Bank of Baroda - Education Loan
PSU BANKS
Collateral Needed
Loan Margin : 15%
18 days avg loan processing time
Margin
15%
Collateral
Yes
Loan Tenure
Upto 15 Years
Processing fee
₹12K
Early Repayment
Yes(without any charges)
Living Cost
Yes
Secured Loan
Amount
Up To 2Cr
Un-Secured Loan
Amount
Up To 8Lac
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100% transparent process
Fast loan processing
Free of cost service
No hidden fees
Features Of Bank Of Baroda Education Loan
Apart from interest rates, loan upper limit and repayment tenure, there’s more to every education loan. Bank of Baroda is no exception. Understanding the key specifics of an education loan helps you plan your finances well and saves you from any burden. Given below are the features of the Bank of Baroda education loan.
| Features | Education Loan Details |
|---|---|
| Loan amount | Upto ₹2Cr (Collateral) Upto ₹8Lac (Without Collateral) Depends on the university |
| Margin money | 15% It ranges between 0 - 15% |
| Interest rate | Between 9.70% - 10.5% |
| Processing fee | ₹12K The processing fee is refundable after disbursement |
| Processing time | 18 Days (Up to) |
| Loan tenure | 15 Years (Up to) |
| Prepayment charges | Nil |
| Countries covered | USA, Canada, UK, France, New Zealand, Australia, Germany and others |
Looking for
Faster and
streamlined Process?
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Our education loan counsellors will stay by your side every step of the way and recommend the best partner and guide you through the loan applying and sanctioning process.
Eligibility Criteria to Apply For Bank Of Baroda Student Loan
Once you have understood the BoB education loan eligibility requirements, the rest of the application process becomes easy. You can then quickly start the application process and get your loan sanctioned without any hurdles. Here we have listed down the essential eligibility requirements:
| Type | Requirement |
|---|---|
| Nationality & Age Requirements | You must be an Indian citizen, aged at least 18 years. |
| Confirmed Admission | You must have secured admission to a recognised university for a professional or technical course through a merit/entrance-based selection process. |
| Academic Excellence | You must have a consistently good academic record and meet minimum academic criteria. |
| Entrance Exam | Fulfil any prerequisite tests like GRE, IELTS, or TOEFL. |
| Financial Stability | A co-applicant with a stable income and credit score is required. A co-applicant can be your parents or legal guardians. |
Benefits Of Bank Of Baroda Education Loan For Abroad
The Bank of Baroda is a reputable financial institution trusted by many Indians. There are many advantages to Bank of Baroda student loans for abroad, from unsecured loans to female concessions. You can take advantage of the following benefits:
Benefits Of Getting Your Education Loan Through UniCreds
Get Guidance at every step of your loan application
We ensure 100% transparency throughout the education loan process.Our education loan counsellors will stay by your side every step of the way.
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18001217661
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Need Guidance Faster? Call us at:
18001217661
How to Apply for Bank Of Baroda Education Loan?
The process of applying for the Bank of Baroda education loan becomes straightforward with UniCreds. We guide you to select the right financial institution, help you with negotiations, paperwork, and quick loan approvals. Wouldn't this be easier than applying yourself and getting stuck in a loop of steps until the loan is sanctioned? Well, then here’s how you can apply:
1. Initial Discussion: Get in touch with our team to schedule a complimentary consultation with our loan counsellors. During this chat, we'll discuss your educational goals, financial circumstances, and preferred loan options to offer you a customised guidance.
2. Document Collection: Our team will provide you with a concise checklist of documents required for your Bank of Baroda education loan application. We'll assist you in efficiently gathering these documents, ensuring a smooth process.
3. Application Support: We will assist you in accurately and promptly completing the Bank of Baroda education loan application. We'll ensure that all the necessary information and documents are included to avoid any delays.
4. Comparing & Negotiating Loans: While we primarily focus on BoB student loans, we'll also explore other lenders and programmes to find the most competitive terms for you. Additionally, we may negotiate attractive interest rates with lenders on your behalf to ensure the best possible deal.
5. Submitting & Tracking Application: Once your Bank of Baroda application is prepared, we'll submit it on your behalf and keep you informed about its progress. You can rely on us to handle all communication with the bank, saving you time and hassle.
6. Loan Approval & Funds Disbursement: Upon approval, the Bank of Baroda will provide a clear explanation of the loan terms. We'll guide you through the disbursement process, ensuring that the funds are transferred smoothly to your account.
Looking forFaster and
streamlined Process?
100% Transparency
100% Free
Our education loan counsellors will stay by your side every step of the way and recommend the best partner and guide you through the loan applying and sanctioning process.
Documents Required for an Abroad Education Loan Bank Of Baroda
Gathering all the necessary documents before applying for the Bank of Baroda education loan will help you with lesser delays and a faster loan approval process. While we assists you with a customised list of documents, given below is a basic list you must have:
| Type | Documents Required |
|---|---|
| Personal Documents | 1. Completed Bank of Baroda study loan application form 2. Passport (first and last page) 3. Proof of Identity (Aadhaar Card, PAN Card, Voter ID, etc.) 4. Proof of Address (utility bills, rental agreement, etc.) 5. Valid student visa for the country of study 6. Comprehensive travel insurance covering medical emergencies and travel disruptions 7. Proof of relationship with the co-applicant (birth certificate, school leaving certificate, etc.) |
| Academic Documents | 1. Acceptance letter from your chosen university abroad 2. Most recent academic transcripts (including mark sheets and degrees) 3. Standardised test scores (if required by the university, like GRE, GMAT, TOEFL, IELTS) |
| Financial Documents | 1. Income Tax Returns (ITR) of the applicant and co-applicant (if applicable) for the last 3 years 2. Salary slips of the co-applicant for the last 6 months 3. Bank statements of the co-applicant for the last 6 months 4. Estimated cost of attendance document from your university (including tuition fees, living expenses, etc.) |
| Additional Documents | 1. Scholarship letters (if applicable) 2. Proof of any educational loans already availed (if applicable) 3. Co-applicant's employment verification letter (if applicable) Collateral documents (if required for the specific loan program you choose) |
Bank Of Baroda Overseas Education Loan Repayment Options
Bank of Baroda takes a flexible approach towards education loan repayments. This allows students to manage their finances effectively without any burden before and after the commencement of the repayment process. Let’s see how:
1. Availability Of Moratorium Period: You can take advantage of a grace period of 1 year after your course completion before you start paying your education loan EMIs. This gives you some time to get employed and gain financial stability for your student loan repayment.
2. Flexible Repayment Plan: BoB offers different repayment plans for students based on your income and financial situation. You can take advice from our loan counsellors to find a plan that fits your needs.
3. Prepayment Option: Bank of Baroda does not charge any prepayment charges on education loans. You can pay off your loan in advance, in case of the availability of finances.
The displayed EMI amount is approximate & is subject to change based on various factors.
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