Bank of Baroda Education Loan 2023 | Invest in Your Future
Bank of Baroda Education Loan 2023
Bank of Baroda Education Loan 2023 –Bank of Baroda is one of the largest public sector banks in India and is known for its wide range of financial services. One of the key offerings from the Bank of Baroda is its education loan program, which is designed to provide financial assistance to students who wish to pursue higher education in India or abroad. With competitive interest rates, flexible repayment options, and a hassle-free application process, Bank of Baroda education loans have become a popular choice for students looking to finance their education. In this article, we will explore the key features and benefits of Bank of Baroda education loans in detail.
Details of Bank of Baroda Education Loan 2023
| Maximum Loan Limit | Rs. 80 Lacs (for medical & aviation courses) Rs. 10 Lacs (for other courses) |
| Debit Card charges | Free Debit Card |
| Processing Fee | No Processing Fee |
| Concession | 0.25 % for females |
| Loan repayment | 10 – 15 years |
| Loan collateral | Up to Rs. 4 lacs no collateral Rs. 4 Lacs to 7.5 Lacs – Third-party guarantee Above Rs.7.5 Lacs – 100% loan amount tangible collateral |
| Interest rate | 8 – 10 % |
Bank of Baroda Education Loan Schemes 2023
Bank of Baroda offers a range of education loan schemes to cater to the diverse needs of students. Here are some of the key education loan schemes offered by the Bank of Baroda:
- Baroda Vidya (Education from Nursery to XII)
- Baroda Gyan (Higher Studies in India)
- Baroda Scholar (For Studying Abroad)
- Baroda Education Loan to students of premier Institutions
- Government of India Interest Subsidy Schemes for Education Loan
- Skill Loan Scheme
- Baroda Education Loan for EDP being offered by Premier Institutions in India
- Vidya Lakshmi Portal
- Baroda Education Loans for EDP is being offered by Premier Institutions abroad.
These education loan schemes offered by the Bank of Baroda have different eligibility criteria, interest rates, and repayment options. Students can choose the loan scheme that best suits their needs and requirements.
Benefits of Getting an Education Loan
Bank of Baroda education loans come with several benefits for students who wish to pursue higher education in India or abroad. Some of the key benefits of Baroda education loans are:
- Bank of Baroda education loans come with competitive interest rates, which are affordable and lower than most private lenders.
- Bank of Baroda offers flexible repayment options for education loans, which can be customized as per the borrower’s repayment capacity. Students can choose to start repaying their loan after completing their course or opt for a moratorium period.
- Bank of Baroda education loans offers higher loan amounts, which can cover the entire cost of education, including tuition fees, accommodation, travel expenses, and other related expenses.
- Bank of Baroda offers collateral-free education loans for loan amounts up to Rs. 4 lakhs, making it easier for students from low-income families to avail of education loans.
- Bank of Baroda has a simple and hassle-free application process for education loans, with minimum documentation requirements.
- The interest paid on education loans is tax-deductible under Section 80E of the Income Tax Act, which provides additional benefits to borrowers.
Interest Rate
The interest rates for Bank of Baroda education loans depend on the loan amount, the type of loan, and the repayment tenure. Here are the current interest rates for different education loan schemes offered by the Bank of Baroda:
| Type of Education Loan | Bank of Baroda Education Loan Interest Rate |
| For School Education from Nursery to XII | BRLLR* + Strategic Premium + 2.50% For Females – 0.5% Concession) |
| Courses in India | BRLLR+S.P.+1.75% p.a. [Irrespective of Loan Amount] |
| For regular courses in India (For List-AA Institutions: BRLLR) |
For List A Institutions: BRLLR For List-B Institutions Up to Rs.7.50 Lacs: BRLLR + S.P.+ 0.50% Spread Above Rs.7.50 Lacs: BRLLR+S.P. +0.25% Spread |
| For regular courses in India (List C Institutions) |
Rs.7.50 Lacs: BRLLR+S.P. + 1.25% Spread Above Rs.7.50 Lacs: BRLLR+S.P. +1.00% Spread |
| Courses Abroad in premier institutions | BRLLR+SP + 1.75 % Spread |
| Courses Abroad in institutions not listed among premier institutions by the bank |
BRLLR+S.P. + 1.0025% Spread |
Eligibility Requirements
The eligibility requirements for Bank of Baroda education loans depend on the type of loan and the loan amount. Here are the general eligibility criteria for education loans offered by the Bank of Baroda:
- The borrower must be an Indian citizen.
- The borrower must be between 18 and 35 years of age.
- The borrower must have secured admission to a recognized course in India or abroad.
- The borrower must have a good credit score and repayment history.
- The borrower or their parents/guardians must have a stable source of income to repay the loan.
- Depending on the loan amount, borrowers may be required to provide collateral or a guarantor.
The specific eligibility criteria for each education loan scheme offered by the Bank of Baroda may vary. For example, the Baroda Scholar Loan Scheme may have stricter eligibility requirements, such as securing admission to a premier institution like IITs or IIMs.
How to Apply for a Bank of Baroda Education Loan
Students can apply for Bank of Baroda education loans online or offline. Here are the steps to apply for an education loan from the Bank of Baroda:
Online Application Process:
- Visit the Bank of Baroda website and navigate to the education loan section.
- Choose the appropriate education loan scheme and click on the “Apply Now” button.
- Fill in the application form with your personal, educational, and financial details.
- Upload the necessary documents, such as admission letters, mark sheets, income proof, identity proof, and address proof.
- Review the application form and submit it online.
- Wait for the bank’s confirmation and follow up on the status of your loan application.
- Click Here for the Online Bank of Baroda Education Loan Form
Offline Application Process:
Visit the nearest Bank of Baroda branch and ask for an education loan application form.
- Fill in the application form with your personal, educational, and financial details.
- Attach the necessary documents, such as admission letter, mark sheets, income proof, identity proof, and address proof.
- Submit the application form and documents to the bank’s representative.
- Wait for the bank’s confirmation and follow up on the status of your loan application.
- Click Here for the Offline Bank of Baroda Education Loan Form
Documents Required
The following documents are generally required to apply for an education loan from the Bank of Baroda:
- Proof of Identity
- Proof of Address
- Proof of Age
- Mark Sheets
- Admission Letter
- Course Details
- Income Proof
- Collateral Documents
- Guarantor Documents
The specific list of documents required may vary depending on the type of education loan scheme and the loan amount.
Bank of Baroda Education Loan for Premier Institutions
Bank of Baroda offers education loans for premier institutions under its Baroda Scholar Loan Scheme. This scheme provides financial assistance to meritorious students who have secured admission to recognized premier institutions in India or abroad. Some of the premier institutions covered under this scheme include the Indian Institutes of Technology (IITs), Indian Institutes of Management (IIMs), National Law Schools, and other top-ranking institutions in various fields such as engineering, medicine, management, and law.
- Harvard University
- Massachusetts Institute of Technology
- Stanford University
- University of Pennsylvania
- University of Chicago
- University of California at Berkeley
- New York University
- Columbia University
- Yale University
- University of Michigan
Click Here to Check Out the whole List
College List
The Baroda Scholar Loan Scheme offered by the Bank of Baroda provides financial assistance to students who have secured admission to recognized premier institutions in India or abroad. Here is a non-exhaustive list of some of the premier institutions covered under the AA, A, B, and C categories.
| AA institutions | A institutions | B institutions | C institutions |
| Indian Institute of Management (Ahmedabad) | National Institute of Design (Ahmedabad) | Tata Institute of Social Sciences (Pune) | Gandhi Institute of Technology and Management (Hyderabad) |
| Indian Institute of Management (Bangalore) | CEPT University (Ahmedabad) | B J Medical College (Ahmedabad) | Maharajah’s Institute of Medical Sciences (Hyderabad) |
| Indian Institute of Science (Bangalore) | MICA (Ahmedabad) | Alliance School Of Business (Bangalore) | Zakir Husain College of Engineering & Technology (Meerut) |
| ISB, Hyderabad | The Institute of Management, Nirma University (Ahmedabad) | M.S. Ramaiah Medical College (Bangalore) | Shri Ram Murti Smarak Institute of Medical Sciences (Meerut) |
| Indian Institute of Technology (Chennai) | Indian Institute of Technology (Gandhinagar) | KS Hegde Medical Academy (Mangalore) | Lakshmi Narain College of Technology (Bhopal) |
| Indian Institute of Technology (Kolkata) | National Institute of Design (Bangalore) | Osmania University College of Engineering (Hyderabad) | Jaipurian Institute of Management (Indore) |
| Indian Institute of Technology (Lucknow) | Bangalore Medical College (Bangalore) | Vellore Institute of Technology (Bhopal) | SSN School of Management (Chennai) |
| Indian Institute of Management (Lucknow) | International Institute of Information Technology (Bangalore) | National Institute of Construction Management and Research (Indore) | Amrita School of Engineering (Chennai) |
| Indian Institute of Management (Kolkata) | St. John’s Medical College (Bangalore) | Indian Institute of Information Technology (Una) | Savitha Institute of Medical and Technical Sciences (Chennai) |
| ISB (Mohali) | Indian Institute of Technology (Hyderabad) | Shiv Nadar College of Engineering (Chennai) | Hindustan Institute of Technology and Science (Chennai) |
Click Here to Check Out the whole List
Bank of Baroda Education Loan Calculator
Bank of Baroda provides an education loan calculator on its website to help students calculate their loan amount, EMI (Equated Monthly Installment), and interest rate based on their loan requirements and repayment tenure. Here are the steps to use the Bank of Baroda education loan calculator:
- Visit the Bank of Baroda website and navigate to the education loan section.
- Click on the “Education Loan Calculator” link or search for the same on the website.
- Fill in the loan amount, repayment tenure, and interest rate (if known).
- Click on the “Calculate” button to get the EMI amount and total interest payable.
- You can also change the loan amount, tenure, and interest rate to see how it affects your EMI and total interest payable.
Contact Number
If you have any queries related to education loans offered by the Bank of Baroda or want to apply for a loan, you can contact the bank using the following contact details:
- Contact Number 1800 258 44 55 / 1800 102 44 55
- Customer Care e-mail loans@bankofbaroda.com
- Official Website Bank of Baroda
You can find additional information on this topic by visiting our official website.
