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Educational Loans - Bank of Baroda
Kapil G.
Education is the most important investment one makes in life. Higher studies and specialization in certain fields call for additional financial support from time to time.
Following are the loan options available:
Â
- Baroda Vidya
- Baroda Gyan
- Baroda Scholar
Baroda Vidya
Bank of Baroda presents a one of its kind finance option for parents of students pursuing school education. These loans are available for studies from Nursery to Senior Secondary School.
- No processing & documentation charges.
- No Margin.
- No security required.
Terms & Conditions
Eligibility :
Should be an Indian national residing in India.
Student should have secured admission to a recognized school / Highschool / Jr. College (including CBSE / ICSE / State Board) for any of the following courses
Stage I : Nursery to V th STD.
Stage II : VI th to VIII STD.
Stage III : IX th to XII th STD.
Coverage of expenses for :
- Fee payable to college / school.
- Examination / Library / Laboratory Fee.
- Fee and other charges payable to hostel.
- Purchase of books / equipments / instruments / uniforms.
- Personal Computers / Laptops wherever required.
- Caution deposit / building fund / refundable deposit supported by institution bills / receipts.
Maximum Loan Amount
Repayment Period
Loan for each yearly sub limit is repayable in 12 equal monthly installments. First installment to be due 12 months after first disbursement of each year’s loan component.
The parents must be residing in the place for a minimum period of -3- years, except in the case of transferable job.
Security
In case the loan is given for purchase of computer the same is to be hypothecated to the bank.
Rate of Interest
- 1% concession in rate of interest to loans for girl students.
- Interest to be serviced as and when applied during moratorium period.
- Penal Interest @ 2% on overdue amount if the loan amount exceeds Rs. 2/- lacs.
Baroda Gyan
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.
Terms & Conditions
Courses Eligible :
- All Graduation courses.
- All Post Graduation courses & Doctorate courses.
- Professional Courses viz. Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, Ayurved, Homeopathy, Physiotherapy, Hotel Management, Hospital Management, Interior Designing, Architecture, Event Management, Mass Communication, Fashion Technology, etc.
- Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated to Universities.
- Courses like C.A, ICWA, CFA, CS, etc.
- Courses conducted by IIM, IIT, IISc, XLRI. NIFT etc.
- Regular Degree/ Diploma courses like Aeronautical, pilot training,
- shipping etc., approved by Director General of Civil Aviation/shipping.
- Other courses leading to diploma / degree etc. conducted by
- colleges/universities approved by UGC/Govt./ AICTE/ AIBMS/ ICMR etc.
- Courses offered in India by reputed foreign Universities.
- Evening courses of institutes approved by State/Central/Govt./UGC/AICTE/AIBMS/ICMR/ICAR.
- Courses offered by National Institutes and other reputed private institutions. The College/Institute must have been approved by the State/Central Govt./UGC/AICTE,etc.
Student Eligibility
- Should be Resident Indian.
- Secured admission to either of above courses
Coverage of expenses
- Fee payable to college / Institution / University.
- Examination / Library / Laboratory Fee.
- Fee and other charges payable to hostel.
- Purchase of books / equipments / instruments.
- Personal Computers / Laptops wherever required.
- Caution deposit / building fund / refundable deposit supported by institution bills / receipts.
- Any other expenses required to complete the course – like study tours, project works, thesis, etc.
Maximum Loan Amount
Rs.10.00 Lacs.
Read:Â Education loans in India
Margin
Upto Rs. 4.00 lacs :- NIL
Above Rs. 4.00 lacs :- 5%
- Margin is to be contributed on pro rata basis on year to year basis as and when disbursements are availed.
Repayment Holiday / Moratorium Period
- Course period + 1 year or 6 months after getting job, whichever is earlier.
Repayment Period
- The loan is repayable in 5-7 years after the above period.
Security
- Upto Rs.4 lacs : No security
- Above Rs. 4.00 Lacs and up to Rs. 7.5 lacs: Collateral in the form of a suitable third
- party guarantee alongwith assignment of future income.
Above Rs.7.5 lacs: Tangible collateral security equal to 100% of the loan
amount along with assignment of future income
Rate of Interest
- Simple interest to be charged at monthly rests during the repayment holiday / moratorium period.
- 1% interest concession is provided if interest debited during repayment holiday is serviced.
- 1% Concession in rate of interest to loans for girl student.
- Penal interest @ 2% p.a. on overdue amount, if the loan amount exceeds Rs.4.00 lacs.
Baroda Scholar
Bank of Baroda presents financial assistance to students going abroad for Professional / Technical studies. The loan offering is designed to empower you with the financial capability to realise your dreams… Achieve your goals… Reach out to the maximum limits…
Terms & Conditions
Eligibility of Courses
- Graduate/Post Graduate / Doctorate / Job Oriented Professional / Technical Courses offered by reputed Universities overseas.
- Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping etc. The Institute should be recognized by the competent local aviation / shipping authority and Director General of Civil Aviation/shipping in India.
Student Eligibility
- Should be an Indian National.
- Secured admission to Professional/Technical Courses at foriegn Universities/Institutions
Coverage of expenses (for overseas studies)
- Admission/Tuition fees to College/University.
- Hostel/Mess charges.
- Examination/Library/Laboratory fee.
- Purchase of books/equipments/instruments.
- Caution deposit/building fund/refundable deposit supported by institution bills/receipts.
- One way travel expenses/Passage money.
- Purchase of computers if essential for completion of the course.
- Any other expense required to complete the course e.g. study tour, project work, thesis etc.
Maximum amount of loan
Rs. 20.00 Lacs.
Margin
15%
Repayment Holiday/Moratorium Period
- Course period + 1 year or 6 months after getting job, whichever is earlier.
The loan is repayable in 5-7 years after the above period.
Security
- Upto Rs.4.00/- lacs : No security
- Above Rs. 4.00 Lacs and up to Rs. 7.5 lacs: Collateral in the form of a suitable third
- party guarantee alongwith assignment of future income.
- Above Rs.7.5 lacs: Tangible collateral security equal to 100% of the loan
- amount along with assignment of future income
Rate of Interest
- Simple interest during repayment holiday/moratorium period.
- 1% interest concession, if interest debited during the repayment holiday is serviced.
- 1% Concession in rate of interest to loans for girl student.
- Penal interest @ 2% p.a. on overdue amount if loan exceeds Rs.4/- lacs.
For further details, click here for more details.
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