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Categories: Education Loan

Bank of Baroda Education Loan

Bank of Baroda Education Loan is a diversified scheme of education finance which helps all students to pursue higher education. The BoB Education Loan services are divided into several categories for clarity of instructions and ease of application. Education Loans with Bank of Baroda provide options for no/less processing fees, freedom from margin payment and convenient interest rates. Bank of Baroda is one of the few education loan providers which provide scholastic education loans as well. In times when school education is also touching the heights of economic expenses, Bank of Baroda services are a relief for both students and parents.

Bank of Baroda Education Loan: Features and Benefits

  • Education Loan schemes for school students (manage studies from nursery to Ph.D.)
  • Low Interest rates starting from 8.65% per annum
  • Maximum number of course and institution eligibility (600+ international institutions eligible)
  • Skill based loans ( Loan amount as low as 5000 available)
  • Complete compliance with Indian Government Education Loan Subsidy guidelines
  • Education loan of up to INR 8000000 (80 lakhs) available for executive and distance learning programs
  • Centralized loan application via Government ‘Vidyalakshmi Education Loan Portal’

Bank of Baroda Education Loan: Key Information

Students pursuing studies at any academic level from any educational institution can seek loan assistance from Bank of Baroda. While most banks restrict minimum education loan amount for applicants, Bank of Baroda schemes allow student loan amount for as low as ₹5000. Interest rates of BoB education loan schemes are measured on the basis of base rates and MCLR rates regulated by the Indian Banking Association and the Reserve Bank of India. Here are the scheme based education loan amount limits and interest rate details for Bank of Baroda education loan:-

Bank of Baroda Education Loan Amount Limits

BoB Education Loan Scheme name Loan amount range
Baroda Vidya (for school education from Nursery to XII) Loan up to ₹400000
Baroda Gyan (for higher study in India) Loan up to ₹8000000 (80 lakhs) (for medical & aviation courses)

Loan up to ₹6000000 (60 lakhs) (for all other courses)

Baroda Scholar (for study abroad) Loan up to ₹8000000 (80 lakhs) for specified instituted

Loan up to ₹6000000 (60 lakhs) for non-specified institutes

Baroda Education Loan to students of premier institutions Loan up to ₹8000000 (80 lakhs) for AA,A,B,C certified institutes
Skill Loan Scheme ₹5000 to ₹150000
Baroda Education Loan for EDP (Executive Development Programs) being offered by Premier Institutions in India Loan Up to ₹2000000 (20 lakhs)
Baroda Education Loans for EDP being offered by Premier Institutions abroad Loan up to ₹8000000 (80lakhs)

Bank of Baroda Education Loan Interest Rate

Bank of Baroda education loans are based on low interest rates for all applicants. BoB interest rates for education loan are generally based on standard additions on base rate or MCLR rates. Students need to keep a close eye on these conditions and the latest developments to get the least expensive education loan and maximum benefits. Here is the list of MCLR rates and interest rates (ROI) for different schemes at Bank of Baroda.

Bank of Baroda MCLR and Base rates

BoB Education Loan Tenure MCLR Rate (latest January 2019)
Overnight Loan 8.15%
1 month 8.20%
3 months 8.30%
6 months 8.50%
1 year and above 8.65%
Base rate 9.40%
BPLR (all existing accounts) 13.07%

Bank of Baroda Education Loan Interest Rate

BoB Education Loan Scheme Interest Rate Conditions Current Interest Rate (Jan 2019)
Baroda Vidya (for school education from Nursery to XII) MCLR + 2.50% + Strategic Premium 12.10%
Baroda Gyan (for higher study in India) MCLR + 2.0% 10.65%
Baroda Scholar (for study abroad)

-and-

Baroda Education Loans for EDP being offered by Premier Institutions abroad

MCLR + 1.25% (listed colleges) 9.90%
MCLR + 2.0% (non-listed colleges) 10.65%
Baroda Education Loan to students of premier institutions

-and-

Baroda Education Loan for EDP (Executive Development Programs) being offered by Premier Institutions in India

List AA Institutions: MCLR Rate 8.65%
List A Institutions: MCLR Rate 8.65%
List B Institutions:

Up to ₹750000 (7.5 Lakhs): MCLR + 0.75%

Above ₹750000 (7.5 Lakhs): MCLR + 0.50%

9.40%

9.15%

List C Institutions:

Up to ₹750000 (7.5 Lakhs): MCLR + 1.50%

Above ₹750000 (7.5 Lakhs): MCLR + 1.25%

10.15%

9.90%

Skill Loan Scheme MCLR + 1.50% 10.15%

Bank of Baroda Education Loan Eligibility

Eligibility of any education loan scheme should be as detailed as the applicant’s current academic level. For Bank of Baroda, the vividness of the services ensures that each student loan scheme covers students from all academic levels and all institutional affiliations. Bank of Baroda also covers gender-based eligibility for providing education loan interest rate subsidies to girl students for higher education. Here is a detailed chart for checking eligibility criteria of BoB Education Loan schemes.

Bank of Baroda Education Loan: Eligibility Checklist

Bank of Baroda Education Loan Scheme Eligibility Criteria
Baroda Vidya (for school education from Nursery to XII)
  • Indian Resident
  • Secured admission in recognized school/high school/ Jr. College (CBSE/ICSE/State Board)
  • Stage 1 to Stage 3: Nursery to 12th Std.
  • Evening Courses approved by State/Central Govt.
Baroda Gyan (for higher study in India)
  • Graduation and Post-Graduation Courses
  • Professional Courses like CA, ICWA, CS, CFA etc.
  • Diploma/Degree courses (approved by UGC / Govt./ AICTE / AIBMS / ICMR etc.)
  • Indian Resident
  • Secured admission in above courses after HSC (10 +2 or equivalent)
Baroda Scholar (for study abroad)
  • International Graduation and Post-Graduation Education
  • CIMA-London and CPA-USA approved courses
  • STEM (science, technology, engineering, mathematics) courses
  • Regular approved degree/diploma courses
  • Specified Institutions list
  • Non-specified institutions list (w/o preferential treatment)
  • Indian national
  • Admission via entrance test/merit/selection process
Baroda Education Loan to students of premier Institutions
  • Indian National
  • Admission via entrance test/merit/selection process
  • Full-time, regular courses by listed AA,A,B,C Institutions
  • Confirmed admission after HSC (10 +2 or equivalent)
Skill Loan Scheme
  • NSQF (National Skill Qualification Framework) /NSDC (National Skill Development Corporation) /State Level Bankers Committee (SLBC) /State level Co-ordination Committee (SLCC) certified/approved courses
  • Indian national
  • No minimum age limit
  • Academic qualification: NSQF standards for chosen course
Baroda Education Loan for EDP (Executive Development Programs) being offered by Premier Institutions in India
  • Executive/Certificate programs by listed institutions
  • Indian resident
  • Gainfully employed prior and during loan tenure
  • Institutions listed in AA,A,B,C List
Baroda Education Loans for EDP being offered by Premier Institutions abroad
  • Confirmed admission to executive/certificate programs in foreign institutions
  • Gainfully employed prior and during loan tenure

Also, read “Education Loan for Study Abroad” to find more information about various loan schemes, top banks providing student loans for study abroad and other such schemes.

Bank of Baroda Education Loan: Other Conditions

Students with complete information of eligibility might still need to know more details about loan schemes to plan the education loan repayment well. The eligibility of various tax benefits and subsidies is also decided by these external factors like moratorium period, margin payment, collateral requirement and repayment tenure. Here is the list of all these peculiarities for Bank of Baroda education loan.

Bank of Baroda Education Loan Repayment Terms

BoB Education Loan Scheme Margin Payment (Down-payment) Moratorium Period (Holiday Period) Repayment Tenure (Duration)
Baroda Vidya (for school education from Nursery to XII) NIL None 12 months
Baroda Gyan (for higher study in India) Loan up to ₹4.0 Lakhs: NIL

Loan above ₹4.0 lakhs:

5%

Course duration + 1 year Min: 10 years

Max: 15 years

Baroda Scholar (for study abroad) Premier institutions: NIL

Other Institutions:

Loan up to ₹4.0 Lakhs: NIL

Loan above ₹4.0 lakhs:

10%

Course duration + 1 year Min: 10 years

Max: 15 years

Baroda Education Loan to students of premier Institutions NIL Course duration + 1 year Min: 10 years

Max: 15 years

Skill Loan Scheme NIL Less than 1 year courses:

Course duration + 6 months

More than 1-year courses:

Course duration + 1 year

Min: 3 years

Max: 7 years

Baroda Education Loan for EDP (Executive Development Programs) being offered by Premier Institutions in India Loan up to ₹4.0 Lakhs: NIL

Loan above ₹4.0 lakhs:

5%

Course duration + 3 months Min: 10 years

Max: 15 years

Baroda Education Loans for EDP being offered by Premier Institutions abroad Loan up to ₹4.0 Lakhs: NIL

Loan above ₹4.0 lakhs:

5%

Course duration + 3 months Min: 10 years

Max: 15 years

Bank of Baroda Education Loan Collateral Conditions

BoB Education Loan Scheme name Loan Limits Education Loan Terms and Conditions: Collateral
Baroda Vidya (for school education from Nursery to XII) -any- No collateral, no security
Baroda Gyan (for higher study in India)

-and-

Baroda Gyan (for higher study in India)

Up to ₹4.0 Lakhs No collateral, no security
₹4.0 Lakhs to ₹7.5 Lakhs Third party guarantee

Assignment of future income

Above ₹7.5 Lakhs Tangible collateral security equivalent to 100% of loan amount

Securities, movable property, immovable property, acceptable

Assignment of future income

Baroda Education Loan to students of premier Institutions List AA: Up to ₹40 Lakhs

List A: Up to ₹20 Lakhs

List B: Up to ₹7.50 Lakhs

List C: Up to ₹7.5 Lakhs

No collateral, no security
List AA: above ₹40 Lakhs

List A: above ₹20 Lakhs

List B: above ₹7.50 Lakhs

List C: above ₹7.5 Lakhs

Tangible collateral security equivalent to 100% of loan amount

Securities, movable property, immovable property, acceptable

Assignment of future income

Skill Loan Scheme -any- No collateral, no security
Baroda Education Loan for EDP (Executive Development Programs) being offered by Premier Institutions in India Up to ₹15 Lakhs NIL
Above ₹15 Lakhs Tangible collateral security equivalent to 100% of loan amount

Securities, movable property, immovable property, acceptable

Baroda Education Loans for EDP being offered by Premier Institutions abroad Up to ₹4.00 lakhs No collateral, no security
₹4.00 lakhs to ₹7.50 lakhs Third party guarantee

Assignment of future income

Above ₹7.5 Lakhs Tangible collateral security equivalent to 100% of loan amount

Securities, movable property, immovable property, acceptable

Assignment of future income

Bank of Baroda Education Loan Financial Details

One of the most important factor to consider while applying for an education loan is to know whether all the academic expenses will be covered or not. Students applying for education loan often find themselves at loss of funds even after getting loans sanctioned. Expenses such as the cost of international entrance exam like SAT, LSAT, GMAT, GRE, TOEFL, IELTS etc., and students’ expenses like hostel fees and VISA application fees for study abroad, must be covered by an education loan. For promoting the ambition of higher education among youth, Bank of Baroda covers all such expenses through its education loan services and then some.

BoB Education Loan: Expenses Covered

  • Academic Expenses
    • Tuition fees and admission fees
    • Hostel and accommodation fees
    • Book Bank and other study equipment (laptop, gauges and scopes, etc.)
    • Coaching and other training fees
    • Laboratory fees and library fees
    • Examination fees
  • Insurance and health cover
  • Study tour and project outings
  • Non-academic expenses
    • Building fees and caution money deposits
    • Educational travel expenses
    • Institutional deposits

Education Loan trick: Education Loan sometimes do not cover academic expenses which are necessary but not listed in agreement. Research expenses and participation fees for international exchange visits are seldom covered by any of the banks. Apply for international and national research scholarships to cover such expenses. Grants provided by organizations no longer bind the researcher in work contract and there are many such options available around.

Bank of Baroda: Processing and other charges

BoB Education Loan Scheme Processing Charges
Baroda Vidya (for school education from Nursery to XII) NIL
Baroda Gyan (for higher study in India) Overall: NIL

Loan against property: ₹7500 (fixed) (legal charges, one time only)

Baroda Scholar (for study abroad) 1% of loan amount (max: ₹10000)

Loan against property: ₹7500 (fixed) (legal charges, one time only)

Baroda Education Loan to students of premier Institutions Overall: NIL

Loan against property: ₹7500 (fixed) (legal charges, one time only)

Skill Loan Scheme NIL
Baroda Education Loan for EDP (Executive Development Programs) being offered by Premier Institutions in India Overall: NIL

Loan against property: ₹7500 (fixed) (legal charges, one time only)

Baroda Education Loans for EDP being offered by Premier Institutions abroad 1% of loan amount (max: ₹10000)

Loan against property: ₹7500 (fixed) (legal charges, one time only)

Bank of Baroda Education Loan Schemes at a Glance

Now that we have all the information about the terms and conditions of Bank of Baroda education loan, we should also find out the basic details about these schemes. This information will help you decide which scheme is best suited for your requirements. You may also find details of some extra features of each education loan scheme here.

Baroda Vidya (for school education from Nursery to XII)

This education loan scheme is aimed at providing education finance for students pursuing scholastic studies from nursery to class 12. Parents can apply for this loan as co-applicants. The loan provides for expenses up to INR 4 lakh to be repaid in 12 equal instalments.

Baroda Gyan (for higher study in India)

Students pursuing graduation, post-graduation, doctorate and above courses from educational institutions in India can opt for this Bank of Baroda Education Loan Scheme. Meritorious students who’ve secured scholarships and fellowships for higher education from government and private bodies, can adjust their education loan EMIs and margin payments with this education loan scheme to pay for their education.

Baroda Scholar (for study abroad)

Aspiring students with talent and passion to pursue education abroad can avail this education loan. This education loan scheme covers unique expenses like entrance exam fees of SAT, LSATS, IELTS, TOEFL, GRE, GMAT etc. It also covers student insurance, travel and accommodation expenses for international students of India.

Baroda Education Loan to students of premier Institutions

The ideal benefactors of this loan scheme are students who’ve secured hard-earned seats at elite educational institutions of India. With Loan quantum as high as ₹40 Lakhs without the need of any security or collateral, this scheme is helping the meritorious students of India rise above their financial limitations.

Skill Loan Scheme

Students and technocrats of the nation pursuing skill development courses (degree/polytechnic/diploma) verified by NSQF (National Skill Qualification Framework), National Skill Development Corporation or State Skill Missions /State Skill Corporations and State Level Bankers Committee (SLBC) / State level Co-ordination Committee (SLCC) can avail this education loan. Students don’t have to worry about lower loan amount limits with this scheme. They can avail loan as low as ₹5000 with this education loan.

Baroda Education Loans for EDP being offered by Premier Institutions abroad

Students wishing to pursue international study via distance learning and executive programs can avail this education loan provided by Bank of Baroda. The application turn-around-time for this loan scheme is least among all education loan schemes.

Also read ‘How to manage student VISA expenses with education loan‘ to know more about VISA expenses and proof-of-accounts required for student VISA approval.

Baroda Education Loan for EDP (Executive Development Programs) being offered by Premier Institutions in India

Executive programs and Certificate programs provided by elite institutions of the nation are great enablers of job development. Bank of Baroda provides students wishing to pursue such courses, education loan equivalent to the loan amount limits of regular courses. They also provide low-interest rates and options of no processing fees.

With all the information provided above, students can apply for Bank of Baroda education loan easily. Applicants should also consider that Bank of Baroda allows adjustment of margin payments of education loan by national and international scholarships awards. Thus, they should always harness all their options of arranging non-loan options for education finance. Education loans are not expensive, it’s just the lack of information that leads to students paying more than they should. With the information provided above, we hope that you find the best education loan. Happy learning!

Also read: “Top banks offering education loans in India‘, if you wish to compare the education loan benefits and features of various student loan providers in India.

Ankur Gupta

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