• Bank of Baroda (BOB) Career Development Loan

    When employees who are worthwhile intend to study further and pursue a higher degree, or intend on taking up vocational courses, trainings, upgrading their skills with a course, or even executive development be it in the country or anywhere abroad. To help these future leaders and working professionals attain their goals and acquire the required training, Bank of Baroda helps them with the one of kind loan.

    Purpose of the loan

    The loan amount is meant for the employees and working professionals to broaden their horizons, and expand their capabilities. These loans can be availed for full time or even vocational courses that will help working professionals.

    Eligiblity criteria

    The Baroda Career Development Loan will be provided to any eligible student who has a Indian Nationality. And the admission for the course which will help the candidate to improve the skills should be secured through merit only.

    Maximum loan amount

    The loan will be provided to the individual based on their repaying capability, this will also depend on their present income as well as their expected income after the course has been completed.

    The amount will be a maximum of Rs. 10, 00, 000 for any courses which will be conducted in India. If the course will be in a college or institute that is situated out of the country that loan amount will provided will be Rs. 20, 00, 000.


    This loan will need a collateral security at the time of application, it can be a mortgage of property, LIC policy hypothecation, FDR, assignment of securities like NSC, KVP etc. The loan can also be availed with providing a guarantor like the applicant's parents, or any individual who has sufficient net worth.

    What are the terms for Baroda Career Development Loan from Bank of Baroda?

    All relevant data such as penalty on defaults, disbursal process, repayment tenure, moratorium period, processing fees, prepayment charges, collaterals/securities, additional certificate requirements (proof of income etc.)

    The loan will be disbursed from the bank after they have received the collateral security and well as the application forms, the loans repayment will need to done within a 60 months equated monthly installments, the rate of interest charges for this loan as of 20th November 2015 is a Base Rate of 9.65% + 2.75% . There will be a repayment holiday for the applicant for the entire course period + 6 months or 3 months after the completion of the course and getting a job whichever is earlier.

    How do I apply for this loan?

    When you would like to apply for this loan you can download the application from the Bank of Baroda website and fill in the required details and provide the relevant documents attached to the form, and visit the nearest branch

    Let’s take an example

    For example, let’s take a simple EMI Calculation of loan amount given to Mr. Rakesh who is a hardworking executive in X company. He decides that to get to a higher level in the company he will need to pursue his MBA from a reputed institute. So he decides to take up an Executive MBA course for a period of 1 year. The amount of the course is fees and related charges work up to Rs. 5, 00, 000. So Mr. Rakesh decides to apply to Bank of Baroda for their Baroda Career Development Loan. After all the process Mr. Rakesh will take the loan for a period of 60 months. Which will be:

    5, 00, 000 * 12.4% (9.65% + 2.75) for a period of 60 months. Therefore the EMI for the month The Mr. Rakesh would pay would be Rs. 11, 224. Making the total he owes the bank Rs. 6, 73, 413 (principal of Rs. 5, 00, 000 + interest of Rs. 1, 73, 413).

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