Bank Of Baroda Education Loan 2023: Are you hoping to advance your education? Perhaps you might wish to think about an Indian education loan from the Bank of Baroda. These loans come with a lot of advantages that you won’t discover with other loans, in addition to competitive rates and great conditions. Therefore be sure to look into the Bank of Baroda education loan choices available to you whether you’re interested in obtaining a new qualification or continuing your present schooling.
Their main educational funding programme, the Baroda Scholar, provides financial aid to those who want to enrol in normal courses or executive development programmes in foreign universities. Moreover, Bank of Baroda provided female candidates with a 0.5% interest rate subsidy.
In India, Bank Of Baroda Education Loan 2023
Education is available to everyone, regardless of financial means. And you need to have the appropriate education loan source in order to participate in society equitably and effect change. Bank of Baroda provides a variety of education fund plans for impoverished candidates so they can cover the costs of attending school, college, or another type of institution.
You can borrow a minimum of INR 4 lakh from the Bank of Baroda without any margin for the purpose of financing your education. The parent or guardian’s ability to pay is a key consideration for a larger Credit amount. A year after you complete your term of study, you can repay the Fund in equivalent monthly installments (EMIs).
Moreover, the loan return rate is based on Bank of Baroda’s Repo Linked Lending Rate, which is now 7.25%. Use the Bank of Baroda Education Fund to obtain funding for preschool and elementary school as well as for higher education abroad. See the attributes and advantages of the Bank of Baroda Education Fund.
Overview of the Education Loan Bank of Baroda in India for 2023
|Overview of the Education Loan Bank of Baroda in India for 2023|
|1.||Maximum Loan Amount||List 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 /security||Loan amount must be <= 100% of collateral value|
|3.||BOB Education Loan Rate of Interest||List 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 Fee||Rs.10,000 + GST (Rs.10,000 refundable); Additional property valuation charge of Rs. 7,500, in case of Real Estate collateral|
|5.||Margin Money||No Margin up to Rs.4 lakhs, Above Rs.4 lakhs:5%|
|6.||Loan Tenure||Up to Rs.7.5 lakh: Moratorium period + 10 years
Above Rs.7.5 lakh: Moratorium period + 15 years
|7.||Moratorium Period||Course period + 12 months|
Education Loan from Bank of Baroda
The Bank of Baroda provides a variety of education funds with low interest rates and up to 15-year repayment terms. For loans up to Rs. 4 lakh, no collateral is necessary. Tax Profit is also allowable on interest paid in accordance with Section 80E of the Income Tax Act.
Interest rates for Bank of Baroda student loans in 2023
|Interest rates for Bank of Baroda student loans in 2023|
|Baroda Gyan||Up to 9.65%|
|Baroda Education Loan (For Studies in India)||7.40% – 9.25%|
|Baroda Scholar||9.15% – 9.80%|
The sort of loan that has been accessed will determine the maximum loan amount that will be given. To find out the maximum fund amount that will be given, contact Bank of Baroda.
BOB international student loan
- Rate of Return: 9.15% to 9.80%
- Female candidates receive a 0.50% interest rate discount.
- Processing Charge: 0
- Maximum 15-year loan term.
- Documents necessary:
- Complete Student records and Know Your Customer (KYC) of the applicant
- Admission evidence: Entrance Test Score (if applicable)
- Declaration of Study Costs and Expense Schedule
- For salaried co-candidates and the guarantor, income documentation (if applicable)
- Statement of recent six-month bank accounts.
- Property Records (if applicable)
- Applicants must be Indian citizens to be eligible.
To receive the Fund, the Candidates must be enrolled in one of the courses listed below:
- Graduation (technical courses provided by reputed universities) (technical courses offered by reputed universities)
- Postgraduate programmes (MCA, MBA, etc)
- Courses provided by American CPAs, London-based CIMAs, etc.
- Leading institutions for management education.
- Prestigious institutions that offer courses in science, technology, engineering, and mathematics.
- Premier medical schools as well as schools for law, business, design, and other subjects.
- Diplom programmes
- Education Grants for courses not listed above but taken abroad will also be taken into consideration.
Several programmes for educational loans
- 10.50% interest rate
- Processing Charge: 0
- No security or collateral is required as collateral.
- Given Loan Tenure: The annual loan that is taken out must be repaid in 12 installments. Twelve months after the first payout has been made, the first Part is due.
- Eligibility: The requirements that must be satisfied in order to use the Fund are listed below:
- Must be a citizen of India.
- The Candidates must have obtained acceptance into an accredited institution.
- The Fund will be awarded in the father’s or mother’s name of the Candidate.
- Interest rate: 9.65% maximum
- Processing Charge: 0
- Collateral: The required collateral is shown below and will be determined by the loan amount:
- No security is required up to Rs. 4 lakh. The co-obligation of a parent, nevertheless, is Needs.
- Above Rs. 4 lakh: Collateral is required.
- Ten to fifteen years for a loan
- Eligibility: To be eligible for the loan, the applicant must enrol in one of the following programmes:
- Postgraduate programmes
- professional training
- management training
- certificates in computer science
- Courses in the Institute of Cost and Works Account, Chartered Financial Analyst (CFA), and Chartered
- Accountant (CA) (ICWA)
- Diplom programmes
- Training programmes for teachers
Education Loans from Baroda for Students at Elite Colleges (For Studies in India)
- Rate of Interest: 7.40% to 9.25%
- Processing Charge: 0
- Collateral: The type of institution and the required collateral will determine which is required. The required collateral for various categories is listed below. List A
- For loans of up to Rs. 20 lakh, no collateral is required. Nonetheless, proof of the student’s future income as well as the co-obligation of the parent(s) or guardian must be given.
- Above Rs. 20 lakh: 100% of the Fund amount in collateral and an assignment of future revenue are required.
15 years is the maximum loan term.
- 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 saves time and is simple to use. To calculate the EMI, you’ll need the loan amount, length, return rate, and processing charge. The Score are evident right away.
All three of these facts
- the outstanding balance
- Return—are readily apparent.
How to Apply for Bank of Baroda Education Loan Online?
- The sequential Use the links below to apply for an education fund:
- Visit the official Bank of Baroda website – www.bankofbaroda.in Click “Education Loan“
- The alternative is Look at the “Loans” tab. On the following page, click “Apply Now“
- Your Access to https://www.vidyalakshmi.co.in/Canddates/ will be Open. click “Apply Now“
- The registration process should then be finished and submitted.
- To handle your request, a Bank of Baroda Candidate will get in touch with you.
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
- 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