Bank of Baroda Education Loan: How to Apply, Interest & More

Features of Bank of Baroda Education Loan

Bank of Baroda is one of the second largest public sector banks in India, which offers Baroda scholar loan for students who have secured admission to one of the top universities abroad. There are many Bank of Baroda education loan types and options available at the lowest interest starting from 10.90%.

Additionally, the Bank of Baroda offers loans tailored to meet students' specific needs so that they can get the support they need to pursue their education abroad.  

However, the Bank of Baroda abroad education loan depends on the university you wish to pursue your higher education. You can get up to INR 150 lakhs (USD 1,74,602) of Baroda Scholar Loan for premier universities abroad, whereas, for non-premier universities, you can get up to INR 60 lakhs (USD 69,841).

To know more about the Bank of Baroda education loan college list, contact our experts at Gradding.com. Below are a few more features for abroad education loan at Bank of Baroda:

1. For loans up to INR 7.50 Lakh, there is no processing charge.
2. There are also no documentation charges.
3. For loans up to INR 7.50 Lakh, no security is required.

This is just a general overview of the study loan for abroad education which is provided by Bank of Baroda. There are some more education loans provided by BOB that we have mentioned below:

Also Read: Vidhya Laxmi Education Loan

Types of Bank of Baroda Education Loan

Various types of Bank of Baroda education loan are designed to provide tailored support to students and their needs. These loans cover everything from international studies to school fees.

Below is a general overview of the education loan Bank of Baroda offers:

Baroda Gyan Scheme: This Bank of Baroda scheme is for students in India who are pursuing their UG, PG, or any other professional course in India. And you can get funding of up to INR 124 Lakhs with interest rates starting from 11.40%.

Baroda Vidya Scheme: Baroda Vidya is given to parents of students pursuing schooling from Nursery to Class XII. The loan amount is INR 4 lakhs at 12.50% interest, for covering tuition, books, and computer expenses.

Baroda Scholar Scheme (For Abroad): The next is the Baroda scholar loan, which is for Indian students planning to Study abroad. The loan amount is up to INR 150 Lakhs (USD 1,74,229) at a starting interest rate of 10.90%. Additionally, you can get a collateral-free loan of up to INR 40 Lakhs (USD 46,450) in this scheme.

Baroda Education Loan for Premier Institutions (India): This Bank of Baroda education loan is given to students who got admission to one of the top institutes in India. Additionally, the loan amount is up to INR 80 Lakhs and you can get collateral-free funds of up to INR 20 Lakhs and you.

These are just a few of the many BOB education loans that are available for students in India. However, if you are wondering about the Bank of Baroda education loan rate of interest, then you can check it out below:

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Bank of Baroda Education Loan Interest Rate

The Bank of Baroda education loan interest rate varies depending on the institution you were admitted to. However, to minimise interest rates, make sure that you take out optimal loan amounts and have a shorter loan repayment duration.

You can get help from an education loan calculator to evaluate the interest rate you will have to pay based on your needs. Below is a list of Bank of Baroda education loan interest rate for studying abroad loan: 

Note that the Bank of Baroda education loan interest rate calculator tool is also available on the BOB website. You can use it to find your Equated Monthly instalment (EMI).

Documents Required for Bank of Baroda Education Loan

There are several documents that you need to submit to avail of the education loan. Some of these Bank of Baroda education loan documents required in the study abroad scheme are used to check your credibility and as proof of your identity. Some of these documents include:

1. Academic Records
2. Bank account statement for the last 6 months
3. Entrance Exam Result
4. Income Proof for Salaried Co-applicant/ Guarantor
5. KYC of applicant and co-applicants
6. Proof of admission
7. Property Documents
8. Statement of cost of study/ Schedule of expenses

Now that you know about the various documents required for a BOB education loan, let us check why the Bank of Baroda education loan abroad is a great option. 

Also Read:  Best Education Loan In India 

What are the Benefits of Bank of Baroda Education Loan for Abroad?

There are numerous benefits that students can enjoy from a Bank of Baroda education loan abroad. Some of these benefits include collateral-free loans for premier institutions, competitive interest rates, flexible repayment options, and more.

Below are a few more Bank of Baroda education loan for abroad benefits:

1. Competitive Interest Rates: BOB offers competitive interest rates that start from just 8.15% p.a., which makes education loans more affordable.
2. Flexible Repayment Options: At BOB, the repayment options are extended up to 15 years, which reduces the monthly EMI account. Additionally, the moratorium period allows students to start repayment after completing their education or finding employment.
3. Collateral-Free Loans: You can also avail of collateral-free loans for funds up to INR 40 Lakhs (USD 46,450).
4. Loan Coverage:The student loan for study abroadcovers not just the tuition fees but also various other expenses like accommodation, study materials, and other study-related costs.

However, to enjoy these Bank of Baroda education loan for abroad benefits, you have to first pass the eligibility criteria. These eligibility criteria are mentioned below: 

Eligibility Criteria for Education Loan at Bank of Baroda

To be eligible for an education loan Bank of Baroda, there are a few eligibility criteria that you need to meet. These criteria include:

1. You need to be an Indian resident with a minimum age of 18.
2. You also need admission to a recognised university for your UG, PG, and doctoral programs. Note, that you can avail higher loan if you are admitted into a college from theBank of Baroda education loan college list. So make sure to check it out on BOB's website.
3. Students are required to be employed for EDP studies, be it in India or abroad.
4. If your loan amount exceeds INR 7.5 Lakhs, you'll need collateral.
5. You will also require a co-applicant for your Bank of Baroda education loan abroad. Your co-applicant can be your parents or spouse.

These are the basic eligibility criteria students planning to study abroad must pass. Let us now look at how you can apply for an education loan at BOB and the process.

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How to Apply for Bank of Baroda Abroad Education Loan?

You can apply for a Bank of Baroda abroad education loan online or offline. If you want to apply for a loan offline, the process is straightforward. Your bank officer will assist you every step of the way.

However, it can be a little overwhelming if you are planning to apply for the Bank of Baroda education loan online. So, to make it easy, you can follow the steps below:

1. Go to the Bank of Baroda website.
2. On the website, you will find "Education Loan" under the "Loans" section.
3. Click on the "Apply Now" button.
4. You will be redirected to the Vidya Lakshmi portal.
5. Click on the "Apply Now" button there.
6. Fill in the required details and complete the registration.
7. Once submitted, your application will be processed, and a bank representative will contact you.

Pro Tip: There is also a Bank of Baroda education loan interest rate calculator on the website, which you can use to check the updated interest rate you'll have to pay on your loan. 

Also Read: Education Loan For Abroad Studies

Conclusion

To sum up, the Bank of Baroda education loan is a great option for anyone who wants to study abroad. In our blog above, we talked about everything you might need to know to avail of this loan, including the Bank of Baroda education loan rate of interest, eligibility criteria, documents required, and more.

However, if you are facing any issues and need help applying for a loan, then you can reach our experts at Gradding.com. Our experts will help you every step of the way.

FAQs

Ques 1.Does Bank of Baroda Provide Education Loans for Abroad Studies?

Yes, the Bank of Baroda offers a Baroda scholar loan, which is specifically for students pursuing studies abroad.

Ques 2.How Much Interest for Education Loan in Bank of Baroda?

The interest rate at Bank of Baroda starts at 8.10% and may vary depending on the loan scheme and your loan repayment period.

Ques 3.Which Documents Are Required for an Education Loan in the Bank of Baroda?

Some of the main documents required for an education loan in the Bank of Baroda are

1. Proof of identity
2. Proof of residence
3. Academic records
4. Admission letter
5. Cost of study details
6. Co-applicants income proof

Ques 4.What is the Processing Fee for an Education Loan in the Bank of Baroda?

The processing fee at Bank of Baroda is 1% of the loan amount, up to a maximum of ₹10,000, refundable upon the first disbursement.