Who can apply for the loan?
Any Indian National fulfilling criteria stated above is eligible for education loan.
Who can be co-obligant?
The parents, guardians, friends and relative can be co-obligant.
How much does Bank of Baroda lend?
Bank of Baroda extend need based finance subject to repaying capacity of the parents/student with margin upto following ceilings.
List of FAQs
|Studies in India
||Maximum Rs. 10.00 lacs
||Maximum Rs.20.00 lacs.
For how long a period can I get the loan?
We grant loan for a term of 5-7 years after repayment holiday/moratorium.
What is the repayment holiday / moratorium period?
Course period + 1 year or 6 months after getting job whichever is earlier.
What is the mode of repayment?
The accrued interest during the repayment holiday period to be added to the principal and repayment in Equated Monthly Instalment (EMI) is fixed.
Do you offer any concession?
Yes, we do offer 1% interest concession to student loanee, if the interest is serviced during the study period when repayment holiday is specified for interest / repayment under the scheme. Additionally, 1% interest concession is provided to girl students.
What type of interest do you charge under your Education Loan Scheme?
We charge simple interest at monthly rests during the repayment holiday /moratorium period.
Do you levy any penalty for default under the scheme?
Yes, we charge penal interest @ 2% on overdues amount in the loan exceeding Rs.4 lacs.