Bank Of Baroda Education Loan Options

Written by Kimberly Linhares

From reading cheesy young adult novels to writing reviews about them. Books, have been an escape from reality. Writing, to capture a little bit of everything about my versatile lifestyle. Let’s talk but first grab some coffee!

February 7, 2022

The Bank of Baroda, founded in 1908, is one of India’s oldest banks. BOB provides a variety of local and international services to its retail and business customers. For many years, the BOB Education Loan has helped thousands of students realise their ambitions of studying overseas. Female students are eligible for a 0.5 percent interest rate discount through the BOB Education Loan. 

Furthermore, as a scheduled commercial bank, Bank of Baroda offers various interest subsidy schemes, including the Central Scheme of Interest Subsidy (CSIS) for Economically Weaker Sections, the Dr Ambedkar Central Sector Scheme of Interest Subsidy for Other Backward Classes and Economically Backward Classes, and the Padho Pardesh interest subsidy Scheme for minority communities.

Benefits Of A BOB Education Loan 

Bank Of Baroda Education Loan Interest Rate

The BOB Education Loan Scheme rewards deserving students by lowering the interest rate by 0.5 percent. If your university is on the Bank Of Baroda education loan to study abroad list of A schools overseas, your interest rate will be 9.45 percent for female students and 9.95 percent for male students. These loans made available to students at premium institutions are a win-win scenario!

Online Procedure

You may upload most of the documents required for the BOB Education Loan form online right away. This is an extra benefit that saves time and effort.

Refundable Processing Fee

With Bank of Baroda, after you obtain your loan sanction letter, the processing cost of Rs. 10,000 is entirely repaid to you.

Expenses Covered

A large number of Indian students study abroad with the help of student loans. BOB gives the option of including a huge amount of the day-to-day charges that consume money in order to attract more pupils. You can expect up to 100% of fees and living expenses covered with the help of BOB loans, inclusive of off-campus living expenses.

Disbursement Perks

There are various financial benefits to taking up a BOB Education Loan. They include –

  • Pre-Visa Disbursal is made for students who are applying for abroad studies
  • Loans are disbursed quickly
  • Tax benefit under Section 80 (E)
  • Free debit card 
  • There is no need to pay interest during the course
  • During the payback period, simple interest is charged

BOB Education Loan Options

There are numerous loan packages offered by Bank of Baroda. However, there is only one BOB Education Loan available for study abroad. This is the Baroda Scholars programme.

BARODA VIDYASchool students up to Class XII
BARODA GYANHigher Education in Indian universities
BARODA SCHOLARHigher studies in foreign universities. Bachelors and upwards.
BARODA EDUCATION LOANStudents of premier Indian institutions
BARODA SKILL DEVELOPMENT LOANFor small skill development courses in India
BANK OF BARODA EXECUTIVE DEVELOPMENT PROGRAMFor working professionals pursuing distance, part-time and online programs from both Indian and Foreign universities.

Also Read: CSS Financial Aid Profile Vs FAFSA

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.

PS: If there’s anything more you’d like us to know about. Add it to the comments section!

We hope you enjoyed reading this blog on ‘Bank Of Baroda Education Loan Options’. Do check out our other blogs. 

  1. Can You Get A Graduate Subsidized Loan For School?
  2. Do Student Loans Count As Income? Here’s What You Need To Know
  3. How To Change Your Student Loan Servicer

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