Bank of Baroda is the third largest bank in India after State Bank of India and Punjab National bank and ahead of ICICI Bank.It was founded in 1908 and is headquartered in Baroda (Vadodara).The bank offers a wide range of customized and specialized services to meet the diverse needs of of its customers, and these services have been categorized into personal banking, business banking, corporate banking, international banking, treasury banking,and rural banking services.
Here, we talk about all the things above that are quite normal but there is a change in it, now everyone has to get an education loan with ease..You all think that “how it is possible? To overcome this issue Bank of Baroda came with an exciting opportunity i.e. Bank of Baroda Education Loan.
1. No processing fee is charged
2. Repayment period till 15 years
3. Loan upto Rs.4 lakh
4. Interest rate starts from 7.50% to 9.75% p.a.
Schemes of Bank of Baroda Education Loan :
1. Bank of Baroda Vidya Scheme : Bank of Baroda vidya scheme is for school education from Nursery to XII.
Interest rate : 7.50% to 9.75%
Processing Fee : NIL
Loan Tenure : The loan that is availed each year must be paid back in 12 installments.
Documentation Charges : NIL
2. Bank of Baroda Gyan Scheme : Bank of Baroda Gyan Scheme is for higher studies in India.
Interest rate : 9.25%
Processing Fee : NIL
No margin of loan upto 4 lakh
Free Debit Card
Tenure Period : Upto 15 years
3. Bank of Baroda Scholar Scheme : Bank of Baroda Scholar Scheme if for studying Abroad.
Interest Rate : 8.50% to 9.25%
Processing fee : No processing charge
No margin on loan upto 4 lakh
Free Debit Card
4. Bank of Baroda Skill Loan Scheme : Bank of Baroda Skill Loan Scheme is for vocational education and training.
This scheme is applicable at all our branches across the country.
The candidate should be an Indian Citizenship.
Minimum Qualifications : As required by the enrolling institutions/ organisations as per NSQF (The National Skill Qualifications Framework).
|
TYPE |
CHARGES |
|
Penal interest |
2% p.a. on an overdue amount |
|
Concession in rate of interest to loans for girl student |
0.50% concession |
|
Processing Fee |
NIL |
1. Filled application form.
2. Passport size photograph
3. Proof of admission
4. Income proof of co-borrowers or guarantor
5. Bank Statements
6. Address Proof
7. ID proof
8. Academic Qualifications :
10 + 12 exam marksheet
Mark card of any further education
Entrance exam marksheet
Mark Sheets of GRE/ IELTS/ TOFEL/ GMAT
Any scholarships documents if applicable
Expenses covered under Bank of Baroda Education Loan :
Tuition fees
Cost of books, uniforms and stationeries
Cost of laptop or computer ( If required)
Examination Form
Library/ Laboratory fees
Hostel fee
Travel expenses ( for Abroad)
Miscellaneous Expenses
|
BANKS |
INTEREST RATE |
|
13.70% to 15.20% |
|
|
9.55% to 13.50% |
|
|
9% to 14% |
|
|
11.5% to 24% |
|
|
8.30% to 10.41% |
|
|
Starts from 8.50% |
|
|
14.15% to 16.15% |
|
|
7.50% to 9.75% |
|
|
7.25% to 9.75% |
|
|
11.35% |
|
|
10.99% |
|
|
9.30% |
|
|
8.80% |
|
|
8.30% to 9.95% |
|
|
9.30% |
|
|
9.30% |
1. Offline Method : By visiting the nearest bank branch.
2. Online Method :
Visit the official website of loan.
Click on apply now
Fill out the form with essential details.
Upload the mandatory documents required
Submit the form and take out a print out of the applications
Visit the bank branch for further formalities.
1. Bank of Baroda Personal Loan
4. Bank of Baroda EMI Calculator
How to contact with Bank of Baroda :
1. By customer care contact number : 18001024455 / 18002584455
2. To know the details of your branch please visit : http://bank of baroda.com/locate-us-branch.htm
Financials products offered by Bank :
The maximum loan tenure is 15 years for Bank of Baroda Education Loan.
You can apply online or offline for an education loan from Bank of Baroda.
The interest rate id provides for education loan from Bank of baroda IS 7.50% to 9.75% p.a.
No, there is no processing fee charged by Bank of Baroda Education Loan.
Last Updated on : 10/Aug/2020Know More About
You're eligible for a Bank Of Baroda Education Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Education Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Bank Of Baroda Education Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 7.5% - 9.75% |
| Processing Fees | NIL |
| Loan Tenure | 1 year to 15 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Education Loans EMI Calculator