Make college memories that last a lot longer than your student loan payments.

Bank of Baroda Education Loan

Bank of Baroda offers various education loans at attractive interest rates with a repayment tenure of up to 15 years. No collateral needs to be provided for loans of up to Rs.4 lakh. Under Section 80E of the Income Tax Act, tax benefits are also provided for the interest that is paid. You can take an education loan for school education, college education, and post-graduation courses.

Bank of Baroda Education Loan Interest Rates 2020

Scheme Interest Rates
Baroda Vidya 7.50% - 9.75%
Baroda Gyan 9.25% (inclusive of Strategic Premium)
Baroda Education Loan to Students of Premier Institutions (For Studies in India) 7.25% - 8.75%
Baroda Scholar 8.50% - 9.25%

The maximum loan amount that will be provided will depend on the type of loan that has been availed. You can contact Bank of Baroda to check the maximum loan amount that will be provided.

Different Education Loan Schemes

1. Baroda Vidya

  • Interest Rate: 7.50% - 9.75%
  • Processing Fee: Nil
  • Collateral: No collateral or security needs to be provided
  • Loan Tenure: The loan that is availed for each year must be paid back in 12 instalments. The first instalment must be paid 12 months after the first disbursement has been paid.
  • Eligibility: The eligibility criteria that must be met in order to avail the loan are mentioned below:
    • Must be an Indian citizen.
    • The student must have secured admission to a recognised school.
    • The loan will be granted in the name of the student’s father or mother.

2. Baroda Gyan

  • Interest Rate: 9.25% (Inclusive of Strategic Premium)
  • Processing Fee: Nil
  • Collateral: The collateral that must be provided will depend on the loan amount and is mentioned below:
    • Up to Rs.4 lakh: No security needs to be provided. However, the co-obligation of a parent is required.
    • Above Rs.4 lakh: Collateral needs to be provided.
  • Loan Tenure: Up to 15 years.
  • Eligibility: The individual must join one of the below-mentioned courses in order to avail the loan:
    • Graduation courses
    • Post-Graduation courses
    • Professional courses
    • Management courses
    • Computer certificate courses
    • Courses such as CFA, CA, ICWA
    • Diploma courses
    • Teachers training courses

3. Baroda Education Loan to Students of Premier Institutions (For Studies in India)

  • Interest Rate: 7.25% - 8.75%
  • Processing Fee: Nil
  • Collateral: Depending on the category of the institution, the collateral that must be provided will vary. Given below is the collateral that must be provided for different categories:
  • List A

    • Up to Rs.20 lakh: No collateral needs to be provided. However, the co-obligation of the guardian or parents, as well as the future income of the student, must be provided.
    • Above Rs.20 lakh: Collateral worth 100% of the loan amount as well as the assignment of future income must be provided.

    List B

    • Up to Rs.7.5 lakh: No collateral needs to be provided. However, the co-obligation of the guardian or parents, as well as the future income of the student, must be provided.
    • Above Rs.7.5 lakh: Collateral worth 100% of the loan amount as well as the assignment of future income must be provided.

    List C

    • Up to Rs.7.5 lakh: No collateral needs to be provided. However, the co-obligation of the guardian or parents, as well as the future income of the student, must be provided.
    • Above Rs.7.5 lakh: Collateral worth 100% of the loan amount as well as the assignment of future income must be provided.
  • Loan Tenure: Up to 15 years.
  • Eligibility: The eligibility criteria for Education Loan that must be met are mentioned below:
    • Must be an Indian citizen.
    • Must have secured admission for technical/ professional courses abroad via the Merit-Based Selection process or Entrance Test.

    4. Baroda Scholar

    • Interest Rate: 8.50% - 9.25%
    • Processing fee: 1% of the loan amount, a maximum of Rs.10,000 will be charged. However, this amount is refundable after the first disbursement. Rs.7,500 will be charged per property and will be taken upfront. This amount is non-refundable.
    • Collateral: Depending on the amount of loan that has been availed, the collateral that must be provided will vary. Given below is the collateral that must be provided for different loan amounts:
      • Up to Rs.4 lakh: No security needs to be provided.
      • Above Rs.4 lakh and up to Rs.7.50 lakh: Third-party guarantee must be provided as collateral. Assignment of future income must also be provided.
      • Above Rs.7.50 lakh: Collateral security worth 100% of the loan amount must be provided as collateral. Future income of the student must also be provided to show that future payments can be made.
    • Eligibility: Individuals who have received admission in one of the below-mentioned courses can avail a loan:
      • Graduation courses offered by reputed universities
      • Post-Graduation courses
      • Courses offered by CPA in the USA, CIMA London, etc.
      • Regular Diploma/Degree courses
      • Premier institutions that offer Management courses
      • Premier institutions that offer STEM Courses
      • Premier institutions that offer medical courses
      • Must be an Indian citizen
      • Must have secured admission to technical/ professional courses via the Merit-Based Selection process or Entrance Test.

Punjab National Bank Education Loan Calculator

The Education Loan EMI calculator offered by BankBazaar can be used to calculate the monthly payments. The calculator is simple to use and saves time. Details such as the loan amount, tenure, interest rate, and processing fee must be entered to calculate the EMI. The results are displayed immediately. Details such as the outstanding balance, interest paid, and principal paid can also be viewed as well.

How to Apply for Punjab National Bank Education Loan

The step-by-step procedure to apply for an education loan is mentioned below:

  • Visit Bank of Baroda’s official website.
  • Click on ‘Education Loan’. The option can be found under the ‘Loans’ tab.
  • On the next page, click on ‘Apply Now’.
  • You will be redirected to https://www.vidyalakshmi.co.in/Students/.
  • Click on ‘Apply Now’.
  • Next, complete the registration process and click on submit.
  • A Bank of Baroda representative will contact you to process the request.

Bank of Baroda Education Loan Documents Required

Depending on the loan, the documents that must be submitted will vary. The main documents that must be submitted when you apply for an education loan are mentioned below:

  • Application form
  • Passport-size photographs
  • Proof of admission
  • Income proof of the co-borrower or guarantor
  • Collateral documents
  • Bank statements
  • Academic Documents: The below-mentioned academic documents must be submitted:
    • 10th and 12th exam marks cards
    • Marks cards of any further education
    • Entrance Exam mark sheet
    • Mark sheets of GRE/IELTS/TOFEL/GMAT
    • Any scholarship documents if applicable
  • Address Proof: Any of the below-mentioned documents may be provided as proof of address:
    • Voter’s ID
    • Driving License
    • Aadhaar Card
    • Passport
  • Identity Proof: Any of the below-mentioned documents can be submitted as proof of identity:
    • PAN Card
    • Aadhaar Card
    • Passport
    • Voter’s ID
    • Driving License

Any other document that has been requested by the bank must also be submitted.

FAQ's

1. Is it possible to move from RLLR to MCLR?

No, you do not have the option to change from RLLR to MCLR.

2. Will there be any charges for late payment?

Yes, there will be charges for late payment of EMIs. Depending on the bank, the penalty charges will vary.

3. Due to the presence of a moratorium period, how are repayments determined?

The pending interest for the moratorium period is added to the loan amount that has been availed once the repayment schedule starts. The EMI will be based on this amount.

4. Will there be any processing fee?

Depending on the type of loan that has been availed, the processing charges will vary.

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