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Vijaya Bank Education Loan

Vijaya Bank has merged with Bank of Baroda with effect from 1 April 2019. There are a number of education loans offered by the bank which offer attractive interest rates and benefits to students for everything from school education to higher education in India and abroad. These education loans do not require any security for an amount of up to Rs.4 lakh. The repayment tenure ranges from 10 years to 15 years. There is also a moratorium for the duration of the course plus additional months.

Vijaya Bank Education Loan Interest Rates

The interest rates for various schemes of the bank are as given below:

Schemes Maximum Loan Amount Interest Rates (p.a.) (Starting at)
Baroda Vidya Rs.4 lakh 9.85%
Baroda Gyan Rs.10 lakh to Rs.80 lakh 8.75%
Baroda Scholar Rs.60 lakh to Rs.80 lakh 8.25%
Baroda Education Loan to Students of Premier Institutions Rs.7.5 lakh to Rs.80 lakh 7.60%
Skill Loan Scheme Rs.5,000 to Rs.1.5 lakh 8.25%

Note: Interest rates are effective from 15 March 2021

Compare Vijaya Bank Education Loan for Students

1. Baroda Vidya (from nursery to 12th standard)

  • Interest Rate: 9.85% p.a. onwards
  • Processing Fee: None
  • Collateral: None
  • Loan Tenure: 12 monthly instalments with first instalment due one year after disbursement of each year's first loan amount
  • Eligibility:
    • Indian nationals residing in India
    • Nursery to 12th standard in a recognised educational institution and board
    • Evening courses in state or central government-approved educational institutions

2. Baroda Gyan

  • Interest Rate: 8.75% p.a. onwards
  • Processing Fee: None
  • Collateral: Nil for loan up to Rs.4 lakh; 5% for loan above Rs.4 lakh
  • Loan Tenure: 10 to 15 years
  • Moratorium: Course duration + 1 year
  • Eligibility:
    • Resident Indian
    • Admission for approved courses in recognised educational institutions

3. Baroda Scholar

  • Interest Rate: 8.25% p.a.
  • Processing Fee: No
  • Collateral: Nil for loan up to Rs.4 lakh; 10% for loan above Rs.4 lakh
  • Loan Tenure: 10 to 15 years
  • Moratorium: Course duration + 1 year
  • Eligibility:
    • Indian national
    • Admission through merit or entrance to technical or professional courses abroad

4. Baroda Education Loan to Students of Premier Institutions

  • Interest Rate: 7.60% p.a.
  • Processing Fee: None
  • Collateral: None up to Rs.40 lakh
  • Loan Tenure: 10 to 15 years
  • Moratorium: Course duration + 1 year
  • Eligibility:
    • Indian national
    • Admission through merit or entrance to technical or professional courses abroad

5. Skill Loan Scheme

  • Interest Rate: 8.25%
  • Processing Fee
  • Collateral: None
  • Loan Tenure: 3 years to 7 years
  • Moratorium: 6 months to 12 months from course completion
  • Eligibility:
    • Indian residents
    • Secured admission in ITI/polytechnics, or institutions affiliated to NSDC or other recognised universities

Vijaya Bank Education Loan EMI Calculator

It is important to know exactly how much your Equated Monthly Instalment (EMI) will be on your education loan so that it will help you manage and plan your finances better once you get employed. You can do this easily using the free online Education Loan EMI Calculator. Just enter your loan amount, loan repayment tenure, and the prevailing interest rate. A detailed amortisation table will be displayed instantly on the page which is more accurate that doing a manual calculation.

For example: Suppose you plan on taking a Baroda Gyan loan for Rs.10 lakh with an interest rate of 8.75% p.a. for a tenure of 15 years, your EMI and amortisation table will look like this:

EMI: Rs.9,994

Total interest due: Rs.7,99,008

Total amount payable: Rs.17,99,008

Year Principal Paid (A) (Rs.) Interest Paid (B) (Rs.) Total Payment (A+B) (Rs.) Outstanding Loan Balance (Rs.)
2021 27,933 72,013 99,946 9,72,067
2022 36,311 83,621 1,19,932 9,35,756
2023 39,620 80,314 1,19,934 8,96,137
2024 43,227 76,705 1,19,932 8,52,909
2025 47,166 72,768 1,19,934 8,05,743
2026 51,464 68,471 1,19,935 7,54,280
2027 56,150 63,782 1,19,932 6,98,129
2028 61,266 58,669 1,19,935 6,36,864
2029 66,848 53,088 1,19,936 5,70,017
2030 72,937 46,997 1,19,934 4,97,080
2031 79,580 40,354 1,19,934 4,17,500
2032 86,829 33,105 1,19,934 3,30,670
2033 94,739 25,194 1,19,933 2,35,930
2034 1,03,369 16,563 1,19,932 1,32,559
2035 1,12,787 7,147 1,19,934 19,772
2036 19,772 216 19,988 0

How to Apply for Vijaya Bank Education Loan

You can apply for an education loan by visiting the nearest branch of the bank with the required documents. You can also download the application form from the official website of the bank and fill it up.

Documents Required and Application Form

These are the documents required for an education loan from the bank:

Proof of Identity

  • Aadhar card
  • Voter ID card
  • PAN Card
  • Driving license
  • Passport
  • Government department ID card

Proof of income

  • Parent’s latest salary slip/Form 16 along with the latest salary certificate
  • Previous two years income tax returns

Proof of Residence (any one of the following)

  • Postpaid utility bill
  • Notarized registered rental agreement
  • Updated passbook/bank account statement
  • Driving license
  • Voter ID card
  • Valid passport

Additional documents

  • Admission letter
  • Passing certificate
  • School leaving certificate
  • High school examination mark sheet
  • Educational documents
  • Copy of fee acknowledgement slip

Subsidy Schemes on Vijaya Bank Education Loan

The bank offers various government schemes for subsidies son education loans. This is for students from economically weaker sections who have gained admission into recognised technical and professional courses within India. The schemes offered are the following:

  • Dr. Ambedkar Central Sector Scheme: This scheme provides subsidy on the interest on education loans to pursue studies abroad for those who are from Other Backward Castes (OBCs) and Economically Backward Castes (EBCs).
  • Padho Pardesh: This scheme provides subsidy on interest of education loans to students from minority communities to pursue studies abroad.
  • Central Scheme of Interest Subsidy for Education Loan: This scheme provides subsidy on education loan interest to students from economically weaker sections of society to study for professional or technical courses within the country.


  1. Are there any concessions available on interest rate offered by Vijaya Bank for education loans?

    Yes, concessions are offered to girl students for studies abroad. The concession on interest rate is 0.5%.

  2. What are the expenses covered under Vijaya Bank education loan?

    The expenses covered under the Vijaya Bank education loan are the following: fees payable to the educational institution, fees for laboratory, library, and examinations, expense to buy books, uniforms, instruments, and equipment, money required to buy a laptop or personal computer if required for the course, refundable deposit, caution deposit, building fund, etc., insurance premium for the student, expenses for project work, thesis work, study tours, etc.

  3. What courses for studies abroad are covered under the Vijaya Bank education loan?

    For educational courses overseas, Vijaya Bank education loan covers the following courses: law, management studies, accounting, STEM, hotel management, humanities, architecture, etc.

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