00 Lacs and up to ₹ 7.5 lacs : Collateral in the form of a suitable third party guarantee alognwith assignment of future income.
  • Above ₹ 7.5 lacs : Tangible collateral security equal to 100% of the loan amount along with assignment of future income.

Bank of Baroda Education Loan Interest Rate

  • Simple interest during repayment holiday / moratorium period.
  • 1% interest concession, if interest debited during the repayment holiday is serviced.
  • 1% Concession in Bank of Baroda rate of interest to education loans for girl student.
  • Penal interest @ 2% p.a. on overdue amount if education loan exceeds ₹ 4/- lacs.
  • Present Rate of Interest : Please refer http://www.bankofbaroda.com/int_adv.asp# retailloan for present rate of interest.

Education Loan Processing Charges in Bank of Baroda : Please refer http://www.bankofbaroda.comservicecharges.asp# ser5 for loan processing charges.

For further details, please contact the Bank of Baroda Branch nearest to you.

JEE Main

Application Form Submission 16 Dec 2020 to 16 Jan 2021.