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Eligibility for Bank of Baroda Education Loans

Last Updated 11th Jun 2021

Particulars Eligibility
Loan amount ₹ 80 Lakh
Loan Tenure 15 months
Co-applicant Required Yes
Prepayment Charges Nil

Bank of Baroda Education Loan Interest Rate Jun 2021

Every child needs a quality education in order to lead a complete, successful and comfortable life. Unfortunately, such education comes at a cost that not everyone who deserves it can afford. That is where education loans comes into play.Education loans are funds offered by banks and financial institutions to meritorious students to help them pursue their dream course.

Bank of Baroda Education Loan Interest Rate is quite competitive for education in India’s finest institutes and on studying abroad.Interest rates on Education Loans are floating, and vary with the changes in MCLR. Bank of Baroda Education loan interest rates are in the range of 7.70% and 8.75%.

Education Loan Bank of Baroda

Determinants of Eligibility for Education Loans

  Courses in India Courses Abroad IIT, IIM, ISB Courses
Max Loan Amount ₹ 80,00,000 ₹ 80,00,000 ₹ 80,00,000
Interest Rates      
Loans upto ₹ 4,00,000 8.75 % 8.35 % , for Girls - 8.35% 7.95 %
Loans ₹ 4,00,000 - ₹ 7,50,000 8.75 % 0.00 % - 8.35% 7.95 %
Loans > ₹ 7,50,000 8.75 % 8.35 % , for Girls - 8.35% 7.70 %
Margin requirement (own contribution by student/ family)      
Loans upto ₹ 4,00,000 0% 0% 0%
Loans above ₹ 4,00,000 5% 10% 5%
Max Tenure Post Moratorium      
Loans upto ₹ 7,50,000 10 years 10 years 10 years
Loans above ₹ 7,50,000 15 years 15 years 15 years
Co-Applicant required (Y/N) Yes Yes Yes
Third Party Guarantee      
Loans upto ₹ 4,00,000 Not required Not required Not required
Loans ₹ 4,00,000 - ₹ 7,50,000 Required Required Required
Loans > ₹ 7,50,000 Not required Not required Not required
Collateral Security (Fixed deposit/ Property, LIC)      
Loans upto ₹ 4,00,000 Not required Not required Not required
Loans ₹ 4,00,000 - ₹ 7,50,000 Not required Not required Not required
Loans > ₹ 7,50,000 Required Required Required
Prepayment Charges (Y/N) Nil Nil Nil
Moratorium Period (lower of the two)      
After course period 12 months 12 months 12 months
After getting job 6 months 6 months 6 months

Bank of Baroda Education Loan

Education Loan amount can be used for a variety of purposes, covering all aspects of needs that a student might have with respect to his studies. These include:

  • The purchase of books, uniform, stationery
  • The purchase of laptops, tablets (as per the demand of the course)
  • Examination, library and hostel fees
  • Travel expenses/ passage money for studies abroad.
  • Additional costs deemed necessary for the completion of the course.

Bank of Baroda Student Loan Features

Bank of Baroda student loans come with the following attractive features:

  • Baroda Vidya Scheme for school education from Nursery to XII
  • Baroda Gyan Scheme for higher studies in India
  • Baroda Scholar Scheme for studying abroad
  • Skill loan scheme for Vocational Education and Training

Bank of Baroda Education Loan Eligibility

Parameters Bank of Baroda Education Loan Eligibility Criteria
Age of the Applicant
  • Upto 35 years for non-employed personnels
  • Upto 45 years in case of working employees/ executives
Who can apply
  • An Indian National having secured admission to professional/technical courses in recognized institutions.
  • Permanent employees who are employed for not less than three years with any organisation and who intend to acquire higher professional qualifications and have secured admissions in a reputed institute.
Maximum Loan Amount
  • Upto ₹ 80,00,000 for studies in India.
  • Upto ₹ 80,00,000 for studies abroad.
  • Upto ₹ 80,00,000 for studies at IIT's, IIM's and ISB's.
  • These amounts are subjective to margin requirements as mentioned in the table above
Repayment Frequency
  • Quarterly or monthly rests.
  • Repayment in Education Loans typically starts 1 year after completing the course or six months after getting a job, whichever is earlier.
  • Loan interest re‐payment will start immediately after disbursement of the first installment of the loan.
Repayment Period
  • Tenure of an Education Loan consists of Duration of Study, Grace Period after the Study and Repayment Period.
  • For Indian courses repayment tenure is maximum of 15 years after the commencement of repayment.
  • For Abroad courses repayment tenure is maximum of 15 years after the commencement of repayment.

Bank of Baroda Education Loan EMI Calculator

Bank of Baroda Education Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Bank of Baroda against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.

Bank of Baroda Education Loan repayment calculator calculates EMI based on the loan amount you have applied for, interest charged on loan and the tenure for which you have applied. offers affordable and convenient education loans with loan EMIs as low as ₹ 7,014 per lakh for a 15 years tenure and lowest rate of interest of 7.70%.

FAQs

What is the procedure of education loan in Bank of Baroda?

To borrow money for an education loan from Bank of Baroda, all you need to do is visit the nearest Bank of Baroda branch, fill the application form, submit the required documents. You can also apply for an education loan by visiting the official website of Bank of Baroda.

Can we get an education loan without security?

To get an education loan upto ₹ 4 Lakh, you need to provide co-borrower security of your parents or husband and does not require any third-party guarantee or tangible security.

Is the property required for an education loan?

To get an education loan above ₹ 7.50 Lakh, you need to provide co-borrower security and tangible security equivalent to 100-133% of the loan amount as collateral. The tangible security is provided in the form of property, shares, fixed deposits etc.


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Bank of Baroda Education Loan News - Jun 2021
  • 2021-06-01 : BOB reports net loss of Rs 1,046 cr in Q4
    Bank of Baroda reported a standalone net loss of Rs 1,046 crore for the March quarter (Q4FY21). It had posted a profit of Rs 506.6 crore in the same period last year (Q4FY20). The lender’s advances which includes retail loans home, LAP, personal, two wheeler, car education and doctor loan along business and mudra loan grew by 4.9% to Rs 6.4 trillion during the March quarter. Further domestic deposits which includes fixed and recurring deposits rose 6.2% to Rs 8.6 trillion.
  • 2021-05-19 : Bank of Baroda to hire digital marketing agencies to increase customer outreach
    Bank of Baroda is looking to hire three digital marketing agencies. The bank is aiming to visible digitally through means such as YouTube, influencer tie-ups, content syndications as well as new age media opportunities. The digital marketing firm will also be required to create content through campaigns, mobile-first based content, blog--articles, infographics, gifs and videos.
  • 2021-03-17 : BOB to focus on new digital platform to expand retail lending
    Bank of Baroda is planning to expand its retail loans portfolio which include home, personal, LAP, gold, two-wheeler and car loans through a self made digital lending platform. The digital platform assesses credit risk through varied public and private data points like bank account statements, tax statements and consumption trends.
  • 2020-12-28 : BOB launches Digital Lending Platform
    Bank of Baroda launched the Digital Lending Platform. The platform will allow to enables prospective customers to avail retail loan like home, personal, car, gold and two-wheeler and education loans digitally. The main objective of the initiative is to provide exceptional customer experience, personalized customer journeys and scale the lending business through digitization.
  • 2020-10-30 : Bank of Baroda Q2 profit surges 128%
    Bank of Baroda reported a net profit of ₹1,679 crores for the quarter ending 30 September. Net interest income during the quarter grew by 6.8% to ₹7,508 crores. The consolidated net profit stood at ₹1,771 crores in the September quarter. Further, the advances backed by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans increased by 5.3%. CASA ratio increased to 39.78%, up by 190 bps year-on-year.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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