Bank Of Baroda Education Loan

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About Bank Of Baroda Education Loan

Bank of Baroda Education Loan is an easy way to get finance for pursuing education in any field. It provides different offers and the flexible education loan interest rates. Bank of Baroda provides four different education loans schemes:

  1. Bank Of Baroda Vidya Scheme
  2. Bank Of Baroda Gyan Scheme
  3. Bank Of Baroda Scholar Scheme
  4. Bank Of Baroda Vocational Scheme

Bank Of Baroda Education Loan

Bank Of Baroda Education Loan: Vidya Scheme

Eligibility
  1. Should be an Indian national residing in India.
  2. Student should have secured admission to a recognized school / Highschool / Jr. College (including CBSE / ICSE / State Board) for any of the following courses
    1. Stage I : Nursery to V th STD.
    2. Stage II : VI th to VIII STD.
    3. Stage III : IX th to XII th STD.
Expenses
  1. Fee payable to college / school.
  2. Examination / Library / Laboratory Fee.
  3. Fee and other charges payable to hostel.
  4. Purchase of books / equipments / instruments / uniforms.
  5. Personal Computers / Laptops wherever required.
  6. Caution deposit / building fund / refundable deposit supported by instituion bills / receipts.
Repayment The parents must be residing in the place for a minimum period of -3- years, except in the case of transferable job. 

  1. Loan for each yearly sub limit is repayable in 12 equal monthly instalments. First instalment to be due 12 months after first disbursement of each year’s loan component.
Security In case the loan is given for purchase of computer the same is to be hypothecated to the bank.

Bank Of Baroda Eductaion Loan: Gyan Scheme

Eligibility
  1. Should be Indian Resident.
  2. Secured admission to either of eligible courses- All Graduation courses, All Post Graduation courses & Doctorate courses, Professional Courses, Computer certificate courses, Courses offered in India by reputed foreign Universities, Courses offered by National Institutes and other reputed private institutions.
  3. A meritorious student (who qualifies for a seat under merit quota) will also be eligible for loan under this scheme even if the student chooses to pursue a course under Management Quota.
  4. Or courses under Management Quota Seats considered under the scheme, fees as approved by the State Government/ Government approved regulatory body for payment seats will be taken, subject to viability of repayment.
  5. Additional concession of 1.00% to the students who have sought admission in premier institutions viz. IIMs, IITs, IIFT, AIIMS, AFMC , ISB, NITs, XLRI, MDI, SPJIMR, IISC, SPJIM
Expenses Covered
  1. Fee payable to college / Institution / University.
  2. Examination / Library / Laboratory Fee.
  3. Fee and other charges payable to hostel.
  4. Purchase of books / equipments / instruments.
  5. Personal Computers / Laptops wherever required.
  6. Caution deposit / building fund / refundable deposit supported by institution bills / receipts.
  7. Any other expenses required to complete the course – like study tours, project works, thesis, etc.
Repayment
  1. Course period + 1 year or 6 months after getting job, whichever is earlier.
  2. Repayable in 120 maximum Installments for loan amount up to Rs 7.50 lacs
  3. Repayable in 180 maximum Installments for loan amount above Rs 7.50 lacs.
Security
  1. Up to Rs.4 lacs : No security
  2. Above Rs. 4.00 Lacs and up to Rs. 7.5 lacs: Collateral in the form of a suitable thirdparty guarantee along with assignment of future income.
  3. Above Rs.7.5 lacs: Tangible collateral security equal to 100% of the loan amount along with assignment of future income

Bank Of Baroda Education Loan: Scholar Scheme

Eligibility
  1. Should be an Indian National.
  2. Secured admission to Professional/Technical Courses at FOREIGN Universities/Institutions.
  3. Students going abroad for Professional / Technical studies. Graduate/Post Graduate / Doctorate / Job Oriented Professional / Technical Courses offered by reputed Universities overseas.
Expenses
  1. Admission/Tuition fees to College/University.
  2. Hostel/Mess charges.
  3. Examination/Library/Laboratory fee.
  4. Purchase of books/equipments/instruments.
  5. Caution deposit/building fund/refundable deposit supported by institution bills/receipts.
  6. One way travel expenses/Passage money.
  7. Purchase of computers if essential for completion of the course.
  8. Any other expense required to complete the course e.g. study tour, project work, thesis etc.
Repayment
  1. Course period + 1 year or 6 months after getting job, whichever is earlier.
  2. Repayable in 120 maximum Installments for loan amount up to Rs 7.50 lacs.
  3. Repayable in 180 maximum Installments for loan amount above Rs 7.50 lacs.
Security
  1. Upto Rs.4.00/- lacs : No security
  2. Above Rs. 4.00 Lacs and up to Rs. 7.5 lacs: Collateral in the form of a suitable third Party guarantee along with assignment of future income.
  3. Above Rs.7.5 lacs: Tangible collateral security equal to 100% of the loan amount along with assignment of future income

Bank Of Baroda Education Loan: Vocational Scheme

Eligibility
  1. The Student should not be minor and in case he is a minor, documents shall be executed by the parents and bank will obtain aletter of ratification from him/her upon attaining majority. There is no bar on maximum age of the borrower
  2. The prospective borrower should be an Indian Nationaland have secured admission in a course approved /supported bya Ministry/ Deptt/ Organization of the Govt or a Company /Society/ Organization supported by National Skill development Corporation or State Skill Missions /State Skill Corporation leading to a certificate /diploma /degree etc. by Govt. Organization or an Organization recognized /authorized by Govt to do so.
  3. Vocational /Skill development courses of duration from 2 months to 3years run or supported by a Ministry /Deptt/Organization of the Govtor a company /society/ organizationsupported by National Skill Development Corporation or State Skill Missions /State Skill Corporations, preferably leading to a certificate /diploma /degree etc. issuedby a Government Organization or an organization recognized /authorized by the Govt. to do so. State Level Bankers committee (SLBC) / State levelCo-ordination Committee (SLCC)may add other skill development courses /programmes, having good employability.
Expenses
  1. Tuition fee/Course fee
  2. Examination /Library/Laboratory fee
  3. Caution Deposit
  4. Cost of Books/Equipments and Instruments
  5. Any other reasonable expenditure found necessary for completion of the course.
Repayment
  1. Loans upto Rs 50,000 : Upto 2 Years
  2. Loans between Rs 50,000 to Rs 1 lac : 2 to 5 Years
  3. Loans above Rs 1 lac : 3 to 7 Years
Security No Collateral or third party guarantee will be obtained, however, the parent will execute loan document alongwith the student borrower as joint borrower.

Bank of Baroda Education Loan Rate of Interest

  1. Loans upto Rs.4 lakhs : Base Rate + 2.50%
  2. Loans from Rs.4 lakhs to Rs.7.50 lakhs : Base Rate + 2.50%
  3. Loans above Rs.7.50 lakhs : Base Rate + 1.75%
  4. Baroda Education Loan for Vocational Education & Training : Base Rate + 2.00%

Note-

  1. Loans to girl students gets an applicable 0.50% concession.
  2. Interest must be serviced as and when applied during the moratorium period.
  3. If loan amount exceeds Rs.2 lakhs, penal interest at the rate of 2% applies on the overdue amount.
  4. Added concession of 1.00% applies to students who are pursuing their studies in premier institutions like IIT, IIM, IIFT, AIIMS, ISB, NIT, XLRI, MDI, IISc, SPJIM etc.

Maximum Loan Amount

  1. Vidya : 4 Lacs
  2. Gyan : 10 Lacs
  3. Scholar : 20 Lacs
  4. Vocational : 1 Lac

The Documents required for the loan are:

  1. Know Your Customer
    1. Age Proof
    2. Signature Proof
    3. Identity Proof
    4. Residence Proof
  2. Other Documents
    1. 2 Passport size photographs of the borrower, co-applicant(if any) or guarantor
    2. Marksheet of the most recent qualification
    3. Acceptance offer letter from the institute the borrower has applied
    4. List of expense to be done for the education (usually given by the institute to the borrower)
    5. 6 Month of bank statement,
      1. 2 month slary slip, if the person is a salaried employee
      2. 2 year of ITR if the borrower’s guarantor/co-applicant is self emplyed
      3. 2 Yrs Audited Balance Sheet / P & L if the guarantor/co-applicant is a self-employed professional.

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