.:: Bank of Baroda Education Loan ::.

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. 

Whether you are planning school education (nursery to standard XII) of your child, pursuing a graduate or post-graduate degree, the Bank of Baroda Education Loans, can help finance your ambitions and goals. 

Following are the loan options available:

Baroda Vidya

Baroda Gyan

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.

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

1. Stage I : Nursery to V th STD.
2. Stage II : VI th to VIII STD.
3. 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 instituion bills / receipts.

Maximum Loan Amount: Rs.4.00 Lacs

Repayment Period:

• Loan for each yearly sub limit is repayable in 12 equal monthly instalments. First instalment 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.
• NOTE: Interests rates etc are revised by the banks from time to time. Applicants advised to check thoroughly the terms and conditions of educational loan scheme of respective bank at the time of application.

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.

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 Eligiblity:

• 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. 

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 alognwith 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.
• For loans above 4 lacs, interest rate will be 2 % above base rate for ISB, Hyderabad Students which is 2 % less than that for students of other institutes

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