Which is the Fastest Education Loan in India?

Education loan in India is a great way for students to finance their education.  The best education loan in India covers a wide range of expenses such as tuition fees, living expenses, health insurance, travel expenses to a new country, and other academic expenses. However, taking an education loan can be a time-consuming process. As a result, if you are in urgent need it is best to choose banks that offer quick education loans. In such a scenario, the easiest education loan in India is provided by the Bank of Baroda. It only takes 15 days of processing time for loan applications.

Keep reading to know more about the fastest education loan in India i.e. Bank of Baroda along with its education loan eligibility criteria, documents required, and the fastest education loan provided by the bank.  

Bank of Baroda Education Loans 

Bank of Baroda provides several educational loan schemes for India and for abroad. Below is the list of the Bank of Baroda education loans. 

Education Loan	Tenure	Loan Amount (in INR)
Baroda Vidhya	Payable after 12 months	INR 4 lakh
Baroda Gyan	10 -15 years	INR 125 lakh
Baroda Scholar	10 -15 years	INR 150 lakh
Baroda education loan for students of premier Institutions	10 -15 years	INR 80 lakh
Skill Loan Scheme	7 years	INR 1.50 lakh
Baroda Education Loan for EDP being offered by premier Institutions in India	10 -15 years	INR 20 lakh
Baroda Education Loan for EDP being offered by premier Institutions for abroad	NA	INR 80 lakh
Higher education and skill development guarantee scheme for pursuing higher education in Delhi	15 years	INR 10 lakh

Baroda Vidya Education Loan

Baroda Vidhya Education loan is a loan provided by the Bank of Baroda for school students.  That is, from nursery to 12th standard. The maximum amount of loan that can be taken under this scheme is INR 4 lakh. The amount is repayable in 12 months in 12 instalments.  The rate of interest for this loan is 12.20%. Parents of students from the class 1-12th standard can apply for this loan. The loan is provided for the student’s recognized schools including an evening institution.

Baroda Gyan 

Baroda Gyan education loan is given to parents of an Indian student pursuing graduate, postgraduate, and other professional courses. Baroda Gyan education loan has no processing fee up to INR 7 lakh. There are no paperwork charges and no margin on loans up to INR 4 lakh. Baroda Gyan covers graduation courses such as BA, B.com, and B.SC, Masters, and PhD courses. Loans are also approved for professional degrees like medical, engineering, agriculture, law, and other courses. Students wanting to study management courses such as hotel management, mass communication, and computer certificate courses are also eligible for the Baroda Gyan scheme. The Baroda Gyan education loan interest rate is between 10.75% to 10.85%.

Baroda Scholar 

Baroda Scholar is the Bank of Baroda education loan for abroad. The loan is provided to students who are already accepted in a recognized university for courses such as MBA, MCA, MS, and other approved courses that make it easier to get a job. The Baroda Scholar requires no processing charges for loans up to INR 7.50 lakh.  Students will also receive a free debit card. No margin is there for loans up to INR 4 lakh. The interest rate for premier institutions is 10.10% and for non-premier institutions, it is 10.85%.

Baroda Education Loan for Students of Premier Institutions

This loan is given to students who want to pursue executive development programs abroad. Before applying the student should have secured a loan for the same.  The program can be part-time, online, or distance learning.  Another condition for the loan is that the student should be employed during the period of study. The interest rate of the INR 7.5 lakh loan is 10.85% and for above INR 7.5, lakh is 11.2%.

Skill Loan Scheme 

This loan is provided to students who want to study technical courses at training institutions, polytechnics, and other institutions. The repayment period is dependent upon the loan amount.  No minimum age is set for the skill loan scheme.  The interest rate is BRLLR + 1.50%.  For women, there is a 0.50% reduction in interest rate.

Baroda Education Loan for EDP being offered by premier Institutions in India

The Baroda education loan is given to Indian students who have secured admission to a premier institution in India. Students who apply for the loan have to be from a premier institution and should have been employed during the period of study. The interest rate for  AA and A institutes is 8.85%. The interest rate for B and C institutes is 9.70%- 9.90%.

Baroda Education Loan for EDP being offered by premier Institutions abroad

This loan can be availed by students to study abroad for executive development programs. For the loans, the students require admission to the university of their choice and have to be employed. The interest rate charges for loans up to INR  7.5 lakh  10.85%  and above INR 7.5 lakh 11.20%.  

Higher Education and Skill Development Guarantee Scheme for Pursuing Higher Education in Delhi

The higher education and skill development guarantee scheme is a Bank of Baroda education loan without collateral. The loan can be attained by students of all backgrounds who have completed their 10th and 12th education from Delhi. Collateral is not required for the same. It is an education loan by the government. The loan is available for all diploma, technical and skill development, and degree courses from government institutions such as the University of Delhi.

Students studying in a NAAC-accredited private institution can also apply for a loan. The interest rate for the loan up to INR 7.5 lakh is BRLLR+2.00% and for above 7.5 lakh, it is BRLLR +1.75% p.a.

Interest Rates

The Bank of Baroda education loan interest rate based on the education schemes is as follows. 

Education Loan	Interest Rates
Baroda Vidhya	12.20%
Baroda Gyan	10.75% to 10.85%
Baroda Scholar	10.10% (premier institutions) 10.85  (for non-premier institutions)
Baroda education loan for students of premier Institutions	Loans up to INR 7.5 lakh – 10.85%, Loans more than INR 7.5 lakh-11.2%.
Skill Loan Scheme	Baroda Education Loan for EDP being offered by premier Institutions abroad
Baroda Education Loan for EDP being offered by premier Institutions in India	For top universities-8.85%For B and C grade universities- 9.70%- 9.90%.
Baroda Education Loan for EDP being offered by premier Institutions for abroad	For loans up to INR  7.5 lakh -10.85% For loans above 7.5 lakh -11.20%.
Higher education and skill development guarantee scheme for pursuing higher education in Delhi	For loans up to INR  7.5 lakh -BRLLR+2.00%For loans above 7.5 lakh- BRLLR +1.75% p.a

Documents Required

Below is the Bank of Baroda education loan documents required. These documents are mandatory to be presented at the bank for the loan application process.

• KYC of the loan applicant and the co-applicant 
• Academic transcripts and the proof of admission
• Results of the entrance examination, if applicable 
• Cost of study statement/ schedule of all the study expenses incurred
• Income proof of the co-applicant, if applicable
• Last 6 months’ bank statements
• Property documents if applicable

FAQs

The fastest education loan in India is provided by the Bank of Baroda. The loan is processed in the Bank of Baroda within 15 days. Need help with study abroad admissions? Call us at 1800 572 000 and book our free 30-minute counselling session today.