BOB Education Loan


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Bank of Baroda Education Loan

Interest Rate

  • 8.85% For Women | 9.35% For Men

Processing Fees

  • ₹ 10,000 + GST
    (Refundable)

Loan Margin

  • 0%

Established in 1908, Bank of Baroda provides various international and domestic banking services to retail and corporate customers. Education loan from Bank of Baroda (BOB) has been financing the dreams of thousands of students looking to study both in India and abroad for many years now.

Baroda Scholar is their flagship education loan scheme that provides financial assistance to students wishing to pursue regular courses or executive development programs in overseas universities. Bank of Baroda also provides 0.5% subsidy in interest rates to girl students. Apart from that, as a scheduled commercial bank, Bank of Baroda provides various interest subsidy schemes such as Central Scheme of Interest Subsidy (CSIS) for Economically Weaker sections, Dr. Ambedkar Central Sector Scheme of Interest Subsidy for abroad studies for Other Backward Classes and Economically Backward classes & Padho Pardesh interest subsidy Scheme for minority communities.

  1. Bank of Baroda Scholar for Study Abroad

    Features
    S.No. Features Details
    1. Maximum Loan Amount Listed Universities: Rs.80 lakh
    Unlisted Universities: Rs.60 lakh
    2. Collateral/ Security Loan amount must be <= 100% of collateral value.
    3. BOB Education Loan Rate of Interest Listed Universities: 8.85% for boys, 9.35% for girls,
    Unlisted Universities: 10.1% for boys, 9.6% for girls. Interest rates are linked to MCLR. For current rate, check here.
    4. Processing Fee Rs.10,000 + GST (Rs.10,000 refundable); Additional property valuation charge of Rs. 7,500, in case of Real Estate collateral
    5. Margin Money Listed Universities: NIL
    Unlisted Universities: Up to Rs.4 lakh - NIL, Above Rs.4 lakh - 10%
    6. Loan Tenure Up to Rs.7.5 lakh: Moratorium period + 10 years
    Above Rs.7.5 lakh: Moratorium period + 15 years
    7. Moratorium Period 12 months after the completion of the course
    8. Institutions Covered The “Select Universities” are listed here
    9. Prepayment Penalty No
    Benefits & Other Features
    1. Early approval of loan before i20 or visa.
    2. Covers both tuition and living expenses, including off campus living expenses.
    3. Tax benefit u/s 80(E).
    4. No need to pay interest during the course tenure.
    5. Pre-visa disbursal as per the norms of visa offices.
    6. Free Debit Card.
    7. The loan is for students going abroad for Professional/Technical courses.
    8. 0.50% concession in the interest rates for the girl student.
    9. Simple interest to be charged at monthly rests during the repayment holiday / moratorium period.

    Apply for BOB Education Loan


  2.  
  3. Baroda Gyan (For Higher Study in India)

    Features
    S.No. Features Details
    1. Maximum Loan Amount Rs.80 Lakhs for Medical and Aviation Education courses and Rs. 60 Lakhs for other courses
    2. Collateral /security Loan amount must be <= 100% of collateral value
    3. BOB Education Loan Rate of Interest 10.70% for boys and 10.20% for girl students. Interest rates are linked to MCLR. For current rate, check here
    4. Processing Fee Rs.10,000 + GST (Rs.10,000 refundable); Additional property valuation charge of Rs. 7,500, in case of Real Estate collateral
    5. Margin Money No Margin upto Rs.4 lakhs, Above Rs. 4 lakhs:5%
    6. Loan Tenure Up to Rs.7.5 lakh: Moratorium period + 10 years
    Above Rs.7.5 lakh: Moratorium period + 15 years
    7. Moratorium Period Course period + 12 months
    8. Institutions Covered For approved courses (Graduation, Post-Graduation, Professional and other courses) by UGC/Govt./AICTE through Entrance test/Merit Based selection process
    9. Prepayment Penalty No

    Benefits & Other Features

    1. Tax benefit u/s 80(E).
    2. Covers both tuition and living expenses, including off campus living expenses.
    3. Free Debit Card.
    4. 0.50% concession in the interest rates for the girl student.
    5. No need to pay interest during the course tenure.
    6. No pre-payment penalty.
    7. A non-refundable Lump sum amount of Rs 7500 to be paid as property evaluation charges.

  4.  
  5. Baroda Education Loan to Students of Premier Institutions

    Features
    S.No. Features Details
    1. Maximum Loan Amount List AA Secured:Rs.80 Lakhs, Unsecured:Rs.40 Lakhs
    List A Secured: Rs.80 Lakhs, Unsecured: Rs. 20 Lakhs
    List B & C Secured:Rs.80 Lakhs, Unsecured:Rs. 7.50 Lakhs
    2. Collateral /security Loan amount must be <= 100% of collateral value
    3. BOB Education Loan Rate of Interest List AA: 8.70 % for both Boys and Girls
    List A: 8.70% for both Boys and Girls
    List B: Upto Rs.7.50 Lakhs 9.45% and Above Rs.7.50 Lakhs 9.20% for both Boys and Girls
    List C Upto Rs.7.50 Lakhs 10.20% and Above Rs.7.50 Lakhs 9.95% for both Boys and Girls
    4. Processing Fee Rs.10,000 + GST (Rs.10,000 refundable); Additional property valuation charge of Rs. 7,500, in case of Real Estate collateral
    5. Margin Money No Margin upto Rs.4 lakhs, Above Rs.4 lakhs:5%
    6. Loan Tenure Up to Rs.7.5 lakh: Moratorium period + 10 years
    Above Rs.7.5 lakh: Moratorium period + 15 years
    7. Moratorium Period Course period + 12 months
    8. Institutions Covered The “Select Universities” are listed here
    9. Prepayment Penalty No

    Benefits & Other Features

    1. No pre-payment penalty.
    2. Tax benefit u/s 80(E).
    3. Covers both tuition and living expenses, including off campus living expenses.
    4. Free Debit Card.
    5. No need to pay interest during the course tenure.
    6. No pre-payment penalty.
    7. The loan is given for courses (Graduation, Masters, PhD, Professional/Technical) approved by UGC / Govt. / AICTE in the listed "Select Universities"

  6.  
  7. Bank of Baroda Education Loans for Executive Development Programme (EDP) being offered by Premier Institutions Abroad

    Features
    S.No. Features Details
    1. Maximum Loan Amount Rs. 80 lakhs
    2. Collateral /security Loan amount must be <= 100% of collateral value
    3. BOB Education Loan Rate of Interest Listed Universities: 9.95% for boys, 9.45% for girls, Unlisted Universities: 10.70% for boys, 10.20% for girls. Interest rates are linked to MCLR. For current rate, check here
    4. Processing Fee Rs.10,000 + GST (Rs.10,000 refundable); Additional property valuation charge of Rs. 7,500, in case of Real Estate collateral
    5. Margin Money No Margin upto Rs.4 lakhs, Above Rs.4 lakhs:5%
    6. Loan Tenure Up to Rs.7.5 lakh: Moratorium period + 10 years
    Above Rs.7.5 lakh: Moratorium period + 15 years
    7. Moratorium Period Course period + 3 months
    8. Institutions Covered Secured admission in The Executive Development Programmes in the listed Abroad Universities
    9. Prepayment Penalty No

    Benefits & Other Features

    1. Early approval of loan before i20 or visa.
    2. Covers both tuition and living expenses, including off campus living expenses.
    3. No pre-payment penalty.
    4. Tax benefit u/s 80(E).
    5. No need to pay interest during the course tenure.
    6. Pre-visa disbursal as per the norms of visa offices.
    7. No need to pay interest during the course tenure

GyanDhan provides a customized documents list for Bank of Baroda Education loans, which depends on your profile, your co-applicant’s profile, and the property/asset which you offer as collateral. At a high level, the following documents are needed. However, we will customize this list for your profile to ensure that you submit all the necessary documents in one go.

Documents Checklist (Applicant & Co- Applicant)

Student or the Applicant
  1. Identity Proof: PAN/ Passport/ Driver’s License/ Voter ID card.
  2. Address: Recent copy of Telephone Bill/ Electricity Bill /Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card.
  3. Passport Mandatory (in case of study abroad).
  4. Past Academic Record.
    • 10th Result
    • 12th Result
    • Under Graduate Result Semester Wise (If required)
    • Entrance Exam Result (e.g. GMAT, GRE, TOEFL, etc. for abroad study)
    • Entrance Exam Result (e.g. CAT, CMAT, JEE, NEET, CET, GMAT, GRE, etc. for domestic institutes)
  5. Proof of Admission: Admission Letter. Conditional admission letter is also applicable.
  6. Statement of cost/expenses.
  7. 2 passport-size photographs.
  8. Loan A/C statement of one year, if there is any previous loan from other Banks/ Lenders.
Co-Applicant’s Documents
  1. Identity Proof: PAN/ Passport/ Driver’s License/ Voter ID card.
  2. Address: Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card.
  3. 2 passport-size photographs.
  4. If any previous loan from other Banks/ Lenders, then Loan A/C statement of one year.
  5. Legal documents of the collateral/ Property documents
Income Proof for Salaried Co-Applicant/Guarantor
  1. Salary slips of last 3 months.
  2. Copy of Form 16 for last 2 years.
  3. Bank account statement for the last 6 months (of Salary Account).
Income Proof for Self-employed Co-Applicant/ Guarantor
  1. Business address proof (If applicable).
  2. Last 2 years IT returns.
  3. TDS Certificate (Form 16A, if applicable).
  4. Certificate of qualification (for C.A./ Doctor and other professionals).
  5. Bank Account statement for the last six months.

Low Turnaround Time

We coordinate with various departments within Bank of Baroda to secure a loan approval in a matter of just 15 days. This is why 1000s of students trust us with their loan requests every year.

Doorstep Service

For Bank of Baroda Education Loans, we provide doorstep pickup of documents in Delhi, Mumbai, Pune, Hyderabad, Bengaluru, and Chennai. No need to visit the branch! Bank of Baroda has exclusively partnered with us for the doorstep document pickup facility.

No Cost to You

GyanDhan’s services for applicants are absolutely free. We do not charge any kind of processing fees or commissions from the applicants at all.

Higher Chances of Approval

In case of any missing documents, property issues or other problems, we approach Bank of Baroda officials promptly to find solutions. This ensures speedy resolution and significantly increases your odds of approval.

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Processing & Approval

Free Doorstep Document Collection

Loan Sanction & Disbursal

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Below, we describe typical bottlenecks that you should watch out for, along with ways in which we work around such bottlenecks to fast-track your education loan application.

Procedural Delay

Generally, you apply to a particular branch of Bank of Baroda. Interestingly, most branches do not take a decision on your education loan application. The branch merely collates all documents and a few days later, transfers your applications to a specialised back-end office, called Specialized Mortgage Store (SMS), which actually evaluates the loan application. Those who apply via GyanDhan get to skip the branch stage, thus saving them several days. We directly transfer your application to the relevant SMS electronically.

Legal Issues with the Property

For the loan to be sanctioned, the property of the applicant and its supporting legal papers are verified by Bank of Baroda empanelled advocates. However, The Turnaround Time (TAT) of the bank and the advocates is high, that is, the officials involved tend to delay the verification process when they come across discrepancies in the property or related documents. Here is where GyanDhan comes to your rescue as we along with the bank look for alternative solutions when such a problem arises. With a proven record of helping thousands of students out of such situations, GyanDhan prevents property/document related issues from coming in your way to availing an education loan.

Technical Issues of the Property

The evaluation process of the applicant’s property, undertaken by Civil Engineers, empanelled by BoB, is an extremely lengthy and time-consuming process. Civil engineers first visit the property, and then measure it, check its location and age, calculate its Distress Sale Price, Fair Price, Market Price. The Turnaround Time (TAT) of the Civil Engineer therefore can be quite high and unpredictable. But with our systematic follow-up, we get this step completed in three working days.

Issues in pre-visa disbursal

In addition to the aforementioned solutions, GyanDhan also ensures pre-visa disbursal of loan, that is, we see to it that the bank disburses the loan to the applicant even before he/she is issued his/her visa.

Check BOB Education Loan Eligibility

When the co-applicant didn’t file the ITR (Income tax Return)

When the student first visited the bank, the branch manager clearly told the applicant that he was not eligible to avail an education loan, since his father, who is a farmer, had never filed an ITR. But when contacted GyanDhan, he got a loan of Rs.40 Lakhs sanctioned from the same branch for MS in the US. Later, when he took a transfer to another university, his loan was cancelled. The bank manager informed that he had to come back to India and submit a fresh application.

But again GyanDhan helped him by contacting the senior level officers of the bank with regards to this issue, and his loan was approved without any further hassle. Not only did GyanDhan help him before the sanction of the loan, but also took charge of the problems he faced post-disbursal of the loan, thus, focusing on the post-sales services as well.

 

When there were multiple ownerships and two of them were of minors

A student had an offer for Masters from Dublin Business School, Ireland, and required an education loan with a collateral of Rs. 20 Lakhs. Her case was rejected on the ground that the property was in the name of her mother and five other siblings. And two of her siblings were minors at the time when the education loan was applied for. After facing rejections from various banks and other financial institutions, the student approached GyanDhan for a solution. Our on-ground team took the case forward to the concerned officers of Bank of Baroda and liaised with the legal experts. We arranged for an NOC (No Objection Certificate) from her siblings, and in addition to that, arranged various other documents and necessary affidavits for minors. We made a loan application see the light of its day which was outrightly rejected elsewhere. The time taken to get the loan sanctioned was nearly just one and a half months. By the time you read this story, around Rs.13 Lakhs of the total loan amount will have been disbursed.


 

When the property to be pledged as collateral was in a different place than the permanent address

The student received an admit from Purdue University, United States, to pursue a Masters course. However, there was an issue with the property pledged as collateral. The property was situated in Kerala, and the owner (father of the applicant) resided in Hosur, the satellite town of Bangalore. The student’s application was rejected on the ground that the collateral property was in a different place than the permanent address. After trying out a few other places but all in vain, the student got in touch with GyanDhan. The on-ground team from GyanDhan approached the local Bank of Baroda branch in Hosur, however, no remedy was found. After that, the corporate office stepped in and requested the Specialised Mortgage Store of Bangalore to intervene. SMS Bangalore then contacted the Hosur BOB branch and subsequently the SMS Kerala for the valuation details of the property. Within no time, the problem was resolved and the bank obliged to grant the education loan to the applicant.


Request a Call Back from our Education Expert
Q. What is the maximum loan amount one can get for overseas studies?

The maximum loan amount one can get for studying overseas is upto INR 1 crore.

Q. What is the interest rate on BoB education loan?

The interest rate on the BoB education loan lies between 9.35% and 10.10% depending on the college/university applied to

Q. What is the tenure of a BoB education loan?

The tenure of a BoB education loan is up to 15 years.

Q. Is the loan disbursed in favour of the borrower or the institute/college/university?

The loan is disbursed to the joint account of the applicant and co-applicant and then directly transferred to the university's account

Q. Is there a margin on BoB education loans?

The BoB charges no margin for loans for colleges mentioned in its list of colleges covered. For universities/colleges not mentioned in the list, there is a margin of 10%.

Q. Do education loans have any Income Tax benefits?

Yes, education loans do have tax benefits.

Q. Is there a prepayment penalty on BoB education loan?

No, there is no prepayment penalty on BoB education loan.

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