Student Education loans in India

Here know the complete information about Student Education Loans offered by Bank of Baroda India.

Bank of Baroda


Baroda Vidya - Loan for Nursery to Senior Secondary School

Eligibility for Education Loan
  • Must be an Indian National
  • Secured admission to a recognized school/High school(including CBSE/ICSE/State board) for Nursery to V std (or) VI to VIII std (or) IX to XII std.
Margin
  • Rs.4,00,000/-
Repayment
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.
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 - Loan for Graduation, Post Graduation in India

Eligibility for Education Loan
  • Must be an Indian National
  • Secured admission to the eligible courses
Courses Eligible for Education Loan
  • Graduation Courses, Post Graduation Courses, Doctorate Courses and courses like C.A, ICWA, CFA, CS, etc.
  • Computer certificate courses of reputed institutes affiliated to universities and courses conducted by IIM, IIT, IISc, XLRI. NIFT etc.
  • Regular Degree/Diploma courses approved by Director General of Civil Aviation/shipping and UGC/State/Central Govt./ AICTE/ AIBMS/ ICMR etc.
  • Evening courses of institutes approved by State/Central/Govt./UGC/AICTE/AIBMS/ICMR/ICAR.
Margin
  • Upto Rs.4,00,000/- -- NIL
  • Above Rs.4,00,000/- -- 5%
Holiday Period
Course period + 1 year or 6 months after getting job, whichever is earlier.
Repayment
The loan is repayable in 5-7 years after the above period.
Security
  • Upto Rs.4.00 lacs - NIL
  • 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

Baroda Scholar - Loan for Abroad studies

Eligibility for Education Loan
  • Must be an Indian National
  • Secured admission to the eligible courses
Courses Eligible for Education Loan
  • Graduation Courses, Post Graduation Courses, Doctorate Courses and technical courses approved by reputed universities.
  • 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.
Margin
  • Upto Rs. 20.00 Lacs. -- 15%
Holiday Period
Course period + 1 year or 6 months after getting job, whichever is earlier.
Repayment
The loan is repayable in 5-7 years after the above period.
Security
  • Upto Rs.4.00 lacs - NIL
  • Above Rs. 4.00 Lacs and up to Rs. 7.5 lacs: Collateral in the form of a suitable third party guarantee along with 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 for Studies in India and in Abroad
  • 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.
Expenses considered for Education Loan
  • Fee payable to college/school/hostel
  • Examination/Library/Laboratory fee
  • Purchase of books/equipments/instruments/uniforms
  • Examination/Library/Laboratory fee
  • Travel expenses/passage money for studies abroad. Purchase of computers - essential for completion of the course.
  • Any other expense required to complete the course - like study tours, project work, thesis, etc.
For more details visit Bank of Baroda official website: bankofbaroda.co.in

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