Bank of Baroda (BOB) offers education loan under three schemes- Baroda Gyan for higher education in India, Baroda Education loan for premier institutes in India and Baroda Scholar scheme offers education loan for studies abroad.
Below we have listed the eligibility criteria of Baroda Scholars scheme and also terms of the scheme in detail.
All undergraduate, Post graduate degree programs, PhD, certificate, diploma and aviation programs are eligible under this scheme.
Rate of Interest:
The rate of interest under the scheme is 9.5% for top 100 universities/ b-schools and 11% for other institutes. The interest might vary 0.2% up/ down with fluctuating MCLR.
Following can be covered in the loan:
Quantum of Finance:
The maximum amount that can be availed is upto 60 lacs for top 100 universities/ b-schools or upto 40 lacs for other institutes.
BOB can fund 90% of the eligible expenses. The remaining 10% has to be brought in by you on pro-rata basis. Scholarships or assistantships can be included in the margin.
Repayment holiday / Moratorium period and repayment period:
Course period + 1 year or 6 months after getting job, whichever is earlier. After which, you may take upto 15 years to repay the loan.
1.00% of the Loan amount (maximum Rs.10,000/-)
Approx Rs. 7,500 charges has to be borne by the applicant for legal opinion and valuation.
Two types of securities can be accepted.
Immovable property: House or a Flat or Land
Liquid security: Fixed deposit, LIC policy, Bonds, etc.
Third party collaterals (collaterals not belonging to family) are acceptable as well.
Personalised list of documents and the application form of Baroda Scholar scheme will be shared with you via email after the online team speaks to you over a call. Please apply online to start the Bank of Baroda education loan procedure.