Bank of Baroda Education Loan: Schemes, Benefits & Interest Rates

Education is the key to a successful future, yet going to college frequently costs money. One of the top public sector banks in India, Bank of Baroda, offers a variety of education loan options to support students in realizing their aspirations to study in India or beyond. We’ll go over all you need to know about the Bank of Baroda Education Loan in this article, including eligibility, features, perks, and how to apply.

Bank of Baroda Education Loan Interest Rates

SchemeInterest Rates
Baroda Vidya12.50% p.a.
Baroda Gyan11.40% to 13.05% p.a.
Students at prestigious universities can apply for Baroda Education Loans to study in India.8.15% to 9.95% p.a.
Baroda Scholar9.70% to 11.70% p.a.
Premier Institutions for Baroda Executive Development (For Studies in India)8.15% to 9.95% p.a.
Baroda Executive Development Premier Institutions (For Studies overseas)11.15% to 11.50% p.a.
Baroda Skill Loan Scheme10.90% to 12.65% p.a.
Digital Education Loan 8.15% to 9.95% p.a.

Bank of Baroda Different Education Loan Schemes

  • Baroda Vidya
  • Interest rate per annum: 12.50%.
  • Processing Charge: Nothing
  • Collateral: Neither security nor collateral is required.
  • Loan Tenure: An annual loan that is paid back in twelve installments is required. The first installment is due twelve months following the initial award.
  • Eligibility:
  • must be a citizen of India.
  • Admission to a recognized school must have been obtained by the student.
  • The student’s parent’s name will be used to authorize the loan.
  • Baroda Gyan
  • Interest rates range from 11.40% to 13.05% annually.
  • Processing Charge: Nothing
  • Ten to fifteen years is the loan tenure.
  • Eligibility:
  • Graduation courses
  • Professional courses
  • Management courses
  • Post-Graduation courses
  • Computer certificate courses
  • Baroda Scholar
  • Interest rates range from 9.70% to 11.70% daily. A processing fee of up to Rs. 10,000, or 1% of the loan amount, will be assessed. After the initial payout, nevertheless, this sum is refundable. Each property will cost Rs. 7,500, which will be paid in advance. This sum cannot be refunded.
  • Collateral: The collateral required will vary according to the amount of the loan that has been taken out.
  • Future income assignment is also required.
  • Collateral security equal to 100% of the loan amount is required for loans over Rs. 7.50 lakh. To demonstrate that future payments can be made, the student’s projected income must also be presented.
  • Eligibility: Reputable colleges provide post-graduate courses after graduation. courses provided by CIMA London, the Certified Public Accountant (CPA) in the United States, etc. Standard courses for diploma or degree renowned universities that provide management education Top universities that provide STEM education Premier medical schools need their students to be Indian citizens who have passed an entrance exam or been accepted into technical or professional programs through a merit-based selection process.

Benefits of a Bank of Baroda Student Loan 

  • Faster Payment 
  • Minimal interest rate 
  • Reduced paperwork 
  • No fees for early closure 
  • Zero processing charges 
  • There are no upfront fees. 
  • 0.5% of the discount is for female students.

Bank of Baroda Education Loan Calculator

The EMI calculator on BankBazaar can be used to calculate the monthly payments for education loans. The calculator is simple to use and saves time. You must know the loan amount, length, interest rate, and processing fee to calculate the EMI.

Bank of Baroda Processing Fee

Bank of Baroda does not impose processing costs on loans up to Rs. 7.50 lakhs. The processing charge is refundable for loans over Rs. 7.50 lakhs. The evaluator’s and lawyer’s fees total an estimated Rs. 8,500.

How to Apply for a Bank of Baroda Education Loan?

  • Go to the official Bank of Baroda website.
  • Press the ‘Education Loan’ button. You may find the option under the ‘Loans’ page.
  • On the following page, select ‘Apply Now’.
  • The URL https://www.vidyalakshmi.co.in/ Students will be displayed to you.
  • Press the ‘Apply Now’ button.
  • After that, click submit after finishing the registration process.
  • To handle the request, a Bank of Baroda representative will get in touch with you.

Conclusion

For students who want to study in India or overseas, Bank of Baroda provides a range of education loan programs. These loans help higher education financially with competitive interest rates, less paperwork, and flexible payback plans. Students can quickly apply and pursue their academic goals by using the bank’s user-friendly online application process.

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