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Bank of Baroda Education Loan in 2024: Everything You Need to Know

Bank Of Baroda Education Loan Options

In India, where education is revered as a path to progress, financial barriers often stand in the way of aspiring students. Recognising this challenge, Bank of Baroda has emerged as a leading facilitator of educational dreams through its robust education loan program. With over exceeding Rs. 25,000 crores, worth of education loans disbursed, Bank of Baroda has played a pivotal role in shaping the educational landscape of the country. This blog will help you understand Bank of Baroda education loan program, showcasing its commitment to empowering students across diverse educational segments. 

Key Takeaways- 

  • Bank of Baroda offers various education loan packages as per the requirements of Indian students, namely- Baroda Gyan Education loan, Baroda Scholars Education Loan, Baroda Education Loan to Students of Premier Institutions, Bank of Baroda Education Loans for Executive Development Programme (EDP). 
  • Bank of Baroda interest rates range from 9-12.50 % collectively for study abroad and study in India education loans. 
  • You can apply online as well as offline for Baroda Education Loan. To apply online you need to register on the Vidya Lakshmi Website. 
  • For students falling under weaker sections, Bank of Baroda offers loan subsidies backed by Government Schemes. 
  • Almost all PG and UG courses are eligible for Bank Of Baroda Education Loans. 



Types of Bank Of Baroda Education Loan


Bank of Baroda understands that every student’s educational journey is unique. This understanding manifests in their diverse range of education loan options, catering to various needs and aspirations. Bank of Baroda offers two main types of education loans: Baroda Gyan and Baroda Scholar. Let’s look at each of them in detail in the following sections. 


Baroda Gyan Education Loan 


The Baroda Gyan Education Loan is a tailor-made solution for aspiring students seeking financial assistance for their postgraduate studies in India. Recognizing the significance of advanced education in shaping careers and contributing to the nation’s growth, Bank of Baroda designed this loan with features that address the specific needs of postgraduate students. Let’s look at some of the main features of Baroda Gyan Education Loan in the following table-  

Maximum Loan Amount

Rs.80 Lakhs for Medical and Aviation Education courses

Rs. 60 Lakhs for other courses

Interest RatesUpto 12.50%
Processing Fees1% of the loan 
Tax BenefitsSection 80E
Co-borrower OptionParents/Guardians
Repayment TenureUpto 15 years


Eligibility Criteria For Baroda Gyan Education Loan

It is rather crucial to understand the eligibility criteria for Baroda Gyan Education Loan, thus we have listed below all the requirements. Check them here: 

1) The applicant must be an Indian citizen. However, the applicable categories are- 

  • Non-Resident Indian (NRI)
  • Person of Indian Origin (PIO)
  • Overseas Citizen of India (OCI)
  • Students born to Indian parents during their parents’ stay abroad (overseas citizenship by birth.

2) The student should have secured confirmed admission for a higher education course. 

3) The higher education course should be in India. 



Bank Of Baroda Education Loan Documents Required


For BOB Education Loans, UniCreds provides you with a customized documents list that depends on your profile, your co-applicants profile and any property/asset, which you may offer as collateral. However, at a higher level, the following documents will be needed –


Sr. NoTypeDocuments Required
1.List of Documents for Education Loan-1. Connect with UniCreds, who will guide you through all processes and take care of your application to make the loan successful.
2. Application form duly filled & Signed by All i.e Borrower & Co-borrower/Guarantor.
3. Form No-135 should be duly filled & Signed individually by all Borrower & Co-borrower/Guarantor.
4. Latest Two Passport sizes of Borrower & one of each Co-borrower/Guarantor.
5. Identity Proof such as PAN Card, Aadhar Card of Borrower & Co-borrower /Guarantor & Passport/Visa in case of abroad Study.
6. Address Proof such as Phone bill/Light bill of Borrower/Co-borrower/Guarantor.
7. LIC/NSC/FDR/KVP Xerox copy of Certificate of Borrower/Co-borrower/Guarantor.
8. Last six Months Bank statement of all borrowers & Co-borrower/Guarantor.
9. Last two years ITR with computation of income of Borrower & Co-borrower/Guarantor & Below Doc as applicable  (freelancer to submit 26AS as well with ITR).
10. In the case of Pvt limited co, MOA will be needed and for a partnership firm, a partnership deed will be needed.
11. Offer letter along with Fee Structure & Living Cost Component for complete course year wise 12. Exam appeared (CAT, MAT, XAT, GRE, GMAT, TOEFL, IELTS, SAT, NEET etc.) & I20 for the USA only (in case i20 not given then provide Course start and End date with course duration from authentic Source or via mail from institute  & I20 replacement form signed by all {available in BOB Branch} ), In case of the competitive exam, is exempted by the institute or  direct admission granted, institute via mail will have to confirm same over the mode of selection.
13. Fee receipt if paid in advance and if want reimbursement as per eligibility then undertaking of same before sanction.
14. Complete Mark Sheet (all semester) of 10th, 12th, Graduation, Post-Graduation, etc. with a certificate, If in the final year, then provide the undertaking of same with tentative last date of exam and date of receiving mark sheet.
15. Margin money proof to be paid by the borrower as per norms.
16. In case of prior work experience of the applicant, relieving letter of all previous employers, in a case currently working then undertaking of tentative resignation date or soft copy of resignation letter if already resigned.
17. In case of any previous loan related issue NOC & clarification from Borrower/Co-borrower.
18. If Study Gap/Backlog/ATKT in previous Education, provide in brief reason & justification of same.
19. All original documents for verification while submitting complete doc for processing.
2.Additional Doc for Secured Loan Only –1. All Chain of documents of property from the beginning and all chains should be fully registered (especially of last 30-year search chain which includes flat conveyance, POA, Development agreement) and All those listed as the owner in the property will serve as co-borrowers in loan.
2. Occupancy Certificate (mandatory), Share Certificate, Latest Property tax is must, In case of Mahada Property  NOC from Mahada/Society Must before sanction.
3. One cheque of 10030/- per property for legal & valuation charges (Mandatory for India & abroad when the property is being mortgaged. This is a non-refundable Cheque).
4. Security deposit amount of 11800/- (only for abroad, refundable only after 1st disbursement )  Both cheques to be in favour of “Bank of Baroda.” 
5. If mortgaged property is rented then provide rent agreement and NOC from Tenant.
3.For Businessman applicant/Co-applicant-1. Latest 2 Year ITR with all set.2. Business license/GST Reg Certificate.3. Latest 1-year current and saving account statement.

Baroda Scholar Education Loan 


The Baroda Scholar Education Loan is a premium education loan scheme offered by Bank of Baroda specifically designed to support students pursuing higher education at premier universities abroad. This loan goes beyond mere financial assistance, providing a comprehensive package of features to make your international academic journey smooth and worry-free. Check the feature here: 

Maximum Loan AmountRs. 150 Lacs
Interest Rates10-11%
Bank of Baroda Education Loan Processing Fees1% of the total loan amount
Tax BenefitsNA 
Co-borrower OptionParents/Guardians
Repayment Tenure10-15 years

Baroda Scholar Education Loan Eligibility Criteria 


1) The student should be an Indian citizen.

2) They should have secured admission to professional/technical courses abroad through an entrance test/merit-based selection process.


Bank Of Baroda Education Loan- Documents Required 


Applying for a Bank of Baroda education loan abroad requires submitting specific documents to verify your eligibility and process your application efficiently. Here’s a comprehensive list of documents required for different scenarios:

ParticularsDocuments Required 
For All Applicants:Aadhaar Card/PAN Card/Voter ID Card/PassportValid photo identificationAadhaar Card/Passport/Voter ID Card/Utility bills (not older than 3 months)Bank account statement (with address)Salary slips for the past 3 months (Salaried Applicants)Income Tax Returns for the past 3 years (Self-Employed Applicants)Admission letter from recognized educational institutionCourse details and fee structureMark sheets and certificates of previous academic qualifications
Additional Documents (For Loan Amounts Above Rs. 7.5 Lakhs):
Collateral Security:Property documents (land, house, etc.)Fixed Deposits in the name of the applicant or co-applicantGovernment securitiesThird-party guarantee
For Students Studying Abroad:Valid passport with at least 6 months validity remainingValid student visa for the country of studyComprehensive travel insurance covering medical emergencies and travel disruptions
For Parents/Guardians (Co-borrower):Proof of relationship with the student (birth certificate, school leaving certificate, etc.)Income documents and proof of address (as mentioned above)

Bank Of Baroda Education Loan Application Process


The BOB student loan offers a convenient and streamlined application process for its education loans. Here’s a step-by-step guide to help you navigate the process:

Step 1: Apply Online or Offline

You can apply for the loan online through the Bank of Baroda’s website or visit your nearest branch. The online application requires uploading scanned copies of the documents, while the offline application involves submitting physical copies.

Step 2: Loan Processing and Verification:

The bank will verify your documents and assess your eligibility. This may involve a credit check and verification of collateral security (if applicable). You may also be required to attend an interview.

Step 3: Loan Approval and Disbursement:

Upon successful verification and approval, the loan amount will be disbursed to your account or directly to the educational institution.


Eligible Courses And Programs For The Bank Of Baroda  Education Loan


Bank of Baroda provides education loans for a variety of courses, including:

  • Undergraduate Courses: Professional and technical courses geared towards specific jobs.
  • Postgraduate Courses: Including MCA, MBA, MS, and related programs.
  • Specialized Programs: Courses conducted by institutions such as CIMA-London, CPA in the USA, etc.
  • Degree and Diploma Courses: Examples include Aeronautical, Pilot Training, Shipping, etc. These courses and the institutions offering them must be recognized by relevant authorities in India and abroad for employment prospects.
  • STEM Courses: Covers science, technology, engineering, and mathematics courses pursued after the 10+2 level.
  • Medical and Management Courses: Education loans are available for medical and management programs.
  • Other Disciplines: Encompassing Law, Economics, Econometrics, Art, Performing Arts, and Design courses.
  • Additional Insights: A list of pre-approved institutions for education abroad is available, but the bank may also consider other institutes not on the list if duly recognized by the appropriate authority.


Bank Of Baroda Education Loan Repayment Terms


Bank of Baroda offers flexible and convenient repayment options for its education loans, ensuring that borrowers can manage their EMIs comfortably after completing their studies. Here’s an overview of their repayment terms:


Repayment Period:


Moratorium Period: This period allows you to focus on your studies without worrying about loan repayments. The moratorium period typically lasts:

  • 6 months after completing the course for loans within India.
  • 12 months after completing the course for loans abroad.

Repayment Tenure: The actual repayment period starts after the moratorium period ends and can range from:

  • 10 to 15 years for loans within India and abroad


Repayment Options:


  • Equated Monthly Installments (EMIs): This is the most common repayment option, where you pay a fixed amount (principal + interest) every month.
  • Step-up EMIs: These EMIs start low and gradually increase over the repayment period, allowing borrowers to start with smaller payments while their income grows.

Bank of Baroda offers competitive interest rates on its education loans, with rates varying depending on the loan amount, type, and applicant’s profile. The current interest rate ranges from 9.25% to 12.50% p.a. for loans within India and 9.75% to 11% p.a. for loans abroad.


  • You can prepay your education loan without any prepayment charges, allowing you to save on interest costs.
  • Prepayment can help you reduce your overall loan burden and become debt-free sooner.


Bank Of Baroda Education Loan Without Collateral Vs With Collateral  


Bank of Baroda study Loans provide both- secured and unsecured loans. This ensures that students of any financial background can fulfil their goal of studying abroad or in India. Now let’s look at the collateral requirements for studying in India (Baroda Gyan) and studying abroad (Baroda Scholar) education loan. 


Baroda Gyan Collateral Requirement 


  • Collateral requirements vary based on the institution category.
  • For institutions in List A, loans up to Rs.20 lakh do not require collateral. However, co-obligation of parents or guardians and a commitment to the student’s future income are mandatory.
  • Amounts exceeding Rs.20 lakh necessitate collateral equivalent to 100% of the loan amount, along with the assignment of future income. 


Baroda Scholar Collateral Requirement 


  • For loan amounts up to Rs.4 lakh, no collateral is needed.
  • Loans exceeding Rs.4 lakh up to Rs.7.50 lakh require a third-party guarantee and the assignment of future income.
  • Loans above Rs.7.50 lakh necessitate collateral security equivalent to 100% of the loan amount. Additionally, the student’s future income must be demonstrated to ensure future repayments.


Bank Of Baroda Education Loan Options & Features


In addition to Gyan and Scholars Education Loans, Bank of Baroda offers a variety of education loan options like:

  1. Baroda Education Loan to Students of Premier Institutions
  2. Bank of Baroda Education Loans for Executive Development Programme (EDP) being offered by Premier Institutions Abroad

The following is an overview of each loan: 

FeaturesLoan to Students of Premier InstitutionsLoans for Executive Development Programme (EDP) from Premier Institutions Abroad
Loan Amount List AA Secured:Rs.80 Lakhs, Unsecured:Rs.40 LakhsList A Secured: Rs.80 Lakhs, Unsecured: Rs. 20 LakhsList B & C Secured:Rs.80 Lakhs, Unsecured:Rs. 7.50 LakhsRs. 80 lakhs
Bank of Baroda education loan Interest ratesList AA: 6.85% for both Boys and GirlsList A: 6.85% for both Boys and GirlsList B: Upto Rs.7.50 Lakhs 7.95% and Above Rs.7.50 Lakhs 7.70% for both Boys and GirlsList C Upto Rs.7.50 Lakhs 8.70% and Above Rs.7.50 Lakhs 8.45% for both Boys and GirlsMale – 8.95%, Female – 8.45%
Repayment TenureUp to Rs.7.5 lakh: Moratorium period + 10 yearsAbove Rs.7.5 lakh: Moratorium period + 15 yearsUp to Rs.7.5 lakh: Moratorium period + 10 yearsAbove Rs.7.5 lakh: Moratorium period + 15 years
Processing FeesRs.10,000 + GST (Rs.10,000 refundable); Additional property valuation charge of Rs. 7,500, in case of Real Estate collateralRs.10,000 + GST (Rs.10,000 refundable); Additional property valuation charge of Rs. 7,500, in case of Real Estate collateral
Collateral Security100% value of the loan amountLoan amount must be <= 100% of collateral value
Moratorium PeriodUp to Rs.7.5 lakh: Moratorium period + 10 yearsAbove Rs.7.5 lakh: Moratorium period + 15 yearsCourse period + 3 months

Bank Of Baroda Loan Subsidy Scheme 


In India, where pursuing higher education can be financially challenging, government subsidies play a crucial role in making education accessible to students from diverse backgrounds. Bank of Baroda, understanding this need, offers various education loan schemes that come with attractive interest subsidy benefits.

Scheme NameEligibility CriteriaScheme Benefits
Central Scheme of Interest Subsidy for Education LoansApplicable to students from Economically Weaker Section (EWS)Provides interest subsidy during the moratorium period
Dr. Ambedkar Central Sector SchemeOpen to students from Economically Backward Classes (EBC) and Other Backward Classes (OBC)Offers a complete interest waiver during the moratorium period

Well that’s it! Hope this blog answers all your questions about Bank Of Baroda Education Loan. Just like BOB, Union Bank of India too offers education loans. If you want to compare Bank of Baroda Vs. Union Bank of India, you can find it here. Now, let’s answer some frequently asked questions! 




Q1. Does the Bank of Baroda provide education loans for abroad studies?

Ans- Yes, the Bank of Baroda provides education loans for abroad studies under the Baroda Scholar Education Loan scheme. This scheme is available to students who have secured admission to a professional or technical course abroad through an entrance test or merit-based selection.

Q2. What is the interest rate for a study abroad education loan in the Bank of Baroda?

Ans- The interest rate for a study abroad education loan in the Bank of Baroda ranges from 10-11%

Q3. What is the processing time for a BOB abroad education loan?

Ans- The processing time for a BoB abroad education loan typically takes 3-7 working days. 

Q4. What is the margin for an education loan in Bank of Baroda?

Ans- The Bank Of Baroda 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%.

Q5. Does Bank of Baroda give education loan without collateral?

Ans- Yes, the Bank of Baroda offers education loans without collateral for loan amounts up to Rs. 20 lakhs for students who are studying in India. For abroad student loan, amount up to 7.5 lakhs need no collateral.



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Bank Of Baroda Education Loan Options

Bank of Baroda Education Loan in 2024: Everything You Need to Know

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