Bank of Baroda Education Loan
Education loan Eligibility:
- Citizenship Requirement: The applicant must be an Indian citizen.
- Age Eligibility: The applicant should be between 18 and 45 years old at the time of loan disbursement.
- Educational Qualification: The applicant must have gained admission to a recognized educational institution in India or abroad.
- Course Validity: The chosen course should lead to a recognized degree or diploma.
- Loan Amount Range: The loan amount can be between Rs. 2 lakhs and Rs. 150 lakhs for studying abroad, and between Rs. 2 lakhs and Rs. 125 lakhs for studying in India.
- Co-applicant Requirement: The applicant must have a co-applicant who is either a salaried individual or a self-employed person with a good credit history.
- Collateral Conditions: For loan amounts up to Rs. 40 lakhs, no collateral is required. However, for amounts above Rs. 40 lakhs, collateral in the form of a third-party guarantee or hypothecation of assets may be necessary.
- Interest Rate: The interest rate is calculated as Bank Rate + 0.25% for study in India and Bank Rate + 1.75% for study abroad.
- Processing Fees: The processing fees amount to 1% of the loan amount, with a maximum limit of Rs. 10,000.
- Repayment Period: The loan can be repaid over a maximum period of 15 years.
Documents Required:
Applicant:
- Proof of identity (any one): PAN card, passport, voter ID card, driving license, etc.
- Proof of residence (any one): Aadhaar card, utility bill, rent agreement, etc.
- Educational documents: Mark sheets, degree certificates, etc.
- Proof of admission: Offer letter or admission letter from the institution.
- Statement of cost of study/Schedule of expenses.
- Bank account statement for the last 6 months.
- Income proof for salaried applicants: Salary slips for the last 6 months, IT returns, etc.
- Income proof for self-employed applicants: Business registration certificate, income tax returns, etc.
Co-applicant:
- Proof of identity (any one): PAN card, passport, voter ID card, driving license, etc.
- Proof of residence (any one): Aadhaar card, utility bill, rent agreement, etc.
- Income proof for salaried co-applicants: Salary slips for the last 6 months, IT returns, etc.
- Income proof for self-employed co-applicants: Business registration certificate, income tax returns, etc.
Guarantor:
- Proof of identity (any one): PAN card, passport, voter ID card, driving license, etc.
- Proof of residence (any one): Aadhaar card, utility bill, rent agreement, etc.
- Income proof: Salary slips for the last 6 months, IT returns, etc.
- Property documents: Property title deeds, etc.
Note: Please keep in mind that the mentioned documents are general requirements for BOB Education loan schemes. The specific documents needed may vary depending on factors such as the applicant's profile and the loan amount requested. It is important to note that the following document list should be considered as a general guideline and may be subject to variation depending on individual circumstances. It is recommended to consult with the Bank of Baroda or the lending institution directly to obtain an accurate and comprehensive list of required documents tailored to the specific loan application.
Process to apply for education loan:
To apply for a BOB Education loan, follow these steps:
- Choose the right loan: Compare the available BOB Education loans on their website and consider factors such as loan amount, interest rate, processing fees, repayment period, and collateral requirements.
- Gather required documents: Collect necessary documents like proof of identity, proof of residence, educational documents, proof of admission, statement of cost of study, bank account statement, and income proof. Refer to the list provided on the BOB website.
- Fill the application form: Complete the application form online or at a BOB branch. Provide personal information, educational details, financial information, and loan preferences.
- Submit the application form: Submit the filled application form along with the required documents either in person or by post to a BOB branch.
- Documentation process: The bank will verify your documents, conduct a background check, and may require you to attend an interview. This process typically takes a few days.
- Loan approval: If your loan is approved, you will receive a loan agreement outlining the loan terms and conditions, including loan amount, interest rate, processing fees, repayment period, and collateral requirements.
- Disbursal of loan: After signing the loan agreement, the approved loan amount will be disbursed to your bank account. The disbursement can be a lump sum or in installments, depending on the loan terms.
Expenses Covered in education loan scheme:
- Tuition fees: The loan can be used to cover the tuition fees for the chosen course.
- Hostel fees: The loan can be used to cover the hostel fees, if applicable.
- Mess fees: The loan can be used to cover the mess fees, if applicable.
- Books and stationery: The loan can be used to cover the cost of books and stationery.
- Travel expenses: The loan can be used to cover the travel expenses for the course, such as airfare, train fare, and visa fees.
- Insurance premium: The loan can be used to cover the insurance premium for the borrower and the co-borrower.
- Other expenses: The loan can be used to cover other expenses related to the course, such as examination fees, laboratory fees, and caution deposit.
Courses covered in education loan scheme:
- Undergraduate courses: The loan can be used to cover the cost of undergraduate courses offered by recognized universities and colleges in India and abroad.
- Postgraduate courses: The loan can be used to cover the cost of postgraduate courses offered by recognized universities and colleges in India and abroad.
- Professional courses: The loan can be used to cover the cost of professional courses offered by recognized universities and colleges in India and abroad.
- Vocational courses: The loan can be used to cover the cost of vocational courses offered by recognized universities and colleges in India and abroad.
Schemes:
- Baroda Digital Education Loan:
- Loan Amount: No collateral for Premier Institutes
- Maximum Tenure: No prepayment charges
- Baroda Vidya:
- Loan for parents of an Indian national/residing student for schooling at a recognized institute
- Covers expenses like books and computer/laptop purchase
- Loan Amount: Rs. 4 lakhs
- Baroda Gyan:
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- Loan for Indian students pursuing graduation, post-graduation, or professional courses in India
- Requires admission in the course
- Loan Amount: Maximum Rs. 125 lakhs
- Maximum Tenure: 10-15 years
- Baroda Scholar:
- Loan for MBA, MCA, MS, and other notified courses that contribute to job creation
- Requires admission to the notified institute and course
- Loan Amount: Maximum Rs. 150 lakhs
- Maximum Tenure: 10-15 years
- Baroda Education Loan to Students of Premier Institutions:
- Loan for Indian nationals admitted to premier educational institutions in India
- Loan amount varies based on institute categorization
- Loan Amount: Up to Rs. 80 lakhs
- Maximum Tenure: 10-15 years
- Skill Loan Scheme:
- Loan for students pursuing technical courses
- Covers courses by Industrial Training Institutes or National Skill Qualification Framework, etc.
- Loan Amount: Rs. 1.50 lakhs
- Maximum Tenure: Up to 7 years
- Vidya Lakshmi Portal:
- Portal for students seeking Education Loan
- Developed under the guidance of Department of Financial Services
- Government of India Interest Subsidy Schemes for Education Loan:
- Eligibility for loan subsidy under government subsidy schemes
- Baroda Education Loan for EDP being offered by Premier Institutions in India:
- Loan for resident Indians admitted to premier institutions in India
- Requires employment during the course of study
- Loan Amount: Maximum of Rs. 20 lakhs
- Maximum Tenure: 10-15 years
- Baroda Education Loans for EDP being offered by Premier Institutions Abroad:
- Loan for executive development programs abroad
- Requires admission in the university and employment during the course of study
- Loan Amount: Up to Rs. 80 lakhs
- Higher Education and Skill Development Guarantee Scheme for Pursuing Higher Education in Delhi:
- Loan for meritorious students in Delhi pursuing higher education
- Provides financial support from the banking system
- Loan Amount: Maximum Rs. 10 lakhs
- Maximum Tenure: 15 years
Note: The information provided about education loans is sourced from official guidelines. However, for complete satisfaction and up-to-date details, we recommend visiting the official website of the respective financial institution. The official website will provide comprehensive and accurate information regarding eligibility, application process, documentation requirements, terms, and conditions.
