Bank Of Baroda Education Loan

Bank Of Baroda Education Loan Bank Of Baroda Education Loan

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 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

Loans upto Rs.4.00 lacs Base Rate + 2.50%
Loans above Rs.4.00 lacs and upto Rs 7.50 lacs
Loans above Rs.7.50 lacs Base Rate + 1.75%
Baroda Education Loan to students of Premier Institutions
(No special concession for girl students under this scheme.)
For List-A Institutions
  • Upto Rs.15.00 Lacs : Base Rate + 0.25%
  • Above Rs.15.00 Lacs : Base Rate .
For List-B Institutions
  • Upto Rs.7.50 Lacs : Base Rate + 0.75%
  • Above Rs.7.50 Lacs: Base Rate + 0.50%
Baroda Education Loan for Vocational Education & Training Base Rate + 2.00%

No special concession for girl students under this scheme. **0.50% concession in ROI to Education Loans sanctioned for the benefit of girl student.

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 Eligiblity

  • Should be Resident Indian.
  • Secured admission to either of above courses
  • A meritorious student (who qualifies for a seat under merit quota) will also be eligible for loan under this scheme even if the student chooses to pursue a course under Management Quota.
  • or courses under Management Quota Seats considered under the scheme, fees as approved by the State Government/ Government approved regulatory body for payment seats will be taken, subject to viability of repayment.
  • Additional concession of 1.00% to the students who have sought admission in premier institutions viz. IIMs, IITs, IIFT, AIIMS, AFMC , ISB, NITs, XLRI, MDI, SPJIMR, IISC, SPJIM

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

  • Repayable in 120 maximum Installments for loan amount upto Rs 7.50 lacs
  • Repayable in 180 maximum Installments for loan amount above Rs 7.50 lacs .

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.
  • 0.50% 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

FOR PRESENT RATE OF INTEREST: CLICK HERE.

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

Eligiblity 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 Eligiblity

  • 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/reciepts.
  • 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 Loan Amount :

Rs.20.00 Lacs.

Margin

15%

Repayment Holiday / Moratorium Period

Course period + 1 year or 6 months after getting job, whichever is earlier.

Repayment Period

  • Repayable in 120 maximum Installments for loan amount upto Rs 7.50 lacs
  • Repayable in 180 maximum Installments for loan amount above Rs 7.50 lacs .

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.
  • 0.50% 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

FOR PRESENT RATE OF INTEREST: CLICK HERE.

Baroda Education Loan for Vocational Education & Training

  • Scheme shall be applicable at all our Branches �across the country
  • The prospective borrower should be an Indian National� and have secured admission in a course approved /supported by� a Ministry/ Deptt/ Organization of the Govt or a Company /Society/ Organization supported by National Skill development Corporation or State Skill Missions /State Skill Corporation leading to a certificate /diploma /degree etc. by Govt. Organization or an Organization recognized /authorized by Govt to do so.
  • Courses eligible: Vocational /Skill development courses of duration from 2 months to 3� years run or supported by a Ministry /Deptt/Organization of the Govt� or a company /society/ organization� supported by National Skill Development Corporation or State Skill Missions /State Skill Corporations, preferably leading to a certificate /diploma /degree etc. issued� by a Government Organization or an organization recognized /authorized by� the Govt. to do so. State Level Bankers committee (SLBC) / State level� Co-ordination Committee (SLCC)� may add other skill development courses /programmes, having good employability.
  • The Student should not be minor and in case he is a minor, documents shall be executed by the parents and bank will obtain a� letter of ratification from him/her upon attaining majority. There is no bar on maximum age of the borrower
  • Need based finance to meet expenses will be considered subject to following:
    For courses of duration upto 3 Months Rs.20000/
    For courses of duration >3 months and upto 6 months Rs.50000/
    For Courses of duration >6 months to 1 year Rs.75000/
    For courses of duration above 1 year Rs.150000/
  • Following expenses shall be considered for granting the loan under this scheme:
    • Tuition� fee/Course fee
    • Examination /Library/Laboratory fee
    • Caution Deposit
    • Cost of Books/Equipments and Instruments
    • Any other reasonable expenditure found necessary for completion of the course.
  • There will not be stipulation of any margin under the product i.e. Margin will be �Nil-
  • Rate of Interest shall be Base rate plus 2% i.e. 12.50% at present and simple interest shall be charged till the start of repayment. Servicing of interest during Study Period and Moratorium Period shall be at the option of the borrower. In case, interest is serviced during the study period and Moratorium period , Concession of 1% in interest rate for entire tenure of loan shall be provided.

    For girl students, an incentive in the form of 1% Interest Concession shall be provided as being provided under our Education Loan Product.
  • Processing Charge/documentation Charges: NIL
  • Security: No Collateral or third party guarantee will be obtained, however, the parent will execute loan document alongwith the student borrower as joint borrower
  • Moratorium Period and Repayment: Repayment of loan will commence� after a period of 6 months from the completion of course of maximum 1 year duration. Whereas for courses of duration of more than 1 year, Repayment will commence� after a period of 12 months from the completion of course. Maximum Repayment period will be as under:
    Loans upto Rs 50,000 Upto 2 Years
    Loans between Rs 50,000 to Rs 1 lac 2 to 5 Years
    Loans above Rs 1 lac 3 to 7 Years
  • Insurance : Group credit Life Insurance Cover� will be available at the option and cost of the borrower. Cost of Insurance Premium may be financed by Bank� by adding the same in the project cost and shall be recovered alongwith EMIs of the loan.
  • The Borrower can repay the loan any time after commencement of repayment WITHOUT having to pay any prepayment charges.

Central Scheme of Interest Subsidy for Education Loans

Government of India, Ministry of Human Resources Development, Department of Higher Education has formulated an Interest Subsidy for Education Loans for the students of economically weaker section (EWS) for pursuing technical / professional courses in India.

Salient features of scheme are as under:
  • Scheme will be named as “Education Loan Interest Subsidy Scheme” specially designed to provide Interest Subsidy for the period of moratorium on educational loans taken by students from Economically Weaker Sections from our Bank under the educational loan scheme of the Indian Banks’ Association to pursue Technical / Professional Education studies in India.
  • Course fee (all inclusive) may exceed Rs. 10 lacs but subsidy amount will be calculated only upto loan amount of Rs. 10 lacs.
  • Government of India will provide full interest subsidy during the moratorium period on loans taken by students from the Bank. For loans sanctioned prior to 01.04.2009, only interst on the amount disbursed after 01.04.2009 are eligible.
  • After the moratorium period interest will be borne by student.
  • Student should belong to Economically Weaker Section (not on social background) having parental family income from all sources not more than Rs. 4.5 lac per annum.
  • State Government will designate appropriate authority or authorities who are competent to issue Income certificate, based on economic index and not social background, for the purpose of this scheme.
  • Subsidy will be available only to students enrolled in recognized Technical / Professional courses (after XII) in India in Educational Institutions established by Acts of Parliament, other institutions recognized by the concerned Statutory Bodies, Indian Institutes of Management (IIMs) and other Institutions set up by the Central / State Government.
  • Interest rates charged on the loan shall be as per interest rates applicable under our Education Loan Scheme.
  • Interest subsidy shall be available to the eligible students only once, either for first undergraduate degree course or the post graduate degrees / diplomas in India. Interest subsidy shall, however, be admissible for integrated courses (graduates + post graduates).
  • Subsidy shall not be available if a student discontinues the course in midstream, expelled from Institutions on disciplinary or academic grounds.
  • There would be tag / marker on the degree and marksheet of the student indicating his repayment liabilities. Electronic tag will enable employers to identify loanees. Nodal Bank for the scheme shall be Canara Bank and monitoring shall be finalized in consultation with the Canara Bank.
  • List of Technical / Professional courses for which the scheme would be applicable, shall be publicized from time to time by UGC and AICTE and the same would be immediately displayed at their websites, which may be accessed for verification purposes.
  • Agreement is also to be signed by the student and Bank.

For more details, contact our branch where they have availed education loan.

The National Skill Certification and Monetary Reward Scheme

National Skill Development Corporation has implemented �The National Skill Certification and Monetary Reward Scheme� to encourage skill development for youth by providing monetary rewards for successful completion of approved training programs.

Salient features of the �The National Skill Certification and Monetary Reward Scheme� are as under
  • With the object to increase the productivity of the existing workforce and align the training and certification, training will be provided by the eligible institutions (available on the website of National Skill Development Agency (NSDA) and National Skill Development Corporation (NSDC)
    • NSDA is an autonomous body constituted by Govt. of India. It will anchor the National Skills Qualifications Framework (NSQF) and will facilitate the setting up of professional certifying bodies in addition to the existing ones.
    • NSDC is a Private Public Partnership (PPP) organization with representatives from Government and Industry Associations on its Board. It has been instituted to foster private sector initiatives in skill development.
    • SSC (Sector Skill Councils) are industry-led bodies, who would be responsible for defining the skilling needs, concept, processes, certification, accreditation of their respective industry sectors.
  • NSDC will be the implementing agency for this scheme.
  • The training will be for a minimum of 30 days duration and will include training on social skills like health, hygiene, communication skills etc. The training may also include on the job training, internships etc. to increase productivity of the existing workforce and align the training and certification to the needs of the country.
  • After successful completion of the training, assessment will be made and a certificate will be issued by separately identified and approved assessment agencies.
  • Monetary awards for certification is as under:
    Sectors NSQF Levels 1 & 2 NSQF Levels 3 & 4
    Manufacturing Courses Rs.10,000 Rs.15,000
    Service & Other sectors Rs.7,500 Rs.10,000
  • The list of all the training providers in the skill development space that have been associated with any government institution shall be available on the website of National Skill Development Agency (NSDA). The detailed scheme document of �The National Skill Certification and Monetary Reward Scheme� is available on the website of National Skill Development Corporation
  • Bank of Baroda provides Education Loans (Baroda Education Loan for Vocational Education & Training) to eligible applicants to pursue the approved training programmes under the scheme of �The National Skill Certification and Monetary Reward Scheme�


For further details, please click here