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Bank of Baroda Education Loan | Eligibility, Application Process & Interest Rate

Bank of Baroda Education Loan

Are you interested in pursuing your higher studies in Abroad or any of the best renewed university in India? Here is the best proposal for you Bank of Baroda offers Education Loan for the students who are wishing to perform their further studies in abroad or India. This will help you financially to reach your ambitions and goals related to higher studies. As the bank follows a motive Which it believes that the education is the most important investment one makes in life. So the Bank is providing the education loans with different schemes.

Bank of Baroda Education Loan is of several types for various categories as follows:

Baroda Vidya

In this scheme, the education loan will be given to the students in order to pursue their education up to secondary school.

  • There are no processing and documentation charges on this scheme.
  • Also, applicants need not pay any margin.
  • This scheme does not have any security rules.
  • To avail Baroda Vidya loan the applicant must be a resident of India and should be Indian national.
  • The applied candidate should have obtained the admission from a recognized School or high school for any of the following standards with CBSE/ICSE/state boards.

Stage I: Nursery to V class

Stage II: VI to VIII class

Stage III: IX to XII class

Bank of Baroda Education Loan

Expenses covered under Baroda Vidya Scheme

In this section, we are providing complete details regarding expenses to be considered under this scheme as follows

  • Building Fund
  • College fee/school fee
  • Hostel fee
  • Examination fee or library fee
  • Purchase of necessary things like computer, books, instruments, uniform fee, equipment, laptops etc.

Quantum of loan

The maximum amount the Applicant will get under Baroda Vidya Scheme is 4 Lakhs only.

Bank of Baroda Repayment

The loan amount should be repaid by the applicants in the installments as per the norms of the bank. First EMI to be due 12 months after the disbursal of every year’s loan component. As part of the Address Proof, the parents must provide the address of the place where they are living for 3 or more years, unlike transferrable job exception.

Bank of Baroda Rate of Interest

There will be a penalty of 2% on overdue for the loans above 2 lakh and interest to be serviced during the period of moratorium. Also, there is a concession of 0.50% for female students.

  • Loans up to 7.5 lakhs: 1 yr MCLR+2.5%
  • Loans above 7.5 lakhs: 1 yr MCLR+1.75%

There will be an additional amount of Strategic premium for both levels of above mentioned loans.

Bank of Baroda Loan Security

In the context of the loan is given for the purchase of the laptop the same amount is deposited to the bank.

Baroda Gyan

This is introduced especially for the students who want to pursue their higher studies in India. The candidates will be applicable for this Baroda Gyan are those who had secured admission through a common entrance test or merit-based selection process in reputed university or institution.

  • The applicant of Baroda Gyan should have an aggregate of at least 50% in their academics.
  • There is no processing fee for the applicants
  • Also, the candidates under Baroda Gyan need not pay any margin on loans up to 4 lakhs
  • The students who are applied for Baroda Gyan loan have some value added services like free debit card etc.

Eligible courses for Baroda Gyan

  • All Graduation, Post graduation, and doctorate courses.
  • Graduation/Professional courses namely engineering, medicine, law, dental, management, hotel management, fashion technology etc.
  • Computer certified streams of reputed universities affiliated to universities etc.
  • Some other important courses like CA, ICWA, CFA etc
  • There are some more courses which come under Baroda Gyan scheme which is conducted by IIM, IIT etc
  • The course offered institution must be approved /accredited by the state/central Govt/AICTE etc.
  • Also, The eligibility of the applicant purely based on their academic % and nationality.
  • The applicant must be an Indian National.

Expenses considered in Baroda Gyan

The expenses covered under Baroda Gyan is similar to that of the Baroda Vidya Scheme mentioned earlier.

Quantum Of loan

The loan amount will be varied for medical education which is given as follows

  • All courses except medicine: Loan amount up to 10 lakhs
  • Medicine: Loan amount up to 25 lakhs

Bank of Baroda Loan Repayment

The repayment policy is of mainly two different types. There will be a maximum of 120 EMIs for the loan amount up to 7.5 lakhs apart from that applicant need to repay the loan above 7.5 lakhs in 180 EMIs or installments.

Bank of Baroda Loan Security

The applicants have no security for the loans up to 4 lakhs. If the loan amount is extended to above 4 lakhs collateral will be asked in the appropriate situation also known as 3rd party guarantee along with an assessment of future income.

Bank of Baroda Loan Rate of Interest

Under the scheme of Baroda Gyan, applicants have to pay simple interest on monthly basis rests during the repayment holiday or moratorium period.

Baroda Scholar

Under this Baroda Scholar scheme, Bank extends its kind helping hand in order to offer financial support to the students who are interested towards the abroad education. This scheme is purely designed to empower the applicant capability to reach their desired destiny without any obstacles.

  • The maximum limit of loan amount is 20 lakhs
  • The Margin for Baroda Scholar scheme is 15%
  • The applied candidate should be an Indian national.
  • The aspirant should have secured admission in reputed university or institute through common entrance test or merit-based selection process.
  • The rate of interests is 2.5%, 2.5%, 1.75% for the loans up to 4 lakhs, loans from 4 to 7.5 lakhs, loans above 7.5 lakhs respectively along with a base rate for each loan.
  • There will be a concession of 0.50% on interest rate for female applicants
  • If loan amount exceeds 2 lakhs there will be the additional interest of 2% on the overdue of the amount.
  • The processing fee is 1% refundable upon the acquisition of loan.

Also, the Bank of Baroda Education Loan includes two more schemes namely Baroda education loan for vocational courses and scheme of interest subsidy for Baroda education loans respectively. Under Baroda education loan, for vocational courses and training the national skill certificate and monetary rewards are covered.

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