A loan product specially designed for students pursuing Graduation, Post - Graduation, Professional & Other courses in India. Bank of Baroda extends a helping hand to energize your studies and promote education of the youth.
- No processing charges.
- No Margin on loans upto 4 lacs.
- Free Debit Card.
- Executive Development Programmes (Part Time /Weekend /Online/ programmes) being offered by Premier Institutions as listed under List AA,A,B & C of Premier Institutions in India) (Including the programmes offered using the technology platform of Hughes Global Education, Times Pro etc.)
- List of the institutions (List-AA, A, B & List-C) (105 KB)
- Should be Resident Indian.
- Secured admission in professional / technical courses in India conducted by Premier Institutions as listed in List AA,A,B & C.
- Should be gainfully employed and would continue to be in gainful employment during study.
Interest Rates & Charges
- No special concession for girl students under this scheme.
- Servicing of interest during the moratorium period will be compulsory
- Present rate of interest Click here
- Processing Charges
Most Important Terms & Conditions
- Students pursuing Executive Development Programmes(Part Time /Weekend /Online/ programmes) being offered by Premier Institutions as listed under List AA,A,B & C of Premier Institutions in India) (Including the programmes offered using the technology platform of Hughes Global Education, Times Pro etc.), Professional and other courses in India.
Quantum of finance
- Up to RS. 4.00 lakhs: NIL
- Above RS. 4.00 lakhs: 5%
Repayment Holiday/ Moratorium Period
- Course period + 3 Months.
Coverage of expenses for
- Fee payable to college/Institution/University/school/hostel.
- Examination / Library / Laboratory fee.
- Purchase of books / equipments / instruments / uniforms.
- Caution deposit, Building fund / refundable deposit supported by institution bills/ receipts, subject to condition that the amount does not exceed 10% of the total tuition fees for the entire course.
- Purchase of Personal Computer / Laptop - essential for completion of the course.
- Insurance premium for student borrower, if any opted by the student. Presently Bank has tie up arrangement with M/s.IndiaFirst Life Insurance Co & M/s.Kotak Life Insurance co for Group Credit Life insurance cover to Educaiton Loan borrowers.
- Any other expenses required to complete the course – like study tours, project works, thesis, etc.
- Except the Living Expenses, Hostel Charges, Mess Charges, other living expenses and Cost of external coaching/tuition.
Note: The details of expenses for the entire course period to be obtained from college / institution.
- The loan is repayable in maximum 10 – 15 years after the completion of moratorium period as mentioned above
- For loans up to RS. 7.50 Lakhs : Moratorium Period +Maximum -120- installments
- For Loans above RS. 7.50 Lakhs : Moratorium Period +Maximum -180- installments
Unified Processing charges
- NIL for all cases
- A non refundable Lump sum amount Rs.7,500/- per property (towards Advocate and Valuer charges) to be taken upfront in case of all Education Loan accounts, wherever property is mortgaged .
- Collateral Free Loan upto RS. 15.00 Lakh
- 100 % Collateral Security for Loan above RS. 15.00 Lakh for full value of loan
- Directly to School / Institution / year wise, in stages as per the requirement / demand.
- Directly to book seller / shop for purchase of books, instruments, equipments.
- Branch in the vicinity of the Institute #
- Branch which is in close proximity to the permanent residence of parent/at the place of posting/service of the parent Branch.
# In case where the Programmes are being offered by these Premier Institutions in collaboration with the Technology Partners like Huges, Times Pro etc. the centers of such technology Partners may be treated at par with the Institutions and a Branch in the vicinity of the center of such Technology partners can also sanction.
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.
List of FAQs
|Studies in India
||Maximum Rs. 10.00 lacs
||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.