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Education Loan

Who can apply for the loan ?

  • Any Indian National fulfilling criteria stated above is eligible for education loan.
Who can be co-obligant ?

  • The parents, guardians, friends and relative can be co-obligant.
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.

    Studies in India
    • Maximum Rs. 10.00 lacs
    Studies abroad
    • Maximum Rs.20.00 lacs.
For how long a period can I get the loan ?

  • We grant loan for a term of 5-7 years after repayment holiday/moratorium.
What is the repayment holiday / moratorium period ?

  • Course period + 1 year or 6 months after getting job whichever is earlier.
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.
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. Additionally, 1% interest concession is provided to girl students.
What type of interest do you charge under your Education Loan Scheme ?

  • We charge simple interest at monthly rests during the repayment holiday /moratorium period.
Do you levy any penalty for default under the scheme ?

  • Yes, we charge penal interest @ 2% on overdues amount in the loan exceeding Rs.4 lacs.

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