Bank Of Baroda Education Loan In India 2024 { Soon } Abroad, Interest, Eligibility

Bank Of Baroda Education Loan In India 2024 – Looking to take your education to the next level? Then you’ll want to consider a Bank of Baroda education loan in India. Not only do these loans offer competitive rates and excellent terms, but they come with a number of benefits that you won’t find with other types of loans. So if you’re interested in acquiring a new qualification or expanding your current education, be sure to check out the Bank of Baroda education loan options available to you.

Bank Of Baroda Education Loan In India 2024

Education has no boundaries whether you are Given or not, it is the same for all. And to be equally active in society and make changes, you need to have the right source of education Loan. For the less privileged or rather underprivileged Candidates, Bank of Baroda offers a wide range of education Fund schemes so that they can pay their school, college or institution Cost.

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Bank Of Baroda Education Loan In India 2022

Education Loan Bank Of Baroda In India 2024 Overview

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S.No.FeaturesDetails
1.Maximum Loan AmountList AA Secured:Rs.80 Lakhs, Unsecured:Rs.40 Lakhs
List A Secured: Rs.80 Lakhs, Unsecured: Rs. 20 Lakhs
List B & C Secured:Rs.80 Lakhs, Unsecured Rs. 7.50 Lakhs
2.Collateral /securityLoan amount must be <= 100% of collateral value
3.BOB Education Loan Rate of InterestList AA: 6.85% for both Boys and Girls
A: 6.85% for both Boys and Girls
B: Up to Rs.7.50 Lakhs 7.95% and Above Rs.7.50 Lakhs 7.70% for both Boys and Girls
List C Up to Rs.7.50 Lakhs 8.70% and Above Rs.7.50 Lakhs 8.45% for both Boys and Girls
4.Processing FeeRs.10,000 + GST (Rs.10,000 refundable); Additional property valuation charge of Rs. 7,500, in case of Real Estate collateral
5.Margin MoneyNo Margin up to Rs.4 lakhs, Above Rs.4 lakhs:5%
6.Loan TenureUp to Rs.7.5 lakh: Moratorium period + 10 years
Above Rs.7.5 lakh: Moratorium period + 15 years
7.Moratorium PeriodCourse period + 12 months
8.CategoryCurrent Affairs
9.Official Websitewww.bankofbaroda.in

Bank Of Baroda Education Loan Baroda Scholar

Baroda Scholar is their flagship education Fund scheme that Given Money assistance to students wishing to pursue regular courses or executive development programs in overseas universities. Bank of Baroda also Given a 0.5% subsidy in interest rates to girl Candidates. Apart from that, as a scheduled commercial bank, Bank of Baroda Given various interest subsidy schemes such as Central Plane of Interest Subsidy (CSIS) for Economically Weaker sections, Dr. Ambedkar Central Sector Scheme of Return Subsidy for abroad studies for Other Backward Classes and Economically Backward classes & Padho Pardesh interest subsidy Plane for minority communities.

Bank Of Baroda Education Purpose

To get a Fund from the Bank of Baroda for the education purpose, you can borrow a minimum INR 4 lakh with no margin. For a higher Credit amount, the bank focuses on the parent or guardian’s payment capacity. The Fund can be repaid in equated monthly installments (EMIs) a year after you finish your study course. And the loan Return rate is based on the Repo Linked Lending Rate of Bank of Baroda, which is 7.25% at present. Bank of Baroda Education Fund can be used to get funds for nursery & primary classes to higher studies abroad. Have a look at the features and benefits of Bank of Baroda Education Fund.

Bank of Baroda Education Loan

The Bank of Baroda offers a wide range of education Fund with low-interest rates and repayment durations of up to 15 years. No collateral is Needs for loans up to Rs.4 lakh. Interest paid under Section 80E of the Income Tax Act is also eligible for tax Profit.

Bank of Baroda Education Loan Interest Rates 2024

SchemeInterest Rates
Baroda Vidya10.50%
Baroda GyanUp to 9.65%
Baroda Education Loan to Candidates of Premier Institutions (For Studies in India)7.40% – 9.25%
Baroda Scholar9.15% – 9.80%

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

BOB education loan for abroad

Baroda Scholar

  • Return Rate: 9.15% – 9.80%
  • Girl Candidates get 0.50% of concession in interest rate.
  • Processing Fee: Nil
  • Loan Period: Up to 15 years.
  • Documents required:
  • Complete Know Your Customer (KYC) of the applicant
  • Academic records
  • Admission proof
  • Entrance Exam Result (if applicable)
  • Statement of cost of study/ Schedule of expenses
  • Proof of income for Salaried Co-Candidates/ Guarantor (if applicable)
  • Bank account statement for last six months.
  • Property Documents (if applicable)
  • Eligibility:
  • The Candidates nationality should be Indian.

The Candidates should secure admission in one of the below-mentioned courses in order to avail the Fund:

  • Graduation (technical courses offered by reputed universities)
  • Post-Graduation courses (MCA, MBA, etc)
  • Courses offered by CPA in USA, CIMA-London, etc.
  • Premier institutes for management course.
  • Premier institutes for Science, Technology, Engineering and Mathematics courses.
  • Premier institutes for medical and other education like law, economics, design courses, etc.
  • Diploma courses
  • Educations Funds for courses abroad other than the mentioned above will also be considered.

Read Also:-Bank Of India Education Loan In India 2024

Different Education Loan Schemes

Baroda Vidya

  • Interest Rate: 10.50%
  • Processing Fee: Nil
  • Collateral: No collateral or security needs to be Given
  • Loan Tenure: The loan that is availed for each year must be paid back in 12 instalments. The first Part 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 Fund are mentioned below:
  • Must be an Indian citizen.
  • The Candidates must have secured admission to a recognized school.
  • The Fund will be granted in the name of the Candidates father or mother.
  • Interest Rate: Up to 9.65%

Gyan Baroda

  • Processing Fee: Nil
  • Collateral: The collateral that must be Given will depend on the loan amount and is mentioned below:
  • Up to Rs.4 lakh: No security needs to be Given. However, the co-obligation of a parent is Needs.
  • Above Rs.4 lakh: Collateral needs to be provided.
  • Loan Tenure: 10 years 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 Chartered Financial Analyst (CFA), Chartered Accountant (CA), Institute of Cost and Works Account (ICWA)
  • Diploma courses
  • Teachers training courses

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

  • Interest Rate: 7.40% – 9.25%
  • Processing Fee: Nil
  • Collateral: Depending on the category of the institution, the collateral that must be Given 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 Given. 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 Fund amount as well as the assignment of future income must be given.
  • 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 Exam.

Also Check:-Canara Bank Education Loan In India 2024

Baroda Scholar

  • Interest Rate: 9.15% – 9.80%
  • Processing fee: 1% of the Fund amount, a maximum of Rs.10,000 will be charged. However, this amount is refundable after the 1 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 fund that has been availed, the collateral that must be Given will vary Given below is the collateral that must be Given for different loan amounts:
  • Up to Rs.4 lakh: No security needs to be Given.
  • Above Rs.4 lakh and up to Rs.7.50 lakh: Third-party guarantee must be Given as collateral. Assignment of future income must also be provided.
  • Eligibility: Individuals who have received admission in one of the below-mentioned courses can avail a Fund:
  • Graduation courses offered by reputed universities
  • Post-Graduation courses
  • Courses offered by Certified Public Accountant (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 Exam.

Bank of Baroda Education Loan Calculator

The calculator is Easy to use and saves time. You’ll need the loan amount, term, Return rate, and processing fee to calculate the EMI. The Score are immediately apparent. The outstanding balance, interest paid, and Return paid are all visible facts.

How to Apply for Bank of Baroda Education Loan Online?

  • The step-by-step Go to apply for an education Fund is mentioned below:
  • Go To Bank of Baroda’s official website. www.bankofbaroda.in
  • Press on ‘Education Loan’. The option can be Search under the ‘Loans’ tab.
  • On the next page, Press on ‘Apply Now’.
  • You will be Open to https://www.vidyalakshmi.co.in/Canddates/.
  • press on ‘Apply Now’.
  • Next, complete the registration process and Pres on submit.
  • A Bank of Baroda Candidates will contact you to process the request.

Also Read-Axis Bank Personal Loan Status 2024

Bank of Baroda Education Loan Documents Required

  • Application form
  • Passport-size photographs
  • Proof of admission
  • Income proof of the co-borrower or guarantor
  • Collateral documents
  • Bank statements

Marksheet & Scolarship Documents

  • 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

  • Voter’s ID
  • Driving License
  • Aadhaar Card
  • Passport

Identity Proof

  • PAN Card
  • Aadhaar Card
  • Passport
  • Voter’s ID
  • Driving License

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