Bank Of Baroda Education Loan:

Bank of Baroda Education Loan is the most important investment parents make for the future of their children. It is one of the best supports for students with merit and those who have keen desire to study further and fulfill their dreams. Bank of Baroda provides help to study in India or any country abroad. Bank of Baroda Education Loan is best way of studying abroad when a student is unable to get a full time scholarship program. It has been found that students pursuing for technical education have applied more and more for these loans. There are different loan options available with Bank of

Bank of Baroda Education Loan rate is applicable for : Baroda Vidya, Baroda Gyan, Baroda Scholar, Central Scheme of Interest Subsidy for Education Loans.

Bank Of Baroda Education Loan Interest Rate:

The Bank of Baroda Education Loan interest rate is competitive and attractive for the students applying to study in India and abroad.

Bank of Baroda Education Loan rate for loan up to Rs. 4 lacs is 2% + BR and loan above Rs. 4.00 lacs it is 4.00% + BR.

Bank of Baroda Education Loan interest rate has a penal interest rate of 2% for loan above 4.00 lacs

Bank Of Baroda Education Loan Eligibility And Expenses Covered:

Bank of Baroda Education Loan can be taken for the following purposes and courses.

Courses for Bank of Baroda Education Loan eligibility for study in India are: school education, intermediate, graduation Courses , Post Graduation Courses, Professional Courses, engineering, medical, agricultural, veterinary, dental, physiotherapy, nursing, law, interior designing, architecture, event management, mass communication, fashion technology,  PGDRIM, CA, ICWA, CFA, IIM, IIT, IISc, XLRI, NIFT, diploma or degree course in Aeronautical, pilot training, shipping and other courses approved by state or central government. Courses offered in India by institutes and universities approved UGC, AICTE, AIBMS or ICMR etc.

Courses eligible for study abroad are: graduation, post graduation, courses conducted by CIMA London, CPA in USA etc, graduate or post graduate courses in arts, science, commerce and business administration, pharmacy, PhD. 

Bank of Baroda Education Loan rate and eligibility.

The eligibility process has a process of margin money if the loan is taken for more than 4 lacs.

Studies In India 5%

Studies Abroad 15%

1% concession is given for girl student.

Other Major Qualifications For Bank Of Baroda Education Loan Eligibility Are:

• To qualify for Bank of Baroda Education Loan eligibility the candidate should be an Indian national and above 18 years and less than 30 years.
• Admission to technical kind of courses in India is possible through Bank of Baroda Education Loan eligibility.
• For admission abroad the student should have qualified in the merit selection process of the university.
• The maximum loan for studies in India is at the maximum is Rs.10 lacs
• The maximum loan for studies abroad is at the maximum is Rs. 20 lacs.

The expenses covered by the Bank of Baroda Education Loan rate is

• Tutition and examination Fee
• Purchase of books, equipments or uniform
• Library/examination/laboratory  fees
• Caution deposit, building fund, refundable deposit
• Travel expenses
• Money for health insurance premium
• Money required for study tours, project work and thesis.
• Hostel fees
• Equipment expenses required for courses
• Study tours and project work expenses

Bank Of Baroda Education Loan Review And Documentation:

According to the Bank of Baroda Education Loan review the student would need to provide the following documents for the processing of the loan.

• Fully completed loan application form
• Two Photographs
• Mark sheet for the exam one has qualified for

For others loan upto 4.00 lacs only co-obligation of parents or guardian and loan above 4.00 lacs and less than 7.50 lacs a third party guarantee & co-obligation of parent or guardian is required.

For loan above 7.50 lacs co-obligation of parents or guardian and tangible collateral security to cover full loan amount is required.

Bank of Baroda Education Loan review and documentation of the parents

• Occupation
• Income Tax Statement for the last two years
• A brief about the asset and liabilities possessed by the borrower
• Salary slip
•  PAN No.
• Passport No.

Bank of Baroda Education Loan review and documentation for the self employed individual

• Bank Statement
• Income Tax Return
• Profit and Loss Account or Balance Sheet of the Company
• Proof of Source Of Income
• Brief about the asset and liabilities possessed by the borrower.

Bank Of Baroda Education Loan Review And Application Procedure:

Bank of Baroda Education Loan application can be downloaded from their website http://www.bankofbaroda.com/download/education_loan_form.pdf

People can fill up the form in which the details of the student and the co- borrower are mentioned along with the necessary documentation. People can also submit the application at the branch and the loan will be disbursed in installments to the college or institute directly.

People can go ahead and fill up the form in which the details of the student and the co- borrower are mentioned along with the necessary documentation. People can go ahead and submit the application at the branch or they can also submit the form online and the loan will be disbursed in installments to the college or institute directly.

Bank Of Baroda Education Loan Rate Repayment Option And Pre Closure Process:

The loan needs to be paid back in within a period of 5-7 years after commencement of repayment. The student can avail a repayment holiday for a period of  one year or six months after a person gets a job or whichever is earlier. The pre closure process is stated by the branch of the bank. Late fee charges will be as per the agreement.

Bank of Baroda Education Loan Tax benefits: One can get tax benefits if any according to the Income Tax Act 1961 which varies yearly according to the changes made by the Government.

More details on Bank of Baroda Education Loan eligibility and Bank of Baroda Education Loan Rate etc. are on the official site at http://www.bankofbaroda.com/pfs/eduloans.aspp