Bank of Baroda Education Loan

Rating:
0
(0)
Bank of Baroda Education Loan

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 enriches 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 of education to everyone in the country.

Maximum Loan LimitRs. 80 Lacs (for medical & aviation courses)
Rs. 10 Lacs (for other courses)
Debit Card chargesFree Debit Card
Processing FeeNo Processing Fee
Concession0.25 % for females
Loan repayment10 – 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 rate8 – 10 %

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 subsidy & 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 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 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 a 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 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, 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 the educational loan subsidy as well.

Interest Rate

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.

Type of Education LoanBank of Baroda Education Loan Interest Rate
For School Education from Nursery to XIIBRLLR* + Strategic Premium + 2.50%(
For Females – 0.5% Concession)
Courses in IndiaBRLLR+S.P.+1.75% p.a.
[Irrespective of Loan Amount]
For regular courses in India
(For List-AA Institutions: BRLLR)
For List A Institutions: BRLLR
For List-B Institutions
Upto Rs.7.50 Lacs : BRLLR + S.P.+ 0.50% Spread
Above Rs.7.50 Lacs: BRLLR+S.P. +0.25% Spread
For regular courses in India
(List C Institutions)
Rs.7.50 Lacs : BRLLR+S.P. + 1.25% Spread
Above Rs.7.50 Lacs: BRLLR+S.P. +1.00% Spread
Courses Abroad in premier institutionsBRLLR+SP + 1.75 % Spread 
Courses Abroad in institutions
not listed among premier institutions by bank
BRLLR+S.P. + 1.0025% Spread

Eligibility Requirements

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 amount 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 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 the Bank of Baroda Education Loan Form offline. 

  1. Visit the official website of the bank of Baroda.
  2. Click on Loans & select the education loan from the drop-down menu.
  3. Click on the “Apply Now” option.
  4. You will be redirected to a new page & you can start filling in all the required details.
  5. Submit the Bank of Baroda Education Loan Form. 

Click Here for the Online Bank of Baroda Education Loan Form
Click Here for Offline Bank of Baroda Education Loan Form

Documents Required

For applying for an education loan there are some important documents required. 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.

College 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, C categories.

AA institutionsA institutionsB institutionsC 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, HyderabadThe 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 Complete List

Bank of Baroda Education Loan for Premier Institutions

Your institution determines the rate of interest and the amount of loan you can avail. 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:

Click Here to Check Out Complete List

Must Read: Canara Bank Education Loan

Bank of Baroda Education Loan Form

Bank of Baroda Education Loan Form
Courtesy: https://www.bankofbaroda.in/writereaddata/Images/pdf/education-loan-form.pdf

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/-, Rate of interest is 8 & loan terms 12 your monthly payment will be Rs.10,825/- 

Don’t Miss: Student Loan for UK

Important Terms & conditions

Every bank loan has important terms and conditions like repayment period, submit progress report, 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 the period of 15 years & less than 7.5 within the period of 10 years.
  • On loan amount more than Rs. 4 lacs, late EMI payment will be charged penalty of 2%
  • The loan limit is Rs. 30 lacs for courses in India & Rs. 60 lacs for courses from Abroad.

Contact Number

In case of any query or doubts, customers can contact at the 24 x 7 Toll-Free numbers mentioned below

  • 1800 258 44 55
  • 1800 102 44 55

Also Check Out

Other Funding Options

You can also look for several scholarship options such as HDFC ScholarshipCanara Bank Scholarship and Inspire Scholarship amongst others. that provide funding for studies in India and abroad. These have been given a run-down below.

FAQs

Which bank has the lowest interest rate on education loans?

PNB, SBI & Bank of Baroda has the lowest rate on education loans

What documents are required for an education loan?

For applying for an education loan there are some important documents required. Here are the documents required are 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.

Can I get an education loan without collateral?

You can get a loan up to Rs.4,00,000/- without any collateral.

Which bank is the best for education loans abroad?

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 Leverage Edu experts help you in selecting an ideal education loan that can fund your higher education abroad thus bringing you closer to your dream career.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like