A loan product specially designed for students pursuing Graduation, Post - Graduation, Professional & Other courses in India. Bank of Baroda extends a helping hand to energize your studies and promote education of the youth.
- No processing charges.
- No Margin on loans upto 4 lacs.
- Free Debit Card.
- Executive Development Programmes(Part Time /Online programmes/Distance Learning) being offered by Premier Institutions abroad, as listed under List of Premier Institutions. (Including the programmes offered using the technology platform of Times Pro/Hughes Global Education or any other partners)
- Please click here for Specified List of Institutions in Abroad. (287 KB)
- Should be Resident Indian.
- Secured admission in The Executive Development Programmes (Part Time /Online programmes/ Distant Learning programmes) being offered by Premier Institutions abroad.
- Should be gainfully employed and would continue to be in gainful employment during study.
Interest Rates & Charges
- Servicing of interest during the moratorium period will be compulsory.
- Present rate of interest Click here
- Processing Charges
Most Important Terms & Conditions
- Students pursuing Executive Development Programmes(Part Time /Online programmes/Distance Learning) being offered by Premier Institutions abroad, as listed under List of Premier Institutions. (Including the programmes offered using the technology platform of Times Pro/Hughes Global Education or any other partners)
Quantum of finance
- Up to RS. 4.00 lakhs: NIL
- Above RS. 4.00 lakhs: 5%
Repayment Holiday/ Moratorium Period
Coverage of expenses for
- Fee payable to College / Institution / University / Hostel / Mess charges
- Examination / Library / Laboratory fee
- Purchase of books / equipments / instruments / uniforms
- Personal Computers / Laptops wherever required
- Caution deposit, Building fund / Refundable deposit supported by institution bills / receipts, subject to condition that the amount does not exceed 10% of the total tuition fees for the entire course.
- Purchase of computers, if essential for completion of the course.
- Insurance premium for student borrower
- Any other expenses required to complete the course – like study tours, project works, thesis, etc.
- Travel expenses / passage money (to and fro)
- Cost of external coaching / tution is NOT to be considered.
- Except the Living Expenses, Hostel Charges, Mess Charges, other living expenses and Cost of external coaching/tuition.
- As part of the Program candidates may be required to travel to the college/Institution once or twice during the course period. In such cases, travel expenses (to and fro) and living expenses for attending classes in various centers (India and abroad) would also be considered a part of the total expenses
Note: The details of expenses for the entire course period to be obtained from college / institution.
- The loan is repayable in maximum 10 – 15 years after the completion of moratorium period as mentioned above
- For loans up to RS. 7.50 Lakhs : Moratorium Period +Maximum -120- installments
- For Loans above RS. 7.50 Lakhs : Moratorium Period +Maximum -180- installments
Unified Processing charges
- 1.00% of Loan amount (maximum ₹ 10,000/-) to be recovered upfront which will be refundable on availment (first disbursement) of loan. The amount can be refunded to the credit of Saving Bank account / Loan account of the student / borrower.
- A non refundable Lump sum amount Rs.7,500/- per property (towards Advocate and Valuer charges) to be taken upfront in case of all Education Loan accounts, wherever property is mortgaged .
- Up to RS. 4.00 lacs: Co-obligation of parent. No Security.
- Above RS. 4.00 Lacs and up to RS. 7.50 lacs
- Collateral in the form of a suitable third party guarantee along with assignment of future income.
- The Regional authority may, at its discretion, waive third party guarantee in following cases:
- if satisfied with the net-worth / means of parent who would be executing the document as “Joint borrower”.
- to support highly meritorius / deserving students who have secured admission in an institution of a high repute, but unable to offer suitable third party guarantee.
- Above RS. 7.50 lacs
- Tangible collateral security equal to 100% of the loan amount along with assignment of future income of the student for payment of instalments.
- Directly to School / Institution / hostel -- term wise / year wise, in stages as per the requirement / demand.
- Directly to book seller / shop for purchase of books, instruments, equipments.
- In case student does not secure hostel facility with educational institute, he may be allowed to make his own arrangement if required. Lodging / boarding charges in such cases to be paid directly to concerned establishment, after verifying bonafides of the same.
- Branch which is in close proximity to the permanent residence of parent/at the place of posting/service of the parent Branch
Who can apply for the loan?
Any Indian National fulfilling criteria stated above is eligible for education loan.
Who can be co-obligant?
The parents, guardians, friends and relative can be co-obligant.
How much does Bank of Baroda lend?
Bank of Baroda extend need based finance subject to repaying capacity of the parents/student with margin upto following ceilings.
List of FAQs
|Studies in India
||Maximum Rs. 10.00 lacs
||Maximum Rs.20.00 lacs.
For how long a period can I get the loan?
We grant loan for a term of 5-7 years after repayment holiday/moratorium.
What is the repayment holiday / moratorium period?
Course period + 1 year or 6 months after getting job whichever is earlier.
What is the mode of repayment?
The accrued interest during the repayment holiday period to be added to the principal and repayment in Equated Monthly Instalment (EMI) is fixed.
Do you offer any concession?
Yes, we do offer 1% interest concession to student loanee, if the interest is serviced during the study period when repayment holiday is specified for interest / repayment under the scheme. Additionally, 1% interest concession is provided to girl students.
What type of interest do you charge under your Education Loan Scheme?
We charge simple interest at monthly rests during the repayment holiday /moratorium period.
Do you levy any penalty for default under the scheme?
Yes, we charge penal interest @ 2% on overdues amount in the loan exceeding Rs.4 lacs.