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Education Loan
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Who can apply for the loan ?
- Any Indian National fulfilling criteria stated above is eligible for education loan.
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Who can be co-obligant ?
- The parents, guardians, friends and relative can be co-obligant.
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How much does Bank of Baroda lend ?
- Bank of Baroda extend need based finance subject to repaying capacity of the parents/student with margin upto following ceilings.
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Studies in India
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Studies abroad
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For how long a period can I get the loan ?
- We grant loan for a term of 5 years after repayment holiday/moratorium.
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What is the repayment holiday / moratorium period ?
- Course period + 1 year or 6 months after getting job whichever is earlier.
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What is the mode of repayment ?
- The accrued interest during the repayment holiday period to be added to the principal and repayment in Equated Monthly Instalment (EMI) is fixed.
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Do you offer any concession ?
- Yes, we do offer 1% interest concession to student loanee, if the interest is serviced during the study period when repayment holiday is specified for interest / repayment under the scheme.
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What type of interest do you charge under your Education Loan Scheme ?
- We charge simple interest at quarterly rests during the repayment holiday /moratorium period.
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Do you levy any penalty for default under the scheme ?
- Yes, we charge penal interest @ 2% on overdues amount in the loan exceeding Rs.2 lacs.
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