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  • Bank of Baroda Education Loan

    Bank of Baroda Education Loan
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    Education, a vital cog in the wheel of life. In today’s world however, quality education is always a costly proposition. Thus, loans that help in this noble pursuit, such as the Bank of Baroda Education Loan, are eagerly lapped up an audience that is looking to pursue quality education domestically, or higher education abroad. In this regard, Bank of Baroda offers a number of specialized options that will suit every individual requirement- Baroda Vidya, Baroda Gyan, Baroda Scholar and Baroda Education Loan for Vocational Education & Training.

    Overview:

    Established in the year 1908, Bank of Baroda is an Indian state-run banking and financial services organization and also the second largest bank in India in terms of assets. Under its range of loan products, Bank of Baroda offers different types of education loans which have been specially designed to finance different levels of academic needs. Be it basic school education (nursery to 10+2), graduation or post-graduation degree, the Bank of Baroda education loan scheme has something for everyone.

    Features & Benefits of Bank of Baroda Education Loan:

    Following are the notable features of the various education loans offered by Bank of Baroda,

    Baroda Vidya

    The Baroda Vidya education loan is designed for students pursuing school education ranging from Nursery up to Senior Secondary School. Following are the features of this loan-

    Maximum Loan Limit

    Rs. 4 lakhs

    Eligibility

    1. Applicant must be an Indian national, residing in India.

    2. He/she must have secured admission to a recognized school/high school/Junior College (ICSE/CBSE/State Board) for the following courses:

    Stage I – Nursery to Std. V

    Stage II – Std. VI to Std. VIII

    Stage III- Std. IX to Std. XII

    Interest Rate

    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.

    Processing Fee

    None. No documentation charges as well.

    Security

    None. However, if the loan is being taken for the purchase of a computer, then the same will be pledged as security for the loan.

    Margin

    None

    Repayment Tenure

    Yearly sub-limit must be repaid in 12 EMIs. First instalment is due 12 months after the disbursal of each year’s loan component.

    Expenses Covered

    1. Fees that must be paid to school or college.

    2. Fees applicable for Examination, Library, Laboratories, Hostel etc.

    3. The purchase of uniforms, books, equipment and instruments.

    4. Personal Computers/ Laptops, if the course requires the same for successful completion.

    5. Additional payments like Building fund, Caution deposit, Refundable deposit etc. These however, need to be backed up by proper bills or receipts.

    Baroda Gyan:

    This loan applies to students who are pursuing graduation, post-graduation and other professional courses in India. The Baroda Gyan loan is a feature rich package that is also immensely student friendly,

    Maximum Loan Limit

    Rs. 10 lakhs

    Eligibility

    1. Applicant must be an Indian national, residing in India.

    2. Should have secured admission into any of the courses listed under the section ‘Course Eligibility’ below.

    3. This Bank of Baroda Education Loan scheme applies to merit students (eligible for a seat under the merit quota) but choose to pursue a course under the management quota.

    4. Management quota seats considered under the Bank of Baroda education loan scheme, fees as applicable to these payment seats (authorized by State Government/ Regulatory body approved by the Government) will be taken, subject to the viability of repayment.

    Interest Rate

    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. Simple interest will be charged through the moratorium period with monthly rests.

    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.

    Processing Fee

    None.

    Security

    Loan amount upto Rs.4 lakhs : None

    Loan amount from Rs.4 lakhs to Rs.7.5 lakhs: Third party guarantee and assignment of future salaries towards loan repayment.

    Loan amount above Rs.7.5 lakhs: Tangible collateral as security that is equivalent to 100% of the loan amount. Plus, assignment of future salaries towards loan repayment.

    Margin

    Loans upto Rs.4 lakhs : None

    Loans above Rs.4 lakhs : 5.00%

    Note- Margin is applicable on pro-rata basis on yearly basis as and when disbursements are availed.

    Repayment Tenure

    Loan amount upto Rs.7.50 lakhs : Repayment in max 120 installments

    Loan amount above Rs.7.50 lakhs : Repayment in max 180 installments

    Moratorium Period

    The repayment holiday applies from, Course Period + 1 year or 6 months after getting the job (whichever comes first).

    Expenses Covered

    1. Fees that must be paid to school or college.

    2. Fees applicable for Examination, Library, Laboratories, Hostel etc.

    3. The purchase of uniforms, books, equipment and instruments.

    4. Personal Computers/ Laptops, if the course requires the same for successful completion.

    5. Additional payments like Building fund, Caution deposit, Refundable deposit etc. These however, need to be backed up by proper bills or receipts.

    6. Additional expenses that are deemed important for course completion, including and not limited to projects, study tours, thesis etc.

    Course Eligibility

    1. All Graduation, Post-Graduation and Doctorate courses.

    2. All courses conducted by IIT, IIM, IISc, XLRI, NIFT etc.

    3. All professional courses, conducted by recognized institutions.

    4. Courses such as C.A, ICWA, CFA, CS, etc.

    5. Computer certificate courses from reputed institutes with alignments to recognized Universities.

    6. Degree/Diploma from colleges/universities/National Institutes/private institutions/evening courses that are approved by a recognized Government body such as UGC/AICTE/ AIBMS/ ICMR etc.

    7. Degree/Diploma in Aeronautical, pilot training etc. (approved by Director General of Civil Aviation/shipping).

    8. Educational courses offered in India by prominent foreign Universities.

    Perks

    Free Debit Card.

    Baroda Scholar:

    This specialised offering from Bank of Baroda education loan is exclusively for students who wish to pursue their higher professional and/or technical studies at reputed educational institutions abroad. The salient features of this Bank of Baroda education loan scheme is as follows-

    Maximum Loan Limit

    Rs. 20 lakhs

    Eligibility

    1. Applicant must be an Indian national.

    2. Should have secured admission into any of the professional/ technical courses at a recognized foreign university or educational institution.

    Interest Rate

    Loans upto Rs.4 lakhs : Base Rate + 2.50%

    Loans from Rs.4 lakhs to Rs.7.50 lakhs : Base Rate + 2.50%

    Loans above Rs.7.50 lakhs : Base Rate + 1.75%

    Baroda Education Loan for Vocational Education & Training : Base Rate + 2.00%

    Note-

    Loans to girl students gets an applicable 0.50% concession.

    Simple interest will be charged through the moratorium period with monthly rests.

    If loan amount exceeds Rs.2 lakhs, penal interest at the rate of 2% applies on the overdue amount.

    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.

    Processing Fee

    1.00% that is refundable upon acquisition of loan.

    Security

    Loan amount upto Rs.4 lakhs : None

    Loan amount from Rs.4 lakhs to Rs.7.5 lakhs: Third party guarantee and assignment of future salaries towards loan repayment.

    Loan amount above Rs.7.5 lakhs: Tangible collateral as security that is equivalent to 100% of the loan amount. Plus, assignment of future salaries towards loan repayment.

    Margin

    15.00%

    Repayment Tenure

    Loan amount upto Rs.7.50 lakhs : Repayment in max 120 installments

    Loan amount above Rs.7.50 lakhs : Repayment in max 180 installments

    Moratorium Period

    The repayment holiday applies from, Course Period + 1 year or 6 months after getting the job (whichever comes first).

    Expenses Covered

    1. Admission fees that is payable to College/ University.

    2. Fees applicable for Examination, Library, Laboratories, Hostel, Mess etc.

    3. The purchase of uniforms, books, equipment and instruments.

    4. Personal Computers/ Laptops, if the course requires the same for successful completion.

    5. Additional payments like Building fund, Caution deposit, Refundable deposit etc. These however, need to be backed up by proper bills or receipts.

    6. Additional expenses that are deemed important for course completion, including and not limited to projects, study tours, thesis etc.

    7. Expenses for one-way travel.

    Course Eligibility

    1. All Graduation, Post-Graduation, Doctorate, Technical courses and other Job oriented courses offered by reputed foreign Universities.

    2. Degree/Diploma in Aeronautical, pilot training, shipping etc. (approved by Director General of Civil Aviation/shipping in India as well as a competent local aviation / shipping authority).

    Baroda Education Loan for Vocational Education & Training:

    As the name so clearly suggests, this Bank of Baroda education loan scheme applies for students who are looking to pursue a vocational course or similar training. This Bank of Baroda Education Loan scheme is available the basic features of this popular loan product are as follows-

    Maximum Loan Limit

    1. Course duration upto 3 months : Rs.20,000

    2. Course duration from 3- 6 months : Rs.50,000

    3. Course duration from 6 months- 1 year : Rs.75,000

    4. Course duration exceeds 1 year : Rs.1,50,000

    Eligibility

    1. The applicant must be an Indian national.

    2. He/she must have secured admission in a vocational course that is duly approved by Government Ministry/Department/Organization or a similar undertaking that is approved and supported by the National Skill Development Corporation or State Skill Mission/Corporation.

    3. The final certification/diploma/degree etc. must be completely recognized by the Government or by any organization that is certified by the Government.

    4. The applicant must not be a minor. However, if such is the case, then the bank will ensure that the concerned documents are executed by the applicant’s parents and a letter of ratification will be collected from the applicant when he/she attains maturity. There is no maximum age limit to apply for this loan.

    Processing Fee

    None. No documentation charges as well.

    Security

    None. However, the parent will execute the loan documents, alongside the student borrower, as the joint borrower.

    Margin

    None

    Repayment Tenure

    1. Loan amount upto Rs.50,000 : Repayment in max 2 years

    2. Loan amount from Rs.50,000- Rs.1 lakh : Repayment in max 2- 5 years

    3. Loan amount above Rs.1 lakh : Repayment in max 3- 7 years

    Prepayment

    Borrower can prepay the loan at any time without any penalties.

    Moratorium Period

    The repayment holiday applies as thus- When course period is maximum 1 year = 6 months from the completion of the course. When course period exceeds 1 year = 12 months from the completion of the course.

    Expenses Covered

    1. Fees with regards to Examination, Library, Laboratories.

    2. The applicable Tuition and Course fee.

    3. Costs incurred in purchase of books, equipment and instruments.

    4. Additional expenses including Caution Deposit.

    5. Any other expenses that is considered crucial for the completion of the course.

    Course Eligibility

    1. Vocational/Skill development courses that stretch from 2 months to 3 1/2 years.

    2. The selected course must be duly supported and recognized by the Government of India (in its direct capacity), or any organization that is recognized by the Government and/or authorized to act on its behalf. Such organizations include the National/State Skill Development Corporation(s).

    3. The final certification/degree/diploma accorded, must be fully recognized by the Government or any organization that has its official authorization.

    4. Vocational courses that have good employability, including but not limited to courses offered by State Level Bankers committee (SLBC), State level Co-ordination Committee (SLCC), etc.

    5. Courses/training programs approved by the National Skill Certification and Monetary Reward Scheme.

    Insurance

    The applicant can opt for the Group Credit Life Insurance Cover. The insurance premiums will be financed by the bank, and eventually recovered along with the loan EMIs.

    Interest Rate:

    The following interest rate applies to all the educational loan plans from Bank of Baroda. You will notice that the Bank of Baroda education loan interest rates are some of the best in its very competitive class. Note that, the current Bank of Baroda education loan base rate is 10.00%.

    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. For Vocational Education & Training, the concession will be 1.00%.
    2. Simple interest will be charged through the moratorium period with monthly rests.
    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.

    Subsidy Schemes:

    When it comes to Bank of Baroda Education Loan subsidy schemes, there are two on offer, namely-

    1. Central Scheme of Interest Subsidy for Education Loans
    2. The National Skill Certification and Monetary Reward scheme covered under Baroda Education Loan for Vocational Education & Training

    These schemes are explained in detail below,

    Central Scheme of Interest Subsidy for Education Loans:

    1. Formulated by Government of India, Ministry of Human Resources Development and Department of Higher Education, to help economically backward students to pursue technical/professional courses in India.
    2. Provides interest subsidy through the moratorium period, on Bank of Baroda Education Loan.
    3. Subsidy amount tops up at Rs.10 lakhs. The course fee however, may exceed this limit.
    4. The interest will be borne by the student post the moratorium period.
    5. The student’s parental family income must not exceed Rs.4.5 lakhs/annum, rendering him a part of the Economically Weaker Section of the society. This fact must be confirmed via an income certificate that is issued by the State Government/ Organization appointed by the State Government.
    6. Subsidy only applies if the student is enrolled for a course that is properly recognized by all concerned certification bodies/ Government organizations.
    7. Subsidy applies to a student only once (first undergraduate course or post graduate degrees/diplomas that are conducted in India). Also, subsidy is applicable on integrated courses (graduation + post-graduation).
    8. Subsidy will be terminated if the student discontinues or gets expelled from the concerned course.
    9. In order to avail this Bank of Baroda education loan subsidy, an agreement must be signed by the student borrower and the Bank.

    The National Skill Certification and Monetary Reward scheme covered under Baroda Education Loan for Vocational Education & Training-

    A rather long name, this initiative from the National Skill Development Corporation, is intended to encourage the Indian youth with monetary rewards after they have successfully completed a skill development course as part of an approved training program. As part of the Baroda Education Loan for Vocational Education & Training, Bank of Baroda offers loans to eligible students who wish to pursue skill development programs as part of the National Skill Certification and Monetary Reward Scheme.

    The salient features of this Bank of Baroda Education Loan subsidy scheme are as follows-

    1. The National Skill Development Agency (NSDA) is the implementer of this scheme.
    2. The complete list of approved skill development courses, with their associated training institutions, can be sourced from the NSDA website as well as the National Skill Development Corporation (NSDC) website.
    3. Minimum training duration is 30 days. A whole gamut of social skills, job training and other such skill training may also be included in this program.
    4. Post the training, an approved third party will conduct the assessment and issue the certificate.
    5. Applicable monetary rewards for attaining the certification is as follows-

    Domain.

    NSQF Level 1 & 2

    NSQF Levels 3 & 4

    Manufacturing

    Rs. 10,000

    Rs. 15,000

    Service Sector & Others

    Rs. 7,500

    Rs. 10,000

    *NSQF: National Skill Qualification Framework.

    Bank of Baroda Education Loan FAQs:

    1. What is considered a ‘Financing Branch’ in the case of the Bank of Baroda Education Loan?

      The Bank of Baroda branch that is closest to the permanent address of the borrower is usually the one that dispenses the education loan. Thus, this branch is termed as the ‘Financing Branch’.

    2. How will the bank track the educational progress of the borrower/ student?

      The borrower/student is expected to submit his/her progress reports to the bank regularly, for record keeping purposes.

    3. Is the student’s boarding and lodging covered in the subscribed education loan?

      In cases wherein the student doesn’t secure the hostel facility as offered by the concerned educational institution, he/she can seek to stay elsewhere. After confirming the authenticity of the concerned place, the bank shall directly remit the applicable expenses to the boarding and lodging facility.

    4. What is the meaning of ‘Margin’ in the context of education loans?

      The term ‘Margin’ refers to the difference between the loan amount promised and the actual disbursed amount. For example- The Baroda Scholar education loan comes with a margin of 15%, meaning, if your loan amount is Rs.4 lakhs, only 85% of that amount will actually be disbursed to you. The margin will demand that collateral/security worth the 15% amount be deposited with the bank before you receive the Rs.4 lakh funds. This move from the bank is supposed to encourage the responsible usage of the loan from the borrower’s end, as the latter is likely to be lenient if a personal stake wasn’t involved.

    5. I have discovered this amazing new course that is bound to have great job applicability in the near future. However, it isn’t listed on any of the lists concerning approved courses. What must I do?’

      Education Loan from Bank of Baroda are limited to specified courses that are properly listed on designated sources. These lists are managed by an informed and intellectual authority that is bound to pay attention to the emergence of educational courses that are in vogue. However, if the course you wish to pursue isn’t on the list, Bank of Baroda Education Loan isn’t likely to help. How about approaching Bank of Baroda for a Personal Loan??

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