Bank of Baroda Education Loan: Study Abroad, Eligibility,Benefits, Interest Rates, EMI Calculator, Apply Online provides Education Loans for students looking to pursue higher education in India or abroad, at attractive interest rates.

What is Bank of Baroda Education Loan?

Bank of Baroda Education Loan is a financial product offered by Bank of Baroda, one of the largest public sector banks in India. It is designed to provide financial assistance to students who wish to pursue higher education in India or abroad. The loan covers a wide range of educational courses, including undergraduate and postgraduate programs, vocational and skill development courses, and professional courses.

Numerous education loans with low interest rates and up to 15-year repayment terms are available from the Bank of Baroda.Tax advantages are also available for interest paid in accordance with Section 80E of the Income Tax Act. You can utilise an education loan to pay for your high school, college, or graduate degree.

Eligibility for Bank of Baroda Education Loan

The eligibility criteria for Bank of Baroda Education Loan may vary slightly depending on the specific loan scheme and guidelines. However, here are some general eligibility requirements:

• Nationality:

The applicant should be an Indian citizen.

• Age:

There is no specific age limit for most education loan schemes. However, certain schemes may have age restrictions, so it’s best to check with the bank for the specific loan you are interested in.

• Academic Qualifications:

The applicant should have secured admission to a recognized educational institution in India or abroad through a qualifying entrance examination or merit-based selection process.

• Co-applicant:

In most cases, a parent or guardian of the student needs to be a co-applicant for the loan. The co-applicant should have a stable source of income and a good credit history.

• Course Eligibility:

Bank of Baroda offers education loans for a wide range of courses, including undergraduate and postgraduate programs, vocational and skill development courses, and professional courses. However, the specific courses eligible for a loan may vary, so it’s advisable to check with the bank for the course you are planning to pursue.

• Loan Amount and Margin:

The loan amount sanctioned depends on various factors, including the course, institution, and financial requirements. Typically, the bank may cover up to a certain percentage of the total expenses, while the remaining amount (margin) needs to be borne by the student or co-applicant.

• Repayment Capacity:

The applicant/co-applicant’s repayment capacity is an essential factor considered by the bank. It includes factors such as income, employment stability, and existing financial obligations.

Features and Benefits of Bank of Baroda Education Loan

Bank of Baroda Education Loan offers several features and benefits to students who are seeking financial assistance for their education. Here are some key features and benefits:

• Loan Coverage:

Bank of Baroda Education Loan covers a wide range of educational courses, including undergraduate and postgraduate programs, vocational and skill development courses, and professional courses in India or abroad.

• Loan Amount:

The loan amount provided by Bank of Baroda can vary depending on the course, institution, and other factors. Generally, loans ranging from a few thousand rupees to several lakhs are available.

• Flexible Repayment Options:

Bank of Baroda offers flexible repayment options for education loans. The repayment period can extend up to 15 years, allowing borrowers to choose a tenure that suits their financial situation.

Competitive Interest Rates: Bank of Baroda provides education loans at competitive interest rates. The interest rates may vary based on factors such as the loan amount, course type, and repayment period.

• Collateral Security:

Depending on the loan amount, collateral security or a co-applicant may be required. However, Bank of Baroda also offers education loans up to a certain amount without any collateral security, under specific schemes.

• Moratorium Period:

Bank of Baroda allows a moratorium period, which is the duration during which the borrower does not need to make any principal or interest payments. The moratorium period typically lasts for the course duration plus an additional grace period.

• Tax Benefits:

Under Section 80E of the Income Tax Act, 1961, the interest paid on the education loan is eligible for tax deduction, providing additional financial benefits to borrowers.

• Streamlined Application Process:

Bank of Baroda has a streamlined application process for education loans, making it convenient for students and their parents/guardians to apply for financial assistance.

Documents Required Bank of Baroda Education Loan

The exact documentation requirements for a Bank of Baroda Education Loan may vary depending on the specific loan scheme, the loan amount, and other factors. However, here is a general list of documents typically required:

1. Application Form: A duly filled and signed application form, which can be obtained from the bank or downloaded from their official website.
2. Photographs: Recent passport-sized photographs of the student, co-applicant (if any), and guarantors (if applicable).
3. Proof of Identity: Documents such as Aadhaar card, PAN card, passport, voter ID card, or any other government-issued photo ID.
4. Proof of Address: Documents like Aadhaar card, passport, utility bills (electricity, water, gas), or any other document that verifies the residential address.
5. Admission Letter: A copy of the admission letter or offer letter from the educational institution where the student has secured admission.
6. Academic Records: Mark sheets and certificates of the qualifying exams, such as 10th and 12th standard or graduation degree, depending on the course applied for.
7. Fee Structure: A copy of the fee structure of the course or institution where the student has taken admission.
8. Income Proof: Income documents of the co-applicant or guarantor, such as salary slips, income tax returns, bank statements, or other relevant financial documents.
9. Collateral Documents: If collateral security is required, documents related to the collateral property, such as property papers, title deed, valuation report, etc., may be necessary.
10. Other Documents: Additional documents may be required depending on the specific requirements of the bank, such as a statement of assets and liabilities, bank account statements, income certificate, etc.

It’s important to note that the above list is indicative, and the actual documents required may vary. It’s recommended to directly contact Bank of Baroda or visit their official website to get the most accurate and up-to-date information on the documentation requirements for an education loan.

Bank of Baroda Education Loan Interest Rates 2023

Scheme	Interest Rates
Baroda Vidya	12.50%
Baroda Gyan	11.05% to 11.15%
Baroda Education Loan to Students of Premier Institutions (For Studies in India)	11.05% to 11.15%
Baroda Scholar	10.40% to 11.15%
Baroda Executive Development Premier Institutions (For Studies in India)	9.15% to 10.20%
Baroda Executive Development Premier Institutions (For Studies overseas)	11.15% to 11.50%
Baroda Skill Loan Scheme	10.65%
Digital Education Loan	9.15% to 10.20%

 

Bank of Baroda Education Loan-EMI Calculator

Bank of Baroda provides an online EMI (Equated Monthly Installment) calculator on their official website to help borrowers estimate their monthly loan repayments. Unfortunately, as an AI text-based model, I cannot directly access or provide real-time information or links. However, you can follow these general steps to use the EMI calculator:

1. Visit the official website of Bank of Baroda (www.bankofbaroda.in).
2. Navigate to the “Loans” section or search for “Education Loan” on the website.
3. Look for the EMI calculator tool specifically designed for education loans.
4. Once you find the EMI calculator, you will need to enter certain details such as the loan amount, interest rate, and tenure (repayment period).
5. Fill in the required information accurately and click on the “Calculate” or “Calculate EMI” button.
6. The EMI calculator will provide you with the estimated monthly installment amount based on the information provided.

Please note that the EMI calculated by the online tool is an estimate, and the actual EMI may vary based on the terms and conditions of the loan, including the interest rate, processing fees, and any other applicable charges. For precise and up-to-date information regarding the EMI calculation and other loan-related details, it is advisable to contact Bank of Baroda directly or visit their branch.

How to Apply for the Bank of Baroda Education Loan

Bank of Baroda provides both offline and online modes for applying for an education loan. Here’s a guide on how to apply for a Bank of Baroda Education Loan through both channels:

Offline Application:

1. Visit the nearest Bank of Baroda branch: Locate and visit the nearest Bank of Baroda branch to obtain the application form for an education loan.
2. Collect the application form: Approach the bank staff and request an application form for an education loan. They will provide you with the necessary form to fill out.
3. Fill out the application form: Carefully fill out the application form with accurate and complete information. Provide all the required details about the borrower, co-applicant (if any), educational institution, course details, loan amount, etc.
4. Attach the necessary documents: Gather all the required documents as per the documentation checklist provided by the bank. Ensure that you have all the necessary documents in the prescribed format.
5. Submit the application form: Submit the filled-out application form along with the required documents to the bank officials. They will verify the details and guide you through the further loan application process.

Online Application:

1. Visit the Bank of Baroda website: Go to the official website of Bank of Baroda (www.bankofbaroda.in) using a computer or smartphone with an internet connection.
2. Navigate to the education loan section: Locate the section related to education loans on the Bank of Baroda website. Look for information on how to apply online or an online application portal.
3. Fill out the online application form: Click on the online application link or button to access the online application form. Fill out the form with accurate details, providing all the necessary information about the borrower, co-applicant, educational institution, course details, loan amount, etc.
4. Upload the required documents: Scan or take clear photographs of the necessary documents as per the documentation checklist provided by the bank. Upload the digital copies of the documents as instructed on the online application portal.
5. Submit the online application: Review the entered details and uploaded documents before submitting the online application. Once you are satisfied with the information provided, submit the application electronically through the online portal.
6. Follow up with the bank: After submitting the online application, it is advisable to follow up with the bank to ensure that your application is received and being processed. You may need to visit the bank branch to complete any remaining documentation or formalities as instructed by the bank.

FAQ – Bank of Baroda Education Loan