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About Bank of Baroda Education Loan
To fuel and fund the dreams of numerous students in India, the Bank of Baroda offers different education loan schemes. These schemes help students cover tuition fees and expenses related to education. It also enables students to pursue quality education both in India and abroad.
Being one of the top banks in India, the Bank of Baroda education loan comes with its own benefits. The purpose of this loan is to pay for books, housing, tuition, and other associated expenses for postsecondary education. With this extensive loan program, students can choose from a variety of courses offered both domestically and overseas, giving them the flexibility to pursue their preferred area of study.
Bank of Baroda Education Loan Overview
The Bank of Baroda is a state-owned banking and financial services enterprise based in Gujarat, India, with its main office in Vadodara (formerly Baroda). The Government announced the combination of Vijaya Bank and Dena Bank with Bank of Baroda under the "Alternative Mechanism" concept, which took effect on April 1, 2019.
The Bank of Baroda offers numerous education loan programs, such as Baroda Scholar, Baroda Digital Education Loan, Baroda Vidya, and Baroda Gyan.
Features of Bank of Baroda Education Loan
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Types of Bank of Baroda Education Loan
Bank of Baroda offers students different education loan schemes with varying benefits and features. The list of Bank of Baroda education loans for abroad and India includes:
For Abroad Studies
- Baroda Scholar: Students who are going abroad for professional or technical study can apply for education loans under the Baroda Scholar education loan.
- Baroda Education Loan for EDP: Students can receive up to ₹20 lakh to study an Executive Development Programme (EDP).
For Study in India
- Baroda Vidya: Baroda Vidya Loans are given for academic pursuits at any accredited educational institution. The maximum loan amount authorized is ₹4 lakhs.
- Baroda Gyan: The Baroda Gyan Education Loan is designed especially for students who want to study postgraduate degrees overseas or in India.
- Baroda Digital Education Loan: The Bank of Baroda launched the Digital Education Loan in response to the rising demand for online and digital learning. This loan program is only available to students who have been accepted into India's top universities, including the IITs and IIMs.
- Baroda Education Loan for EDP: Up to ₹20 lakh can be awarded to students enrolled in an Executive Development Programme (EDP).
- Skill Loan Scheme: It is available for students who want to pursue technical courses.
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Bank of Baroda Education Loans for Study in India
Before applying for the Bank of Baroda education loan scheme, know these features of different schemes:
Bank of Baroda Education Loan for Abroad
When applying for a BOB student loan to study abroad, consider these education loan features:
Bank of Baroda Education Loan Interest Rate
Bank of Baroda provides students with many education loans, which students can avail to fund their education. The interest rates of Bank of Baroda education loans vary on their different schemes.
Bank of Baroda Education Loan Documents Required
Here is the mandatory list of documentation that Bank of Baroda want from a student for an education loan:
Student-Applicant
- Proof of Identity: Aadhaar Card, Voter ID Card, PAN Card & Driving License
- Proof of Residence/ Address: Utility bills (electricity, water, gas), Bank statements, Rental agreements, Letter from the educational institution
- Passport for Studies in Abroad: Valid passport with at least 6 months of remaining validity
- 10th Result, 12th Result, Graduation Result: 10th standard mark sheet, 12th standard mark sheet, Graduation mark sheet or degree certificate
- Entrance Exam Results: CAT, JEE, NEET, CET, CMAT, GMAT, GRE, TOEFL results
- Proof of Admission: Proof of admission or admission letter
- Statement of cost of study or schedule of expenses: Statement of the total cost of study, including tuition fees, living expenses, and other associated costs
- College/Course Prospectus: Prospectus or brochure of the educational institution and the course
- Photographs: 2 recent passport-size photographs
- Account statement: Last 1 year of bank account statements
Co-applicant/Guarantor
- Proof of Identity
- Proof of Residence/ Address
- 2 passport-size photographs
- A/C statement (last 1 year)
Income Proof for Self-employed Co-Applicant or Guarantor
- Business address proof (where applicable).
- IT returns during the last two years.
- TDS Certificate (Form 16A, if required).
- Certificate of qualification (for CAs, doctors, and other professionals).
- Bank account statement over the last six months.
Bank of Baroda Education Loan without Collateral
- For education loans up to ₹4 lakh, no collateral is required.
- For loans above ₹4 lakh, collateral in the form of property documents may be required.
- The collateral margin can be 0-15% of the loan amount.
- Property evaluation charges of ₹8,500 may be applicable for collateral-based loans
Acceptable Co applicants
- A co-applicant or guarantor may be required for the education loan.
- The co-applicant/guarantor's proof of identity, residence, income (salary slips, Form 16, IT returns, bank statements), and any previous loan details may be required
Repayment policy
- The repayment period for Bank of Baroda Education Loans is 10-15 years.
- The repayment period begins after the course duration plus 12 months of moratorium.
- The offered sources contained no precise information about prepayment or foreclosure charges.
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Bank of Baroda Education Loan Interest Rate Calculator
The Bank of Baroda offers a straightforward online education loan EMI calculator to assist students and their families in estimating the estimated loan amount, interest rate, and monthly installments for their education loans. This calculator is an extremely helpful tool when it comes to planning and budgeting for financial commitment.
Bank of Baroda Education Loan Eligibility Criteria
Bank of Baroda offers a range of low-interest education loans with up to ₹1.5 crores loan amount and 15 years to repay the debt. However, students must check their eligibility before applying, which includes:
- Indian Citizenship: Applicants must be Indian citizens to qualify for a Bank of Baroda Education Loan.
- Confirmed Admission: Students must have confirmed admission in recognized educational institutions in India or abroad to be eligible for the loan.
- Academic Background: Academic records such as 10th and 12th results, graduation results, and entrance exam scores may be required for eligibility assessment.
- Co-Applicant/Guarantor: A co-applicant or guarantor may be needed for the loan, and their income proof, identity, and residence documents will be required.
- Income Proof: Salaried co-applicants/guarantors must provide salary slips, Form 16, IT returns, and bank account statements, while self-employed individuals need to submit business address proof, IT returns, and bank statements.
- Property/Security Documents: Collateral or security documents may be required for certain types of education loans.
- Other Requirements: Additional documents like passport, photographs, and details from the Vidya Lakshmi Portal may also be necessary for loan processing
Bank of Baroda Education Loan Eligible Course
Students seeking education loans from Bank of Baroda can pursue a wide range of courses across various fields. The eligible courses include:
Eligible Courses Under Baroda Education Loan for EDP being offered by Premier Institutions Abroad
The courses or colleges eligible under the Bank of Baroda EDP abroad loan includes:
- Premium global institutions that are offering part-time, online, and distance learning
- Executive Development Programs. It must include Times Pro or Hughes Global Education platform, as well as other partnerships.
Eligible Courses under Baroda Education Loan for EDP being offered by Premier Institutions in India
The courses or colleges eligible under the Bank of Baroda EDP India loan includes:
- Executive development programs by renowned institutions
- Part-time, weekend, online, and hybrid executive development programs
- Programs listed under List AA, A, and B
- Technology platforms such as Hughes Global Education and Times Pro
Eligible Courses under Baroda Gyan
The courses that are eligible for student loans under Baroda Gyan are:
- Bachelor's Degrees: BA, B.Sc., B.Com, and more.
- Postgraduate: Masters and PhD.
- Courses from Prestigious Indian Institutions: IIM, IIT, IISc, XLRI.
- Technical: Engineering, agriculture, law, dental, medicine, computer science, veterinary, management, architecture, etc.
- Management-related Courses: Hospitality management, hotel management, mass communication, and event management. These courses must be offered by reputable institutions with guaranteed employment prospects.
- Certificate Courses from Accredited Institutions: CA, ICWA, CFA.
- Standardized Programs: Aeronautical, shipping, pilot training, approved by the DGCA/Shipping.
- Renowned Universities: Courses offered by renowned universities worldwide
- Evening Courses: Evening courses from approved institutions
- UGC, AICTE, ICMR-approved: Degree, diploma, and certificate programs from universities and colleges approved by AICTE, UGC, ICMR, or state governments.
- Central or State Government-approved Training Courses: Central or State Government-approved teacher training, B.Ed. and nursing courses.
- Institution-specific Courses: Based on prospects and recognition from user institutions, Baroda Corporate Center may authorize additional institutions and courses.
Eligible Courses under the Baroda Digital Education Loan Scheme
The courses that are eligible under the Baroda Digital Education Loan Scheme include:
- Full-time standard education programs provided by prominent universities
- The institutions are listed (List-AA, A, B, & List-C)
Eligible Courses under the Skill Loan Scheme
The courses that are eligible under the Skill Loan Scheme include:
- Polytechnics
- Industrial Training Institutes (ITIs)
- Colleges affiliated with recognized universities
- Schools recognized by central or state education boards
- Training partners affiliated with the Sector Skill Councils, National Skill Development Corporation (NSDC), State Skill Missions, and State Skill Corporations.
- Courses aligned with the National Skill Qualification Framework (NSQF)
Process of Applying for Bank of Baroda Education Loan
The step-by-step procedure for applying for an education loan is shown below:
Online Process
- Step 1: Head to the Bank of Baroda's official website.
- Step 2: Click on 'Education Loan'. The option can be found on the 'Loans' menu.
- Step 3: On the next page, tap/click 'Apply Now'.
- Step 4: You'll be led to https://www.vidyalakshmi.co.in/Students/.
- Step 5: Click 'Apply Now'.
- Step 6: Complete the registration form and click the submit button.
- Step 7: A Bank of Baroda representative will call you to process your request.
Offline Process
- Step 1: Fill out the loan application at the Bank of Baroda branch closest to you.
- Step 2: Once your profile has been examined, you may be required to submit certain documents.
- Step 3: Deliver the necessary papers to the BOB branch that is most convenient for you.
- Step 4: After document verification, the loan amounts will be disbursed into your account.
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How to Transfer Your Education Loan to Bank of Baroda?
In case you are not satisfied with your lender on any terms like interest rates, support service, repayment terms etc and looking for a bank with lowest interest rates on education loan, you can check out Bank of Baroda education loan and in case it suits, you can consider transferring the loan to Bank of Baroda.
Here's a step-by-step guide to transfer your loan:
1. Fill Transfer Application Form
Complete the education loan transfer application form provided by Bank of Baroda, or their online application form. Provide accurate details and ensure all required fields are filled correctly.
2. Submit Documents
Submit the filled application form along with the necessary documents to the Bank of Baroda branch or through their online portal, if available.
3. Verification and Processing
The bank will verify the submitted documents and process your loan transfer request. This may involve checking your credit history, collateral valuation, and other factors.
4. Loan Closure with Previous Lender
Coordinate with your current lender to ensure the closure of your existing education loan account. Obtain a 'No Dues Certificate' or any other relevant document confirming the closure of the loan account.
5. Loan Disbursement
Once your loan transfer request is approved, Bank of Baroda will disburse the outstanding loan amount to your previous lender, effectively transferring the loan to them.
6. Repayment Schedule and EMI Calculation
Understand the repayment schedule and EMI calculation methodology provided by Bank of Baroda. Ensure clarity on repayment terms, including the tenure, interest rates, and monthly installment amounts.
Bank of Baroda Processing Fees and Charges
Bank of Baroda offers a number of education loan schemes with lower interest rates. These schemes, however, are exposed to processing fees and charges that you must know.
Bank of Baroda Education Loan Insurance
Bank of Baroda offers Education Loan Insurance to provide financial protection to borrowers and their families in case of unforeseen events. This insurance coverage safeguards against situations such as the borrower's untimely demise or permanent disability, ensuring that the burden of loan repayment does not fall solely on the borrower's family members.
In the unfortunate event of the borrower's demise or disability, the insurance policy covers the outstanding loan amount, offering peace of mind to both the borrower and their family.
Bank of Baroda's Education Loan Subsidy
Students from the Economically Weaker Section (EWS), which has the lowest income, are eligible for the Central Scheme of Interest Subsidy for Education Loans. For the duration of the moratorium, they receive an interest subsidy.
Students in the Other Backward Classes (OBC) and Economically Backward Classes (EBC) are eligible for the Dr. Ambedkar Central Sector Scheme. During the moratorium period, they receive a complete waiver of the interest.
Tips for BOB Education Loan Application
When applying for an education loan with the Bank of Baroda, it's essential to have all the required documents ready. This includes academic records, admission letters, fee structures, and income proof for co-applicants.
- It's advisable to apply for the loan well in advance, as the processing time can vary depending on the loan amount and the institution you're attending.
- A good credit score can improve your student loan approval and potentially secure better interest rates.
- Be prepared to discuss your future career prospects and repayment plan during the loan interview.
- Explore the various education loan schemes offered by the Bank of Baroda, such as Baroda Vidya, Baroda Gyan, or Baroda Scholar.
- Read the student loan agreement carefully and clarify any doubts before signing.
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A higher education is an important investment in one's future, and meeting academic objectives. With a wide selection of education loan options, Bank of Baroda offers students a reliable solution that makes sure financial limitations do not prevent them from pursuing their goals.
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