Interest Rates & Charges
- For Institutions specified in List of Premier Institutions: BRLLR + 1.50% Spread (Including SP)– (Irrespective of loan amount).
- For Institutions not specified in List of Premier Institutions: BRLLR + 2.15 % Spread (Including SP – Irrespective of loan amount).
- For Baroda Education Loans for Executive Development Programmes (Part Time /Online programmes / Distance Learning) being offered by Premier Institutions abroad: BRLLR +2.10%
- Simple interest to be charged at monthly rests during the repayment holiday / moratorium period.
- 0.50% Concession in rate of interest to loans for girl student.
- Penal interest @ 2% p.a. on overdue amount, if the loan amount exceeds Rs.4.00 lacs.
- Additional Risk Premium @ 0.05% (Loans above Rs 7.50 lakhs) over the above rates would be applicable for customers not obtaining Credit Life Insurance.
Please click on below link for Rate of Interest and Processing Chargesp
Most Important Terms & Conditions
Target group Students going abroad for Professional / Technical studies
Quantum of finance
- Rs. 150.00 lakh for Institutions specified in List of Premier Institutions
- Rs. 60.00 lakh for Institutions not specified in List of Premier Institutions.
- For Institutions specified in List of Premier Institutions : NIL (irrespective of loan amount)
- Institutions not specified in List of Premier Institutions
- Up to RS.4.00 lakh: NIL
- Above RS.4.00 lakh:10%
- For Baroda Education Loans for Executive Development Programmes (Part Time /Online programmes / Distance Learning) being offered by Premier Institutions abroad:
- Up to RS.4.00 lakh: NIL
- Above RS.4.00 lakh: 5%
Repayment Holiday/ Moratorium Period Course period + 1 year.
Coverage of expenses for
- Fee payable to College / Institution / University / Hostel / Mess charges
- Examination / Library / Laboratory fee
- Purchase of books / equipments / instruments / uniforms
- Personal Computers / Laptops wherever required
- 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 computers, if essential for completion of the course.
- Insurance premium for student borrower
- Any other expenses required to complete the course – like study tours, project works, thesis, etc.
- Travel expenses / passage money (to and fro)
- Cost of external coaching / tution is NOT to be considered.
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
- 1.00% of Loan amount (maximum ₹ 10,000/-) to be recovered upfront which will be refundable on availment (first disbursement) of loan. The amount can be refunded to the credit of Saving Bank account / Loan account of the student / borrower.
- A non refundable Lump sum amount Rs.8,500/- 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. 7.5 lacs : Collateral 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
Above RS. 7.50 lacs for limits up to Rs 80.00 lakh, tangible collateral security equal to 100% of the loan amount and for limit above Rs 80.00 lakh, total security coverage should be 1.25 times. The above should be along with 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 which is in close proximity to the permanent residence of parent/at the place of posting/service of the parent Branch