Bank of Baroda Education Loan - Details of Loan Scheme, Amount, Eligibility

Bank of Baroda offers a range of education loans to support students at various stages of their academic journey. These loans are intended to cover educational expenses for students in school, higher education, skill-based training, and prestigious institutions. With its broad loan offerings, the Bank of Baroda aims to provide financial support for students at various educational stages, ensuring they have the resources needed to pursue their goals. This article provides an overview of the Bank of Baroda education loan types, their features, eligibility criteria, and more.

Bank of Baroda Education Loan

In the following section, we have discussed the 5 most popular education loans offered by the Bank of Baroda along with their key features, eligibility criteria, documents and repayment details.

1. Baroda Vidya

The Baroda Vidya loan is specifically designed to support school education from Nursery to Class 12. Baroda Vidya loan covers essential schooling expenses and can reach up to INR 4 lakhs, which is repayable in 12 monthly instalments.

Key Details and Features:

• Loan Amount: Up to INR 4 lakhs

• Target Group: Parents of students pursuing education from recognised schools (Nursery to Class 12).

• Processing and Documentation Fees: None

• Margin: None

Eligibility for Baroda Vidya Loan:

• Indian national residing in India.

• Students must be admitted to a recognised school or junior college for any level from Nursery to Class 12.

Documentation Required

• KYC documents for the applicant and co-applicants

• Academic records and proof of admission

• Entrance exam result(if applicable)

• Statement of cost of study/ Schedule of expenses

• Income proof for co-applicant (if required)

• Property documents (if applicable)

Repayment Details:

• 12 monthly instalments per yearly loan, with interest paid during the moratorium period.

• Repayment capacity assessment ensures total deductions do not exceed 60% of income.

2. Baroda Gyan

Baroda Gyan loan is targeted to finance graduate and post-graduate courses, professional degrees, and certifications in fields such as engineering, medical, law, and management.

Key Details and Features:

• Loan Amount: Up to INR 125 lakhs for medical/aviation; up to INR 25 lakhs for other courses.

• Target Group: Indian students pursuing graduation, post-graduation, or professional courses.

• Processing Charges: No charges for loans up to INR 7.5 lakhs.

Eligibility for Baroda Gyan Loan:

• Covers a wide range of courses, from degrees in arts and science to professional certifications like CA, CFA, and teacher training.

• Indian nationals and certain NRI/OCI students studying in India.

Documentation Required

• KYC documents

• Academic records

• Proof of admission

• Income proof (if applicable)

Repayment Details:

• Loans up to INR 7.5 lakhs are repaid in up to 120 instalments; loans above INR 7.5 lakhs have up to 180 instalments after the moratorium period.

3. Baroda Scholar

Baroda Scholar loan is designed for students pursuing studies abroad, Baroda Scholar loan covers job-oriented programs such as MBA, MCA, and MS courses.

Key Details and Features:

• Loan Amount: Up to INR 7.5 lakhs without processing charges.

• Target Group: Students aiming to study abroad in recognised programs.

• Margin: No margin for loans up to INR 4 lakhs.

Eligibility for Baroda Scholar Loan:

• Indian national with confirmed admission to professional/technical courses abroad.

• Courses include recognised programs in STEM, management, and other professional fields.

Documentation Required

• KYC, academic records, proof of admission, and detailed course expenses.

Repayment Details:

• Repayment terms vary based on the loan amount, with a maximum term of 10-15 years post-moratorium.

4. Baroda Education Loan to Students of Premier Institutions

This loan is designed for Indian students accepted into premier institutions within India. The loan limit varies based on the institution's category (AA, A, B, or C).

Key Details and Features:

• Loan Amount: Ranges from INR 10 lakhs to INR 80 lakhs, depending on institution ranking and collateral availability.

• Target Group: Students at top-tier institutions in India.

Eligibility for Baroda Education Loan to Students of Premier Institutions:

• Admission to prestigious Indian institutions included in Bank of Baroda’s list.

• The loan amount depends on the institution category and the applicant's projected repayment capacity.

• To check the details of institutions included etc., students can visit the official website: bankofbaroda.in

Repayment Details:

• Up to 10-15 years after the course is completed, with a moratorium period of course duration plus 1 year.

5. Skill Loan Scheme

The Skill Loan Scheme is intended for students pursuing technical or skill-based courses. Loan amounts range from INR 5,000 to INR 1,50,000, depending on the course duration and requirements.

Key Details and Features:

• Loan Amount: From INR 5,000 to INR 1,50,000.

• Target Group: Students in technical or skill development courses at recognized training institutes.

Eligibility for Skill Loan Scheme:

• Indian nationals enrolled in courses under the National Skill Qualification Framework (NSQF) or supported by recognised skill institutions.

Repayment Details:

• Loans up to INR 50,000 are to be repaid within 3 years.

• Loans up to INR 1 lakh are to be repaid within 5 years, and loans above INR 1 lakh within 7 years, after a moratorium based on course length.