BOB Education Loan
Get Free Education Loan Assistance
Interest Rate
9.9% For Women | 10.4% For Men
Processing Fees
₹ 10,000 + GST
Loan Margin
0%
Overview : Bank of Baroda Education Loan Online
Established in 1908, Bank of Baroda provides various international and domestic banking services to retail and corporate customers. Education loan from the 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 a 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
| 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: 10.4% for boys, 9.9% for girls, Unlisted Universities: 10.75% for boys, 10.25% 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. 8,500, 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 |
- Early approval of loan before i20 or visa.
- Covers both tuition and living expenses, including off campus living expenses.
- Tax benefit u/s 80(E).
- No need to pay interest during the course tenure.
- Pre-visa disbursal as per the norms of visa offices.
- Free Debit Card.
- The loan is for students going abroad for Professional/Technical courses.
- 0.50% concession in the interest rates for the girl student.
- Simple interest to be charged at monthly rests during the repayment holiday / moratorium period.
Total Interest to be paid
0Total Payment Principal + Interest
0Your EMI per month will be
02. Baroda Gyan (For Higher Study in India)
| 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 | 8.85% for boys and 8.35% 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
- Tax benefit u/s 80(E).
- Covers both tuition and living expenses, including off campus living expenses.
- Free Debit Card.
- 0.50% concession in the interest rates for the girl student.
- No need to pay interest during the course tenure.
- No pre-payment penalty.
- A non-refundable Lump sum amount of Rs 7500 to be paid as property evaluation charges.
3. Baroda Education Loan to Students of Premier Institutions
| 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: 6.85% for both Boys and Girls List A: 6.85% for both Boys and Girls List B: Upto Rs.7.50 Lakhs 7.95% and Above Rs.7.50 Lakhs 7.70% for both Boys and Girls List C Upto Rs.7.50 Lakhs 8.70% and Above Rs.7.50 Lakhs 8.45% 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
- No pre-payment penalty.
- Tax benefit u/s 80(E).
- Covers both tuition and living expenses, including off campus living expenses.
- Free Debit Card.
- No need to pay interest during the course tenure.
- No pre-payment penalty.
- The loan is given for courses (Graduation, Masters, PhD, Professional/Technical) approved by UGC / Govt. / AICTE in the listed "Select Universities"
4. Bank of Baroda Education Loans for Executive Development Programme (EDP) being offered by Premier Institutions Abroad
| 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 | Male - 8.95%, Female - 8.45% |
| 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
- Early approval of loan before i20 or visa.
- Covers both tuition and living expenses, including off campus living expenses.
- No pre-payment penalty.
- Tax benefit u/s 80(E).
- No need to pay interest during the course tenure.
- Pre-visa disbursal as per the norms of visa offices.
- No need to pay interest during the course tenure
What is the Eligibility for an Education Loan from the Bank of Baroda for Abroad Studies?
The eligibility criteria for an education loan from the Bank of Baroda includes -
- The student should be an Indian citizen.
- The student should have secured admission to a recognized university for a professional or technical course through a merit/entrance-based selection process.
What are the Eligible Courses and Programs for the BOB Education Loan?
The courses eligible for an education loan from the Bank of Baroda are -
- Graduate courses - BOB offers education loans for job-oriented professional and technical courses.
- Post-Graduate courses - MCA, MBA, MS, etc.
- Courses conducted by CIMA-London, CPA in USA, etc.
- Degree and Diploma courses like Aeronautical, Pilot Training, Shipping, etc. The course and the institute must be recognized by the appropriate regulatory authority in India and abroad for the purpose of employment in India and abroad.
- STEM courses (after 10+2 course and above)
- Medical and Management courses
- Other courses, like - Law, Economics, Econometrics, Art, Performing Arts, and Design courses.
Apart from the list of eligible courses, the lender also has a list of pre-approved institutions for abroad education. Get in touch with us to find out about your target institute. The bank, however, will also consider institutes not mentioned in the list provided they are recognized by the appropriate authority.
What Documents Are Required To Apply For A BoB Education Loan?
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.
- Identity Proof: PAN/ Passport/ Driver’s License/ Voter ID card.
- Address: Recent copy of Telephone Bill/ Electricity Bill /Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card.
- Passport Mandatory (in case of study abroad).
- 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)
- Proof of Admission: Admission Letter. Conditional admission letter is also applicable.
- Statement of cost/expenses.
- 2 passport-size photographs.
- Loan A/C statement of one year, if there is any previous loan from other Banks/ Lenders.
- Identity Proof: PAN/ Passport/ Driver’s License/ Voter ID card.
- Address: Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card.
- 2 passport-size photographs.
- If any previous loan from other Banks/ Lenders, then Loan A/C statement of one year.
- Legal documents of the collateral/ Property documents
Income Proof for Salaried Co-Applicant/Guarantor
- Salary slips of last 3 months.
- Copy of Form 16 for last 2 years.
- Bank account statement for the last 6 months (of Salary Account).
Income Proof for Self-employed Co-Applicant/ Guarantor
- Business address proof (If applicable).
- Last 2 years IT returns.
- TDS Certificate (Form 16A, if applicable).
- Certificate of qualification (for C.A./ Doctor and other professionals).
- Bank Account statement for the last six months.
We will focus on Real Estate collateral only. The list of documents required depends on several factors, primarily: property type, purchase history, and location. As mentioned above, when you apply through GyanDhan, we will provide a document checklist which is customized as per your specific situation. Broadly, the following documents are required:
Common Documents
- Registered sale deed
- If the property is a built one, then approved plan / map
- Link or chain documents, evidencing the ownership history of the property for the last 30 years
- Latest property tax receipt
- Occupancy proof
Additional documents if you’re applying for an BOB education loan with a property in the following cities:
- Delhi: None
- Mumbai or Pune
- NA order
- Urban land ceiling order
- NOC from builder or society
- Share certificate
- Letter of allotment
- Conveyance deed of society
- If CIDCO / MHADA property: NOC and transfer letter
- Hyderabad:
- Urban Land ceiling certificate
- NA certificate, if not included in Sale Deed
- 7/12 Extract, if not included in Sale Deed
- Encumbrance certificate
- Bengaluru:
- RTC (Record of tenancy certificate)
- Conversion Order (from Agriculture to Residential)
- Khata certificate ( A or B )
- Property tax receipt
- Encumbrance certificate
Benefits
Getting Your Bank of Baroda Education Loan Through GyanDhan
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.
Bank of Baroda Education Loan Subsidy Details
| Name of the Scheme | Eligibility Critieria | Benefit of the Scheme |
|---|---|---|
| Central Scheme of Interest Subsidy for Education Loans | Students belonging to Economically Weaker Section (EWS) | Interest Subsidy for the moratorium period |
| Dr. Ambedkar Central Sector Scheme | Students belonging to Economically Backward Classes (EBC) and Other Backward Classes (OBC) | Full interest waiver during the moratorium period |
Apply Online & Upload Documents
Processing & Approval
Free Doorstep Document Collection
Loan Sanction & Disbursal
Bottlenecks in BOB Education Loan
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.
Case Studies
Removing Obstacles to Secure your Education Loan
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.
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.
How can I reach the Bank of Baroda Education Loan Customer care?
Bank of Baroda has mentioned the following toll-free number for the customers - 1800 258 44 55. You can also follow this link for a direct route to the customer service page of Bank of Baroda.
However, for a guaranteed response, we would advise getting in touch with GyanDhan. If you are facing any issue with Bank of Baroda Education Loan, contact us.
Frequently Asked Questions
What is the maximum loan amount one can get for overseas studies?
What is the interest rate on BoB education loan?
What is the tenure of a BoB education loan?
Is the loan disbursed in favour of the borrower or the institute/college/university?
Is there a margin on BoB education loans?
Do education loans have any Income Tax benefits?
Is there a prepayment penalty on BoB education loan?
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BOB Education Loan Reviews - Student's Speak
Moses john Christy Appolo P
I would like to personally thank Mr. Mohit Agarwal from the Gyandhan Team for his timely efforts taken against my queries which helped a lot. Apart from that, a huge thanks to all of the Gyandhan team.
Debayan Basu
A little less paper work could be great as I had to submit all hard copy proofs self attested and in person. This really restricts the ease of access as my mother and I were in a different cities and it was not possible to start the processing until I traveled to my hometown.
Anilkumar Parsi
I really like the way you guys have followed up the whole time. You guys were very quick to address the issues whenever reported. Thank you!
