Bank of Baroda Education Loan – Interest Rate, EMI & Complete Details

Every student who wants to achieve their dreams needs a quality education whether it is a college education or post-graduation.

Unfortunately, quality education comes at a cost that not everyone can afford. That is where getting an education loan is an easy way to achieve your dreams. An Education loan helps students to gets into the university of their choice to pursue their dream course.

Bank of Baroda offers various types of education loans in India with low-interest rates to fulfill students’ dreams with a repayment period of up to 15 years and no security needs to be provided for education loans of up to Rs.4 lakhs.

Every year, the Bank of Baroda provides education loans to a large number of students who secure admissions in top universities and colleges in India.

bank-of-baroda-education-loan
BOB education loan

Types of Education Loans Offered By Bank Of Baroda

  • Baroda Vidya (Education from Nursery to XII)
  • Baroda Gyan (Higher Study in India)
  • Baroda Scholar (for study abroad)
  • Baroda Education Loan to students of premier Institutions

Eligibility For Bank of Baroda Education Loan

  • Applicant should be an Indian citizen.
  • The student should have secured admission to professional/technical courses in recognized institutions.
  • Maximum Education Loan Amount Upto ₹ 80,00,000 for studies in India, studies abroad and for studies at IIT’s, IIM’s and ISB’s.
  • Bank of Baroda Education Loan repayment tenure of up to 15 years.

Bank of Baroda Education Loan Interest Rates

Type of Education Loan Offered By BOBInterest Rate
Baroda Vidya (For School Education from Nursery to XII)7.50% – 9.75%
Baroda Gyan (For Higher Studies in India)9.25% (inclusive of Strategic Premium)
Baroda Scholar (For Studies abroad)8.50% – 9.25%
Baroda Education Loan to students of premier Institutions7.25% – 8.75%

Documents Required For Bank of Baroda Education Loan

ApplicantCo-ApplicantCollateral
Proof of Identity – Anyone copy of Pan Card, Passport, Voters ID card, Driving License.Proof of Identity – Anyone copy of Pan Card, Passport, Voters ID card, Driving License.From 4 to 7.50 Lacs – Collateral security in form of a third-party guarantee.
Address Proof- Anyone copy of Ration card, Driving License, Voters ID card, Aadhar card, Property purchase Agreement, Registered Lease Agreement, Passport, Telephone Bill, Electricity bill, and Life Insurance policy.Address Proof- Anyone copy of Ration card, Driving License, Voters ID card, Aadhar card, Property purchase Agreement, Registered Lease Agreement, Passport, Telephone Bill, Electricity bill, and Life Insurance policy.Above 7.50 Lacs – 80 lakhs Tangible collateral security equal to 100% of the education loan amount.
Passport Mandatory (in case of study abroad).Income Proof – Latest Salary Slip, Last 6 Months Bank Statements, Form 16, Previous Year ITR.Registered Sale Deed.
Result of class 10th and class 12th.2 Passport Size Photos.Occupancy Certificate for proof.
Admission letter with all the essential details.Account statement of one year, if there is any previous loan from other Banks.Latest Property Tax Receipts, Maintenance Bills, and Electricity bills.
Schedule of expenses of the course.Documents evidencing the ownership history of the property for the last 30 years.
2 Passport Size Photos.
Loan A/C statement, if there is any previous loan from other Banks.

How to Apply for Bank of Baroda Education Loan?

Students can apply for Bank of Baroda education loan online or offline both, offline at bank branches and online at Bank of Baroda’s official site.

Below are the steps how to apply online for a Bank of Baroda education loan:-

Step 1- Visit the official website of Bank of Baroda Education Loan.

Step 2- Select the type of education loan you want to apply for and click on apply now.

Step 3- Fill out the application form with all the essential details.

Step 4- Upload all the documents.

Step 5- After upload, all documents preview your application form and submit the application and take out a printout of the application.

FAQ Related To Bank of Baroda Education Loan

  1. What is the interest rate on the Bank of Baroda education loan?

    Bank of Baroda Education Loan interest rates lies between 7.50% – 9.75% depending on the type of education loan you avail.

  2. What is the tenure of a Bank of Baroda Education Loan?

    Bank of Baroda Education Loan repayment tenure of up to 15 years.

  3. Where can I avail Bank of Baroda Education Loan?

    You can avail yourself of Bank of Baroda education loan online or offline both, offline at bank branches and online at Bank of Baroda’s official site.

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