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Bank of Baroda - Education Loan

PSU BANKS

Collateral Needed

Loan Margin : 15%

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18 days avg loan processing time

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Margin

15%

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Collateral

Yes

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Loan Tenure

Upto 15 Years

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Processing fee

₹12K

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Early Repayment

Yes(without any charges)

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Living Cost

Yes

Secured Loan

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Amount

Up To 2Cr

Un-Secured Loan

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Amount

Up To 0

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UniCreds Guarantee

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Quick Loan Sanctions

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100% Transparency

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No Hidden Fees

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24x7 Support

Features

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. 

FeaturesEducation Loan Details
Loan amountUpto ₹2Cr (Collateral) Depends on the university
Margin money15% It ranges between 0 - 15%
Interest rateBetween 9.70% - 10.5%
Processing fee₹12K The processing fee is refundable after disbursement
Processing time18 Days (Up to)
Loan tenure15 Years (Up to)
Prepayment chargesNil
Countries coveredUSA, Canada, UK, France, New Zealand, Australia, Germany and others

Looking forSparkLogoFaster and
streamlined Process?

100% Transparency

100% Free

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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.

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Eligibility

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: 

TypeRequirement
Nationality & Age RequirementsYou must be an Indian citizen, aged at least 18 years.
Confirmed AdmissionYou must have secured admission to a recognised university for a professional or technical course through a merit/entrance-based selection process.
Academic ExcellenceYou must have a consistently good academic record and meet minimum academic criteria.
Entrance ExamFulfil any prerequisite tests like GRE, IELTS, or TOEFL.
Financial StabilityA co-applicant with a stable income and credit score is required. A co-applicant can be your parents or legal guardians.

Benefits

Attractive Interest Rates
Enjoy attractive interest rates with the Bank of Baroda's education loans.
Online Process
Apply online through Vidya Lakshmi or UniCreds for contactless education loans and follow your application online!
Quick Disbursement
Receive faster payments to support your educational needs promptly.
Zero Prepayment Charges
No fees for early closure of the loan, providing flexibility.
Special concession for female students
Female students enjoy a 0.5%* discount, further easing financial burdens.

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

Expert Loan Guidance
Our team of counsellors thoroughly assesses your financial needs and assists you in selecting the most suitable loan option from a diverse range, ensuring informed decisions aligned with your academic and financial objectives.
Competitive Rate Negotiation
UniCreds specialises in negotiating competitive rates with lenders on your behalf, utilising our extensive network to secure the most favourable terms for your education loan.
Quicker Loan Approvals
Through efficient procedures and strong relationships with lending institutions, we expedite your loan application process, ensuring prompt approvals without unnecessary delays.
Dedicated Support Throughout
Our dedicated team is committed to assisting you at every step, addressing any concerns or questions you may have, and ensuring a smooth experience from application to disbursement.

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.

Need Guidance Faster? Call us at:

phone

18001217661

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Need Guidance Faster? Call us at:

phone

18001217661

How To Apply ?

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 forSparkLogoFaster and
streamlined Process?

100% Transparency

100% Free

unicreds

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.

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Documents Required

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: 

TypeDocuments Required
Personal Documents1. 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 Documents1. 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 Documents1. 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 Documents1. 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)

Loan Repayment

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. 

 

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Years
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The displayed EMI amount is approximate & is subject to change based on various factors.

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Monthly EMI
0
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Principal Amount
1,600,000
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Total Interest
0
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Total Amount
0
Interest(₹)
Principal Amount(₹)
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What our Students say about us

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Frequently Asked Questions

You get up to INR 1.5 Cr education loan from the Bank of Baroda to study abroad.
The margin requirement is up to 15%* of the sanctioned loan amount.
Bank of Baroda takes a loan processing time of around 14 days for an education loan to get approved and disbursed.
You can borrow up to INR 4 Lakhs of the Bank of Baroda education loan without collateral.
Yes, Bank of Baroda is an Indian state-owned banking and financial services organisation headquartered in Vadodara.