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Baroda Education Loan for Vocational Education & Training

  1. Scheme shall be applicable at all our Branches across the country

  2. The prospective borrower should be an Indian Nationaland have secured admission in a course approved /supported bya Ministry/ Deptt/ Organization of the Govt or a Company /Society/ Organization supported by National Skill development Corporation or State Skill Missions /State Skill Corporation leading to a certificate /diploma /degree etc. by Govt. Organization or an Organization recognized /authorized by Govt to do so.

  3. Courses eligible: Vocational /Skill development courses of duration from 2 months to 3years run or supported by a Ministry /Deptt/Organization of the Govtor a company /society/ organizationsupported by National Skill Development Corporation or State Skill Missions /State Skill Corporations, preferably leading to a certificate /diploma /degree etc. issuedby a Government Organization or an organization recognized /authorized by the Govt. to do so. State Level Bankers committee (SLBC) / State levelCo-ordination Committee (SLCC)may add other skill development courses /programmes, having good employability.

    1. Approved courses/training programs as per The National Skill Certification and Monetary Reward Scheme

  4. The Student should not be minor and in case he is a minor, documents shall be executed by the parents and bank will obtain aletter of ratification from him/her upon attaining majority. There is no bar on maximum age of the borrower

  5. Need based finance to meet expenses will be considered subject to following:

    1 For courses of duration upto 3 Months Rs.20000/
    2 For courses of duration >3 months and upto 6 months Rs.50000/
    3 For Courses of duration >6 months to 1 year Rs.75000/
    4 For courses of duration above 1 year Rs.150000/

  6. Following expenses shall be considered for granting the loan under this scheme:

    1. Tuition fee/Course fee
    2. Examination /Library/Laboratory fee
    3. Caution Deposit
    4. Cost of Books/Equipments and Instruments
    5. Any other reasonable expenditure found necessary for completion of the course.

  7. There will not be stipulation of any margin under the product i.e. Margin will be Nil-

  8. Rate of Interest shall be Base rate plus 2% i.e. 11.65% at present and simple interest shall be charged till the start of repayment. Servicing of interest during Study Period and Moratorium Period shall be at the option of the borrower. In case, interest is serviced during the study period and Moratorium period , Concession of 1% in interest rate for entire tenure of loan shall be provided.
  9. For girl students, an incentive in the form of 1% Interest Concession shall be provided as being provided under our Education Loan Product.

  10. Processing Charge/documentation Charges:NIL

  11. Security: No Collateral or third party guarantee will be obtained, however, the parent will execute loan document alongwith the student borrower as joint borrower.

  12. Moratorium Period and Repayment:Repayment of loan will commenceafter a period of 6 months from the completion of course of maximum 1 year duration. Whereas for courses of duration of more than 1 year, Repayment will commenceafter a period of 12 months from the completion of course. Maximum Repayment period will be as under:

    Loans upto Rs 50,000 : Upto 2 Years
    Loans between Rs 50,000 to Rs 1 lac : 2 to 5 Years
    Loans above Rs 1 lac : 3 to 7 Years

  13. Insurance : Group credit Life Insurance Coverwill be available at the option and cost of the borrower. Cost of Insurance Premium may be financed by Bankby adding the same in the project cost and shall be recovered alongwith EMIs of the loan.

  14. The Borrower can repay the loan any time after commencement of repayment WITHOUT having to pay any prepayment charges.

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