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Securing an education loan is often the first step in making your dreams of studying, both domestically and abroad, a reality. With personalised solutions for students looking to finance their studies, Bank of Baroda education loan form offers loans up to INR 150 lakhs for premier universities abroad and up to INR 60 lakhs for non-premier universities.
This loan is intended to cover the cost of books, housing, tuition, and other higher education expenses. This guide will walk you through everything you need to know about education loan form filling through BOB.
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Bank of Baroda Education Loan Form: An Overview
The BOB education loan form refers to the official application form used to apply for an education loan from the Bank of Baroda, which is now primarily submitted through the Vidya Lakshmi Portal.
This digital portal allows applicants to fill out the form and upload necessary academic, identity, admission, and financial documents to apply for a loan for higher education.
The form requests details to assess the applicant's eligibility for a loan, including:
- Personal Information: Details about the student applicant.
- Academic Information: Records of previous academic performance, such as marksheets.
- Loan Details: The specific course, institution, and the amount of loan required.
- Co-applicant/Guarantor Information: Financial and personal details of any co-applicant or guarantor.
To have a look at what a Bank of Baroda education loan form looks like, here's the link from where you can preview and download it as well. Click here!
Bank of Baroda Education Loan Eligibility Criteria
To qualify, a co-applicant (usually a parent) is primarily required. While no collateral is needed for loans up to INR 4 lakh, collateral and a third-party guarantor are mandatory for higher loan amounts.
Here are other eligibility requirements:
- The applicant must be an Indian citizen and at least 18 years old.
- The student must have secured admission to a recognised university for a professional or technical course through a merit-based or entrance exam selection process.
- For better loan terms, the institution should be listed among Bank of Baroda’s premier institutions. You can check the list of eligible institutes on their website.
- A strong academic record is essential, and the student must meet the educational criteria set by the bank. Additionally, any required standardised test scores (like GRE, IELTS, TOEFL) must be met.
Step-by-Step Guide on How to Fill Education Loan Application Form Via Bank of Baroda
Filling out the Bank of Baroda education loan form correctly and understanding the procedure is crucial to securing the loan you need. Let's walk through the key steps involved:
Step 1: Fill out the BOB Education Loan Application Form
The first step in the loan application process is knowing how to fill Bank of Baroda form. You can download the form from their official website or visit your nearest Bank of Baroda branch to get a physical copy. The application form is to be filled out carefully with accurate details to avoid delays.
Step 2: Interview Process
Once your application is submitted, Bank of Baroda invites applicants for an interview. This is a necessary part of the loan approval process, regardless of whether you applied online or offline.
The interview focuses on the student's academic background, the chosen course, the university, and projected earning potential after graduation. The bank assesses the career prospects associated with your chosen field of study to determine the feasibility of the loan.
Step 3: Document Submission
You will need to submit various documents for verification. This includes:
- Passport, Aadhar card, etc.
- An admission letter from the university.
- Marksheets and certificates from previous education.
- Income proof and identity proof of a parent or guardian.
Step 4: Loan Approval
Once all your documents are verified and the interview is completed, your loan application proceeds to the approval stage. During this phase, the bank evaluates the credibility of the borrower and the co-applicant (usually a parent or guardian). If everything checks out, the loan is approved, and you move on to the final step.
Step 5: Loan Disbursement
The final step in the process is the disbursement of funds. The approved loan amount will be disbursed either in whole or in parts, directly to the educational institution or to your bank account, depending on the agreement.
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Bank of Baroda Education Loan Documents Required
The application process requires students to provide a variety of documents. Ensure you have all the necessary paperwork to avoid any delays.
Documents for the Applicant:
- Proof of identity, like a Passport, Aadhar card, or PAN card.
- Proof of residence, such as utility bills, lease agreements, or a passport.
- Academic records such as Class 10th & 12th certificates, graduation results (if applicable).
- An admission letter or offer letter from the institution.
- Entrance exam scores, such as the GMAT, GRE, IELTS, and TOEFL.
- A breakdown of tuition fees and other expenses.
- Two passport-size photographs
Documents for Co-applicant (usually a parent/guardian):
- Proof of Identity & Residence
- Salary slips, IT returns, and bank statements for the last six months.
- Last 12 months' bank account statement (if any previous loans).
Thinking of applying for a different education loan? Check out our guide on Who Can Be a Co-Applicant for Education Loan to learn about eligibility criteria and required documents.
How to Apply for a Bank of Baroda Education Loan?
Here's a quick rundown of how to apply:
- Before applying, ensure you meet the Bank of Baroda's eligibility criteria for an education loan.
- Select either a secured or an unsecured loan, depending on your financial situation.
- Gather all necessary documents, including academic records, proof of admission, and details of the co-applicant.
- Apply either online through the Bank of Baroda website or visit your nearest branch.
- Once your application is submitted, attend the interview, submit any additional required documents, and wait for approval.
Repayment Process for Bank of Baroda Education Loan
After the loan is disbursed, repayment begins after the course completion. Typically, there's a moratorium period of 6-12 months, during which you're not required to make any repayments. After this period, you will need to start paying monthly EMIs.
Explore Myths and Facts about Education Loans. Get the real insights before making your loan decisions.
Confused Between Bank of Baroda and Other Options? See What Students Are Discussing!
Choosing between Bank of Baroda and SBI for your education loan? It's a common dilemma, especially when both offer competitive features, but with some differences in terms of loan amount, interest rates, and processing times.
Reddit User in r/Indians_StudyAbroad shared:
"I’m comparing two education loan options for my Masters in the USA: SBI vs. Bank of Baroda. SBI offers 90% loan on property with a 9.90% interest rate (floating) and processing fees of ₹50,000, with a sanction letter in 15 days. Bank of Baroda offers 100% loan on property at 9.45% (flat), but the processing fees are ₹60,000, and the sanction letter comes in 1 week. Both are fine options, but I'm unsure which one to choose."
Insight:
Both SBI and Bank of Baroda offer education loans backed by property. Still, Bank of Baroda provides a 100% loan against property with a lower interest rate (9.45% flat) and quicker sanction approval (1 week).
However, SBI offers a floating interest rate and has a longer sanction period (15 days). You need to assess which loan suits your needs better based on the urgency and overall cost.
What can we infer from the above case?
- Bank of Baroda might be a better option if you need quicker approval and a slightly lower interest rate.
- SBI may be a suitable option if you prefer a floating rate loan and are comfortable with a slightly longer approval process.
Tip: If trust and familiarity with a bank matter to you, SBI may be the way to go. However, if you're looking for a quicker process with a lower interest rate, Bank of Baroda may be the more suitable choice. Compare the overall costs, including processing fees, interest rates, and loan disbursement speed, before making your decision.
Filling out the Bank of Baroda education loan form is a straightforward process, offering competitive interest rates and flexible loan options. With both secured and unsecured loan options, it's crucial to choose based on your financial situation, collateral availability, and the university's recognition. Make the right choice to fund your education with ease.
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