Bank of Baroda Education Loan
Based on 245 Customer Reviews
Published on: 10 Feb 2019
Bank of Baroda, India’s second-biggest bank in terms of assets is an Indian state-owned international banking and financial services institution headquartered in Vadodara, Gujarat with its corporate office in Mumbai. Bank of Baroda was nationalized in 1969, by the government of India and has been assigned as profit-making public sector undertaking (PSU). The bank has over 5538 branches and 10,441 ATM’s across India and abroad. It has merged with and taken over a few smaller banks of the country too. Bank of Baroda provides a wide range of banking products and financial services to corporate and retail customers
Education is the one of the most essential investments any individual makes in his life. However, with increasing cost of education, it has become commonplace to take out an education loan.
Bank of Baroda had modest initial stages, but now it is one of the largest banks in India. It was started in a small building in Baroda. Today, it is present all-over India & abroad. Bank of Baroda offers customized education loan schemes to meet your requirements. Whether you are planning school education of your child, pursuing a graduate or post-graduate degree, the Bank of Baroda Education Loans can help finance your ambitions and goals.
An Education loan is the advance or funds acquired by a student to pursue higher studies in India or abroad. The repayment of the loan commences for the candidate after completing the education and a period of 6 months or 1 year which is given as grace period for students to get a job. The grace period is also called Moratorium period.
The repayment amount to be paid depends upon you. That is if you want to start paying during the time of moratorium period itself or after it. It is only after this time that you are expected to pay the loan.
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The Loan under this scheme will be sanctioned for extending financial assistance to deserving & meritorious students for pursuing education. Bank of Baroda presents a unique finance option for parents of students pursuing school education. These loans are available for studies from Nursery to Senior Secondary School.
Eligibility for Baroda vidya scheme
Coverage of expenses for:
Rate of Interest as in June 2018
A loan product specially designed for students pursuing Graduation, Post - Graduation, Doctorial, Professional & Other courses in India. Bank of Baroda extends a helping hand to energize your studies and promote the education of the youth.
The rate of Interest as in June 2018.
Bank of Baroda presents financial supports to students going abroad for Professional / Technical studies. The loan offering is designed to empower you with the financial capability to realize your dreams.
Bank of Baroda education loan documents required
Bank of Baroda education loan documents required
Query- How will the bank track the educational progress of the borrower/ student?
Reply- The borrower is expected to submit his/her progress reports to the bank regularly, for record keeping purposes.
Query- Is the student’s boarding and lodging covered in the subscribed education loan?
Reply- In cases where the student doesn’t secure the hostel facility as offered by the concerned educational institution, he/she can seek to stay elsewhere. After confirming the authenticity of the concerned place, the bank shall directly remit the applicable expenses to the boarding and lodging facility.
Query- What is the meaning of ‘Margin’ in the context of education loans?
Reply-. The margin is the amount you need to pay from your own funds, while the rest is paid by the lending institution. If you need, say, a loan of Rs 1 Lacs and the bank is ready to finance 80 per cent (Rs 80,000) of the loan amount then you will have to make arrangements for the remaining 20 per cent i.e (Rs 20,000). In this case, Rs 20,000 is the margin amount.
Query- What is the interest charged during a moratorium period?
Reply- Only simple interest will be charged during the moratorium period. After the moratorium period, the actual interest mentioned will be charged.
Query- Can I take an education loan without a co-borrower?
Reply- No, a co-borrower is needed to take an education loan. The loan will be taken as a joint loan in collaboration with your parent/ guardian or spouse.
Query- I am planning to study abroad. Am I eligible to apply for an Education Loan?
Reply- Yes, Bank of Baroda offers up to INR 80 Lakhs for courses pursued abroad which also includes travel expenses and study tours.
Query- Is there a processing fee for an education loan with Bank of Baroda?
Reply- No, there are no processing fees on Bank of Baroda Vidya & Gyan education loan schemes. However, for the Scholar scheme, 1% of the loan amount will be charged as processing fee.
Query- Is there a way I can reduce the interest paid?
Reply- There is special subsidy provided by the Central Government for education loans. Bank of Baroda also provides special interest rates for some premier institutions. The other option is that ,your parent/ guardian or spouse can pay the loan amount during the moratorium period due to which the loan amount you need to repay becomes less.