Education Loan

How to Fill Bank of Baroda Education Loan Form?

How to Fill Bank of Baroda Education Loan Form?

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Know the step-by-step process of how to fill Bank of Baroda education loan form.

GyanDhan
Ananya Ghai
Updated on:  02 Mar 2024  | Reviewed By: 
Aman 
| 179 | 5  min read

The first step in your journey towards securing an education loan is to conduct thorough research and decide on your lender. In today's digital age, applying for an education loan online is a convenient option. Bank of Baroda has streamlined the online application process, making it accessible through its official website. For those who prefer the traditional route, an offline application is also viable. You can visit your nearest Bank of Baroda branch, procure the education loan application form, and fill it out with the requisite details. Whether you choose to apply online or offline, the information required and the subsequent steps remain largely the same.

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Steps to Fill Bank of Baroda Education Loan Form?

Filling out the loan application form requires attention to detail. It's imperative to ensure all data entered is accurate and complete to avoid any delays in the processing of your application.

Step 1: Completing the loan application

The Bank of Baroda's education loan application is accessible through its official website. Importantly, the Department of Financial Services, under the Ministry of Finance, mandates that all education loan applications be processed via the Vidya Lakshmi portal. This requirement applies to both online and physically submitted applications, ensuring a unified application process for all students seeking educational loans.

 

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Step 2: Prepare for the interview

Following the application, the bank schedules an interview, a crucial step in the loan approval process. This interview is mandatory regardless of whether the application was submitted online or in person. The primary applicant, typically the student, must attend this interview. The discussion focuses on the student's academic achievements, the intended degree program, and the prospective institution. Additionally, the bank evaluates the potential earning capacity of the chosen field of study, using the insights gained to make an informed decision on proceeding with the loan application.

Step 3: Document submission

As part of the application process, the bank requires the submission of specific documents. This includes the admission offer letter from the educational institution the student plans to attend. The bank conducts a thorough verification of these documents to confirm the student's enrollment and assess the legitimacy of the application.

Step 4: Loan approval 

Upon successful document verification and interview, the loan moves to the approval stage. The approval process involves evaluating the creditworthiness of the co-borrower or guarantor, typically a parent or guardian of the student. The applicant must also sign a promissory note along with other necessary loan documents, committing to repay the loan within the agreed timeframe.

Step 5: Loan disbursement

The final step is the disbursement of the BOB loan amount. Once all formalities are satisfactorily completed, the Bank of Baroda disburses the funds directly to the educational institution's bank account. This disbursement can be made in full or in installments, depending on the specific terms of the loan agreement.

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Documents Required to Apply for an Education Loan at Bank of Baroda

A critical aspect of the loan application process is submitting the necessary documents. These typically include proof of identity, address proof, academic records, admission letters, and financial statements, among others.

Applicant documents

  • list items Proof of identity 
  • list items Proof of residence/address: Passport mandatory in case of Studies Abroad
  • list items Academic records 10th result & 12th result, graduation result -semester-wise (if applicable) Entrance exam results through which admission is being taken (e.g. CAT, CMAT, JEE, NEET, CET, GMAT, GRE, TOEFL, etc.) Proof of admission: Offer letter or admission letter from the institution. conditional admission letters may be considered in the case of studies abroad.
  • list items 10th result & 12th result, graduation result -semester-wise (if applicable)
  • list items Entrance exam results through which admission is being taken (e.g. CAT, CMAT, JEE, NEET, CET, GMAT, GRE, TOEFL, etc.)
  • list items Proof of admission: Offer letter or admission letter from the institution. conditional admission letters may be considered in the case of studies abroad.
  • list items Statement of cost of study/ schedule of expenses
  • list items College/course prospectus (if available)
  • list items 2 passport-size photographs
  • list items A/C statement for the last 1 year in case of any previous loan from other banks/lenders

Co-applicant documents

  • list items Proof of identity 
  • list items Proof of residence/ address 
  • list items 2 passport-size photographs
  • list items A/C statement for the last 1 year in case of any previous loan from other banks/lenders

Income proof for salaried co-applicant/ guarantor

  • list items Salary slip or salary certificate
  • list items Copy of form 16 and IT returns acknowledged by IT dept
  • list items Bank account statement for the last 6 months  

Income proof for self-employed co-applicant/ guarantor

  • list items Business address proof (if applicable)
  • list items IT returns acknowledged by IT department, TDS certificate (Form 16A, if applicable)
  • list items Bank account statement for the last 6 months
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Benefits of Applying for an Education Loan at Bank of Baroda via GyanDhan

Applying for a Bank of Baroda education loan through GyanDhan appears to be a streamlined and advantageous process, especially for students looking to study abroad. GyanDhan is designed to assist students in securing overseas education funding. Here are some key highlights of applying through GyanDhan:

  • list items Free services: The services offered by GyanDhan to facilitate your Bank of Baroda education loan application are completely free. This means you can navigate through the application process without worrying about additional service charges.
  • list items Low processing time: One of the significant advantages of applying through GyanDhan is the notably lower turnaround time for loan approval. GyanDhan collaborates closely with various departments within the Bank of Baroda to ensure your loan application is processed quickly, typically within 15-20 days, compared to the standard 30-45 days if you were to apply directly to the bank.
  • list items Increased approval chances: GyanDhan actively works to resolve any potential issues that may arise during the application process, such as missing documents or property-related concerns. Their proactive approach and direct liaison with bank officials significantly enhance the likelihood of loan approval.
  • list items Bypassing procedural delays: GyanDhan helps applicants avoid common bottlenecks and delays that often occur at the branch level by directly submitting your application to the relevant Specialized Mortgage Store (SMS) electronically, saving valuable time.
  • list items Assistance with legal and technical issues: GyanDhan also assists in navigating through legal or technical issues related to property verification, ensuring smooth and swift processing of your loan application.

 

Applying for a Bank of Baroda education loan via GyanDhan can simplify and expedite the loan application process, offering a hassle-free experience with added benefits like competitive loan rates, quick processing, and a higher chance of approval. This approach not only saves time but also provides personalized assistance to overcome any hurdles during the loan application process, making it an attractive option for students aiming to study abroad. Check your loan eligibility now to start today!

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Frequently Asked Questions

What are the eligibility criteria for a Bank of Baroda education loan?

To be eligible for an education loan from the Bank of Baroda, the applicant must be of Indian origin and should have secured admission to a relevant course in higher education. The bank offers a wide range of education loans for various levels of education, including undergraduate, postgraduate, doctoral, and vocational courses, among others. The institution and course eligibility also play a crucial role in loan approval.

What are the benefits of taking an education loan from Bank of Baroda?

Some benefits of taking an education loan from Bank of Baroda include no processing fees for collateral-free education loans in India, competitive interest rates, high loan amounts up to INR 80 Lakhs for top-tier institutes (higher for medical and aviation courses, and for studying abroad), flexible repayment periods of 10 to 15 years post-moratorium, and tax benefits under Section 80E of the Income Tax Act, 1961.

What are the interest rates for Bank of Baroda education loans?

Interest rates for Bank of Baroda education loans vary based on the course and location of study, as well as the loan scheme. For example, the interest rates can range from 9.15% to 11.50% p.a., depending on whether the studies are in India or abroad, the type of course, and the institution's prestige.

Check Your Education Loan Eligibility


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