Education is an integral part of human life and it is a lifelong process of learning where the journey holds more importance than the destination. It is a way of improving the quality of life and enriching our minds with immense knowledge along with developing skills and talents. While there is an unfair societal challenge, there are numerous ways to combat this challenge and make education accessible to everyone. Education Loans are one such way to afford higher studies, whether you are planning to pursue a course in your country or abroad. This blog focuses on the Bank of Baroda Education Loan offered for primary, secondary, and higher education programs with the central aim to provide the basic right to education to everyone in the country.
|Maximum Loan Limit||Rs. 80 Lacs (for medical & aviation courses)
Rs. 10 Lacs (for other courses)
|Debit Card charges||Free Debit Card|
|Processing Fee||No Processing Fee|
|Concession||0.25 % for females|
|Loan repayment||10 – 15 years|
|Loan collateral||Up to Rs. 4 lacs no collateral
Rs. 4 Lacs to 7.5 Lacs – Third-party guarantee
Above Rs.7.5 Lacs – 100% loan amount tangible collateral
|Interest rate||8 – 10 %|
Looking for Education Loans to Study Abroad? Reach out to Fly Finance
This Blog Includes:
- Bank of Baroda Education Loan
- Benefits of Getting an Education Loan
- Interest Rate
- Eligibility Requirements
- How to Apply for a Bank of Baroda Education Loan?
- Documents Required
- Bank of Baroda Education Loan for Premier Institutions
- College List
- Bank of Baroda Education Loan Form
- Bank of Baroda Education Loan Calculator
- EMI Payment Methods
- Important Terms & Conditions
- Things to Know Before Starting Your Process
- Contact Number
- Other Funding Options
Bank of Baroda Education Loan
Bank of Baroda is a bank owned by the Indian government founded in 1908. Bank of Baroda offers different types of bank loans with different rates of interest. You can also avail of education loan subsidies & tax benefits under Section 80E of the Income Tax Act for interest paid.
The repayment period varies depending on the type & amount of loan. Repayment of a Loan can range from 10 – 15 years. Bank of Baroda doesn’t require collateral or security for loans up to 4 lakhs under any scheme.
Bank of Baroda offers numerous kinds of education loans to students throughout India. Most of the loans have a moratorium point until the course is completed along with a specified number of months and a repayment period of about 10-15 years.
For loan amounts up to Rs. 4 lakhs, there is no requirement of security against the loan amount. Here is a list of the various Bank of Baroda Education Loans on offer:
- Baroda Vidya (Education From Nursery to XII)
- Baroda Gyan (Higher Studies in India)
- Baroda Scholar (For Studying Abroad)
- Baroda Education Loan to Students of Premier Institutions
- Government of India Interest Subsidy Schemes for Education Loan
- Skill Loan Scheme
- Baroda Education Loan for EDP being offered by Premier Institutions in India
- Vidya Lakshmi Portal
- Baroda Education Loans for EDP are being offered by Premier Institutions abroad.
These educational loans are offered to students of all classes and the loan is sanctioned to meritorious/deserving students and extends financial assistance for their higher education, whether the candidate wishes to pursue studies in India or abroad.
Check Out: Vijaya Bank Education Loan
Benefits of Getting an Education Loan
Educational costs are constantly on the rise in today’s world. Higher education is becoming an expensive affair with parents finding it difficult to cover the costs of their child’s aspirations for higher studies. This is where educational loans are beneficial rather than exhausting your savings. Here are all the benefits of an education loan:
- There is a wide range of educational loans offered by the NBFCs, i.e. Non-Banking Financial Companies or through traditional banks like the Bank of Baroda Education Loan, HDFC Education Loan, and Allahabad Education Loan, amongst others.
- There are numerous advantages of educational loans which includes tax benefits since according to the Income Tax Act Section 80E, the interest on an educational loan qualifies as an income tax deduction and can be claimed for 8 years.
- Further, an educational loan encompasses a varied range of expenses that are not just restricted to tuition or course fees.
- Educational Loans also provide the opportunity to repay the loan amount within 6 months to 1 year from the date of course completion which is an ample amount of time you can use to save money and start repayment of the loan amount.
- Moreover, as the Government is emphasising equal educational opportunities for all, students are allowed to avail of the educational loan subsidy as well.
Must Read: Bank of Baroda International Transfer
Bank of Baroda Education Loan Interest Rate depends on your university location. The Bank of Baroda Education Loan Interest Rate depends on courses abroad, in India & under loan schemes interest rate is different. Here is the list of Bank of Baroda Education Loan Interest Rates.
|Baroda Vidya||12.50% p.a.|
|Baroda Gyan||11.05% to 11.15% p.a.|
|Baroda Education Loan to Students of Premier Institutions (For Studies in India)||9.15% to 10.20% p.a.|
|Baroda Scholar||10.40% to 11.15% p.a.|
|Baroda Executive Development Premier Institutions (For Studies in India)||9.15% to 10.20% p.a.|
|Baroda Executive Development Premier Institutions (For Studies overseas)||11.15% to 11.50% p.a.|
|Baroda Skill Loan Scheme||10.65% p.a.|
|Digital Education Loan||9.15% to 10.20% p.a.|
Check out Loans by the Government
Education Loan by Delhi Government
Education Loan Scheme by Narendra Modi
Education Loan for Abroad Studies by the Indian Government
The eligibility criteria for the Bank of Baroda Education Loan is quite simple as the applicant needs to be of Indian Origin and should have secured admission in a relevant course.
However, there is a 0.50% concession in the interest rate for female students and for overdue amounts over a loan of over 4 lakhs INR, a penal interest of 2% is charged.
*BRLLR stands for Baroda Repo Linked Lending Rate.
How to Apply for a Bank of Baroda Education Loan?
If you want to apply for a Bank of Baroda education loan, here is a stepwise procedure to apply for a Bank of Baroda Education Loan. You can also fill out the Bank of Baroda Education Loan Form offline.
- Visit the official website of the Bank of Baroda.
- Click on Loans & select the education loan from the drop-down menu.
- Click on the “Apply Now” option.
- You will be redirected to a new page & you can start filling in all the required details.
- Submit the Bank of Baroda Education Loan Form.
For applying for an education loan there are some important documents required for an education loan. Here is the list of documents required:
- Address proof
- Identification card
- Application form
- Passport-size photographs
- Admission Letter
- Income proof of the guarantor
- Collateral Security documents
- GRE/IELTS/TOEFL/GMAT Score
- 10th and 12th exam mark sheets
- Computation of income for the last 2 years.
- Income tax return copy of last 2 years.
Bank of Baroda Education Loan for Premier Institutions
Your institution determines the rate of interest and the amount of loan you can avail of. Premier Institutions can avail up to Rs.80,00,000/- & non-premier institutions can avail up to Rs. 60,00,00/-
Here is the list of the top 10 Bank of Baroda Education Loan for Premier Institutions:
- Harvard University
- Massachusetts Institute of Technology
- Stanford University
- University of Pennsylvania
- University of Chicago
- University of California at Berkeley
- New York University
- Columbia University
- Yale University
- University of Michigan
Click Here to Check Out the Complete List
Based on the type of institution an applicant is applying to determines the Bank of Baroda education loan interest rate. Here is the list of top institutions in India under the AA, A, B, and C categories.
|AA institutions||A institutions||B institutions||C institutions|
|Indian Institute of Management (Ahmedabad)||National Institute of Design (Ahmedabad)||Tata Institute of Social Sciences (Pune)||Gandhi Institute of Technology and Management (Hyderabad)|
|Indian Institute of Management (Banglore)||CEPT University (Ahmedabad)||B J Medical College (Ahmedabad)||Maharajah’s Institute of Medical Sciences (Hyderabad)|
|Indian Institute of Science (Banglore)||MICA (Ahmedabad)||Alliance School Of Business (Bangalore)||Zakir Husain College of Engineering & Technology (Meerut)|
|ISB, Hyderabad||The Institute of Management, Nirma University (Ahmedabad)||M.S. Ramaiah Medical College (Banglore)||Shri Ram Murti Smarak Institute of Medical Sciences (Meerut)|
|Indian Institute of Technology (Chennai)||Indian Institute of Technology (Gandhinagar)||KS Hegde Medical Academy( Mangaluru)||Lakshmi Narain College of Technology (Bhopal)|
|Indian Institute of Technology (Kolkata)||National Institute of Design (Banglore)||Osmania University College of Engineering (Hyderabad)||Jaipuria Institute of Management (Indore)|
|Indian Institute of Technology (Lucknow)||Bangalore Medical College (Banglore)||Vellore Institute of Technology (Bhopal)||SSN School of Management (Chennai)|
|Indian Institute of Management (Lucknow)||International Institute of Information Technology (Banglore)||National Institute of Construction Management and Research (Indore)||Amrita School of Engineering (Chennai)|
|Indian Institute of Management (Kolkata)||St. John’s Medical College (Banglore)||Indian Institute of Information Technology (Una)||Saveetha Institute of Medical and Technical Sciences (Chennai)|
|ISB (Mohali)||Indian Institute of Technology (Hyderabad)||Shiv Nadar College of Engineering (Chennai)||Hindustan Institute of Technology and Science (Chennai)|
Click Here to Check Out the Complete List
Must Read: Canara Bank Education Loan
Bank of Baroda Education Loan Form
Bank of Baroda Education Loan Calculator
Before applying for a Bank of Baroda education loan, it is important to calculate the monthly payment that the applicant has to pay after the course completion every month. You can calculate your monthly payment. For example, if your loan amount is Rs.10,00,000/-, the Rate of interest is 8 & loan terms are 12 your monthly payment will be Rs.10,825/-
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EMI Payment Methods
The education loan from the Bank of Baroda can be repaid in three ways.
- Standing Instruction (SI): If you already have an account with the Bank of Baroda, Standing Instruction is the best way to repay. Your EMI will be deducted automatically from the Bank of Baroda account you designate at the end of the monthly cycle.
- Electronic Clearing Service (ECS): Use this mode if you have a non-Bank of Baroda account and want your EMIs to be debited automatically from this account at the end of the monthly cycle.
- Post-Dated checks (PDCs): Post-dated EMI checks from non-Bank of Baroda accounts can be submitted to your nearest Bank of Baroda Loan Centre. A new set of PDCs must be submitted in a timely way. Please keep in mind that Post Dated Cheques will only be accepted at non-ECS locations.
It is advised that you use either the SI or ECS mode of payment because they are speedier and less prone to error than PDCs.
Important Terms & Conditions
Every bank loan has important terms and conditions like repayment period, submitting progress reports, changes in interest rate etc. Here are some important terms & conditions regarding the Bank of Baroda Education Loan.
- Applicants have to submit the progress report to the bank regularly.
- The loan above Rs. 7.5 Lacs is repayable within 15 years & less than 7.5 within 10 years.
- On loan amounts more than Rs. 4 lacs, late EMI payment will be charged a penalty of 2%
- The loan limit is Rs. 30 lacs for courses in India & Rs. 60 lacs for courses from Abroad.
Things to Know Before Starting Your Process
The following are the typical regulations you must follow when applying for an education loan:
- A co-applicant, who can be your parents or spouse, is required when applying for an education loan.
- A guarantor or security is not required for loans of less than INR 4 Lakh.
- For loan amounts more than INR 4 Lakh, a third-party guarantor is required.
- For lending amounts larger than INR 7.5 Lakh, collateral is required.
- Insurance is required for students who desire to study abroad.
In case of any query or doubts, customers can contact the 24 x 7 Toll-Free numbers mentioned below
- 1800 258 44 55
- 1800 102 44 55
- ICICI Education Loan
- IDBI Education Loan
- Allahabad Bank Education Loan
- The PNB Education Loan Program
- Canara Bank Education Loan
- HDFC Education Loan
- Vijaya Bank Education Loan
- Syndicate Bank Education Loan
- Avanse Education Loan
- IOB Education Loan
- Axis Bank Education Loan
- Allahabad Bank Education Loan
- SBI Education Loan
Other Funding Options
You can also look for several scholarship options such as HDFC Scholarship, Canara Bank Scholarship and Inspire Scholarship amongst others. that provide funding for studies in India and abroad. These have been given a run-down below.
- Inspire Scholarship
- DCE Scholarship
- Canara Bank Scholarship
- Moma Scholarship
- MHRD Scholarship
- JK Scholarship
- Santoor Scholarship
- Punjab Scholarship
- Indira Gandhi Single Girl Child Scholarship
- Ishan Uday Scholarship
- Oasis Scholarship
- Dr Ambedkar Scholarship
- NEC Scholarship
- Aditya Birla Scholarship
- Vidyasiri Scholarship
- GP Birla Scholarship
- Abdul Kalam Scholarship
- Siksha Abhiyan Scholarship
- HDFC Scholarship
Ans. PNB, SBI & Bank of Baroda has the lowest rate on education loans
Ans. For applying for an education loan there are some important documents required. Here are the documents required Address proof, Identification card, Application form, Passport-size photographs, Admission Letter, Income proof of the guarantor, Collateral Security documents, GRE/IELTS/TOEFL/GMAT Score, and 10th and 12th exam mark sheets.
Ans. You can get a loan up to Rs.4,00,000/- loan without any collateral.
Ans. Some of the best banks for education loans abroad are Axis Bank, HDFC Bank, PNB & Bank of Baroda.
We hope that this blog helped you understand the key essentials of the Bank of Baroda Education Loan including its different schemes and general eligibility requirements. There are numerous other loans offered by several banks to help meritorious students achieve their goals and career aspirations.
Let Fly Finance experts help you in selecting an ideal education loan that can fund your higher education abroad thus bringing you closer to your dream career.