Bank of Baroda Education Loan: Dream big and fulfil your dreams of being a student with the help of BOB Education Loan schemes. The Bank of Baroda offers various education loan schemes and subsidy schemes for eligible students to pursue higher studies in the best universities around the world. They offer the best loan amount that covers the various student expenses with lower rates of interest and higher loan terms.
Check out the complete details about the Bank of Baroda Education Loan in the following sections of this page before going to decide which scheme is suitable for your needs. Know the BOB Student Education Loan eligibility, documents, types of loans, application online process, courses, institutes, and loan repayment process.
About Bank of Baroda Education Loan
The Bank of Baroda Education Loan is the loan borrowed for funding higher studies and higher education-related expenses. These loans can cover the tuition fees, book, accommodation and other expenses needed to finish the course.
This bank offers different education loans with lower interest rates and repayment tenure of up to 15 years. Collateral support is not needed for the loans up to INR 4 lakhs. The different types of BOB Education Loan schemes are listed here:
- Baroda Digital Education Loan
- Baroda Vidya
- Baroda Gyan
- Baroda Scholar
- Skill Loan Scheme
- Baroda Education Loan to Students of Premier Institutions
- Vidya Lakshmi Portal
- Higher Education and Skill Development Guarantee Scheme for Pursuing Higher Education in Delhi
- Baroda Education Loans for EDP being offered by Premier Institutions Abroad
- Baroda Education Loan to Students of Premier Institutions
- Baroda Education Loan for EDP being offered by Premier Institutions in India
- Government of India Interest Subsidy Schemes for Education Loan
How to Get a BOB Education Loan?
Here are the useful details that students have to know before taking an education loan from BOB. They are eligibility criteria, eligible courses, eligible institutes, and needed documents.
Eligibility Conditions
All the students who want to pursue higher studies can get financial support after fulfilling the eligibility conditions. The student should an Indian and their age should be more than 18 years.
Eligible Courses
Students should opt for education loans for higher studies, like
- Bachelor’s degree (B.Com, B.Sc, B.A, B.M.S, LL.B, B.E, MBBS, and so on)
- Master’s degree (M.Com, M.Sc, M.A, LL.M, MBA, etc.)
- Diploma courses
- Doctor of Philosophy (PhD) and Doctoral degree
- Certificate courses
Other professional courses are as follows:
- Industrial Training Institute (ITI) courses
- Courses by National Skill Development Corporation, State Skill Corporations or State Skill Missions
- Government-backed vocational courses
- Jon oriented diplomas
Eligible Institutions
- Universities and colleges recognised by UGC, AICTE, IMCR, and reputed polytechnic colleges
- Reputed foreign universities.
Documents Required for Bank of Baroda Student Loan
The below-mentioned is the list of documents needed to apply for the BOB Student Education Loan.
For Student:
- Any Identity Proof: Proof of Residence/ Address
- Academic Documents: 10th Result & 12th Result, Graduation Result- Semester-wise
- Entrance Exam Result
- College admission letter
- Statement of cost of study/ Schedule of expenses
- 2 passport-size photographs
- Account statement for the last 1 year
Co-applicant:
- Identity proof
- Residence proof
- 2 passport-size photographs
- Account statement for the past 1 year
Income Proof:
- Pay slips or salary certificate
- ITR acknowledgement by IT dept.
- Bank account statement for the last 6 months of salary account
- Property/other security documents
- Vidya Lakshmi Portal Details
- Cheque
Things to Know Before Applying for an Education Loan
While applying for the Bank of Baroda Education Loan, here are the few rules you need to follow:
- You have to apply for the education loan with a co-applicant who is your parent or spouse.
- Security is not mandatory for loan amounts lesser than INR 4 lakhs
- A third-party guarantor is compulsory for loan amounts more than INR 4 lakhs
- Collateral is needed for loan amounts of more than INR 7 lakh
- Insurance is also mandatory for students who want to study abroad.
Bank of Baroda Education Loan Interest Rates
The rate of interest for different Bank of Baroda Education Loan schemes is as listed here:
Education Loan Scheme | Interest Rates |
Baroda Vidya | 12.50% p.a. |
Baroda Gyan | 11.05% to 11.15% p.a. |
Baroda Education Loan to Students of Premier Institutions (For Studies in India) | 9.15% to 10.20% p.a. |
Baroda Scholar | 10.40% to 11.15% p.a. |
Baroda Executive Development Premier Institutions (For Studies in India) | 9.15% to 10.20% p.a. |
Baroda Executive Development Premier Institutions (For Studies overseas) | 11.15% to 11.50% p.a. |
Baroda Skill Loan Scheme | 10.65% p.a. |
Digital Education Loan | 9.15% to 10.20% p.a. |
How To Apply for a BOB Education Loan?
Apply Online:
- Go to the Bank of Baroda official portal i.e. www.bankofbaroda.in
- Click on the “education Loan” option from the loans section.
- Select the loan scheme you want and click on the “Apply Now” button.
- You will be redirected to https://www.vidyalakshmi.co.in/Students/.
- Tap on the apply now option.
- Finish the registration process and click on submit.
- A bank representative will get in touch with you for the further process.
Apply Offline:
- Visit the nearest Bank of Baroda branch.
- Fill all your details in the loan application.
- Once your profile is reviewed, you have to submit the required documents.
- Submit the documents at the BOB branch.
- The disbursement of the loan proceeds into your account following documentation verification.
Bank of Baroda Education Loan EMI Calculation
EMI for the Bank of Baroda Education loan is calculated with the help of the mathematical formula:
EMI amount = [P x R x (1+R)^N]/[(1+R)^N-1]
Where
P is the actual loan amount
R is the rate of interest
N is the number of years
BOB Education Loan Repayment Process
The Bank of Baroda Education Loan Repayment period is up to 15 years excluding the moratorium period. The students begin to pay the interest rates after the moratorium period. All the students can easily pay the loan amount before the specified repayment tenure.
Why Choose Bank of Baroda Education Loan?
The following are the features of the BOB Education Loan.
Affordable interest rates: The bank offers competitive interest rates.
- No processing fees: The bank charges zero processing fees on the collateral-free education loan in India.
- Higher loan limit: Students can obtain a high loan amount of up to INR 80 lakhs for top-tier institutes in India. For abroad students, the maximum loan limit is Rs. 150 lakhs for premium institutes.
- Flexible repayment period: You can repay the loan amount in 10 to 15 years after the moratorium period.
- Tax advantages: After loan disbursal, you are eligible for education loan tax benefits under Section 80C of the ITC, 1961.
FAQs on Bank of Baroda Education Loan
- Is the Bank of Baroda good for education loans?
Yes, the Bank of Baroda is good for taking education loans as it offers competitive interest rates for higher loan limits.
- What is the CIBIL score required for an education loan in the Bank of Baroda?
The minimum CIBIL score required for an education loan in the Bank of Baroda is 685.
- What is the education loan rate of the Bank of Baroda?
The education loan interest rate of the Bank of Baroda is 11.15%.
- How long is the term of a Bank of Baroda education loan?
A Bank of Baroda education loan has a maximum tenure of 15 years.
Key Takeaways
I hope that the data provided here about the Bank of Baroda Education Loan is useful for the students who are looking for an education loan to pursue higher education. Many other banks also offer education loans for eligible students with affordable interest rates. Visit our site to learn about the SBI Education Loan, ICICI Bank Study Abroad Loan, and so on.