Bank of Baroda: Education Loans

Bank of Baroda presents financial assistance to students going abroad for Professional / Technical studies. The loan offering is designed to empower you with the financial capability to realise your dreams… Achieve your goals… Reach out to the maximum limits…

Terms & Conditions

Eligiblity of Courses :

Graduate/Post Graduate / Doctorate / Job Oriented Professional / Technical Courses offered by reputed Universities overseas.

Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping etc. The Institute should be recognized by the competent local aviation / shipping authority and Director General of Civil Aviation/shipping in India.

Student Eligiblity :

• Should be an Indian National
• Secured admission to Professional/Technical Courses at foreign Universities/Institutions

Coverage of expenses (for overseas studies) :

• Admission/Tuition fees to College/University.
• Hostel/Mess charges.
• Examination/Library/Laboratory fee.
• Purchase of books/equipments/instruments.
• Caution deposit/building fund/refundable deposit supported by institution bills/reciepts.
• One way travel expenses/Passage money.
• Purchase of computers if essential for completion of the course.
• Any other expense required to complete the course e.g. study tour, project work, thesis etc.

Maximum amount of loan : Rs. 20.00 Lacs.

Margin : 15%

Repayment Period :

• Repayment Holiday/Moratorium Period :
• Course period + 1 year or 6 months after getting job, whichever is earlier.
• The loan is repayable in 5-7 years after the above period.

Security :

• Upto Rs.4.00/- lacs : No security
• Above Rs. 4.00 Lacs and up to Rs. 7.5 lacs: Collateral in the form of a suitable third party guarantee alognwith assignment of future income.
• Above Rs.7.5 lacs: Tangible collateral security equal to 100% of the loan amount along with assignment of future income.

Rate of Interest :

• Simple interest during repayment holiday/moratorium period.
• 1% interest concession, if interest debited during the repayment holiday is serviced.
• 1% Concession in rate of interest to loans for girl student.
• Penal interest @ 2% p.a. on overdue amount if loan exceeds Rs.4/- lacs.

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