- Graduation courses: BA, B. Com, B.Sc., etc
- Post-Graduation courses: Masters & PhD.
- Professional courses like: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Architecture, Computer etc.
- (Management courses include Hotel Mgt., Hospitality Mgt., Event Mgt., Mass Communication etc offered by reputed institutions having assured employment prospects)
- Computer certificate courses of reputed institutes accredited
- to Dept. of Electronics or institutes affiliated to an approved university.
- Courses like ICWA, CA, CFA etc.
- Courses conducted by IIM, IIT, IISc, XLRI. NIFT etc.
- Regular Degree / Diploma courses like Aeronautical, Pilot training, Shipping etc., approved by Director General of Civil Aviation / Shipping.
- Courses offered in India by reputed Foreign Universities.
- Evening courses of approved institutes.
- Other courses leading to diploma / degree etc. conducted by colleges / universities approved by UGC / Govt./ AICTE / AIBMS / ICMR etc.
- Teachers Training Course / Nursing Course / B.Ed. will be eligible for education loan provided the training institutions are approved either by the Central Government or by State Government and such courses should lead to Degree or Diploma Courses and not to Certificate Course. Branches can consider the request for education loan under our “Baroda Gyan Scheme” for the above courses. The fees to be considered for purpose should be the fees structure as approved by the State Government or Government approved Regulatory Body for merit seats in Government Colleges / Private Self-Financing Colleges, Cooperative and Colleges run by universities, as the case may be.
Baroda Corporate Centre may approve other institution / courses depending on future prospects / recognition by user institutions.
- Should be Resident Indian.
- Should have secured admission in recognized institution for approved courses by UGC / Govt. / AICTE through Entrance Test / Merit Based selection process after completion of HSC (10 plus 2 or equivalent)
- Where the selection process is not purely based on marks obtained in qualifying examination and the same is not the criterion for admission, Sanctioning Authority to adopt appropriate criteria based on employability and reputation of the institution concerned.
- A meritorious student (who qualifies for a seat under merit quota) will also be eligible for loan under this scheme even if the student chooses to pursue a course under Management Quota.
Most Important Terms & Conditions
- Students pursuing Graduation, Post-Graduation, Professional and other courses in India
Quantum of finance:
- Maximum Rs.125.00 Lakh for Medical & Aviation Education
- Maximum RS.10.00 Lakh for others.
- Need based finance subject to repayment capacity of parents.
- Up to RS. 4.00 lakhs: NIL
- Above RS. 4.00 lakhs: 5%
- Baroda Education Loan to Students of Premier Institutions in India: NIL
Repayment Holiday/ Moratorium Period
Coverage of expenses for
- Fee payable to college / Institution / University / School / Hostel.
- Examination / Library / Laboratory fee.
- Hostel fees / charges.
- Purchase of books / equipments / instruments / uniforms.
- Caution deposit, Building fund / refundable deposit supported by institution bills / receipts, subject to condition that the amount does not exceed 10% of the total tuition fees for the entire course.
- Purchase of Personal Computer / Laptop - essential for completion of the course.
- Insurance premium for student borrower, if any opted by the student. Presently Bank has tie up arrangement with M/s.IndiaFirst Life Insurance Co & M/s.Kotak Life Insurance co for Group Credit Life insurance cover to Educaiton Loan borrowers.
- Any other expenses required to complete the course – like study tours, project works, thesis, etc.
- Cost of external coaching / tution is not to be considered.
- For admission taken under Management Quota Seats, fees as approved by the State Government / Government approved regulatory body for payment seats will be taken.
Note: The details of expenses for the entire course period to be obtained from college / institution.
- The loan is repayable in maximum 10 – 15 years after the completion of moratorium period as mentioned above
- For loans up to RS. 7.50 Lakhs : Moratorium Period +Maximum -120- installments
- For Loans above RS. 7.50 Lakhs : Moratorium Period +Maximum -180- installments
Unified Processing charges: NIL
A non-refundable Lump sum amount Rs. 8500/-+Taxes per property (towards Advocate and Valuer charges) to be taken upfront in case of all Education Loan accounts, wherever property is mortgaged.
Up to RS. 4.00 lacs: Co-obligation of parent. No Security.
Above Rs. 4.00 Lacs and up to Rs. 7.50 lacsCollateral in the form of a suitable third party guarantee along with assignment of future income.
The Regional authority may, at its discretion, waive third party guarantee in following cases:
- if satisfied with the net-worth / means of parent who would be executing the document as “Joint borrower”.
- to support highly meritorius / deserving students who have secured admission in an institution of a high repute, but unable to offer suitable third party guarantee.
For limit above 7.5 lacs and up to Rs 80 lacs, tangible collateral security equal to 100% of the loan amount and for limit above Rs 80.00 lacs, total security coverage should be 1.25 times. The above should be along with the assignment of future income of the student for payment of instalments.
- Directly to School / Institution / hostel -- term wise / year wise, in stages as per the requirement / demand.
- Directly to book seller / shop for purchase of books, instruments, equipments.
- In case student does not secure hostel facility with educational institute, he may be allowed to make his own arrangement if required. Lodging / boarding charges in such cases to be paid directly to concerned establishment, after verifying bonafides of the same.
- Branch in the vicinity of the Institute Or
- Branch which is in close proximity to the permanent residence of parent/at the place of posting/service of the parent Branch.