Bank of Baroda Education loan Documents Required
One of Bank of Baroda’s most popular loan product is the education loan, for all types of education needs-school education, higher education in India, higher education overseas, executive programs in India or executive development programs abroad, whatever the case might be. Today education is a must in building a strong career and a better future of the country. The government has also supported and emphasized the need for education for all and accordingly awarded subsidies on the interest rates banks charge on education loans. Bank of Baroda understands that some financial push by means of an education loan or student loan can go a long way in helping someone achieve the better life that comes with education and good academic background. And so it offers loans for education at the most competitive rates among all banks. It has also kept the documentation process extremely simple.
When you are applying for a Bank of Baroda education loan, you simply need to make sure you have the following documents and relevant copies:
Education Loan Checklist of Documents & Application Form
Proof of Identity
- Voter ID card
- Driving License
- PAN Card
- Government department ID card
- Aadhar Card or Aadhar enrolment number
Proof of income
- The parent’s latest salary slip showing all the deductions, or
- Form 16 along with latest salary certificate
- Last 2 year’s IT returns of past 2 years or
- In case of self-employed individual,
If the applicant is a self-employed individual
- Balance sheet and profit and loss account, computation of income for last 2 years.
- Income Tax Returns – last 2 years for Applicants, 26 AS, Traces
- Business proof : Gomasta License, Registration Certificate, Service Tax Registration, among
- IT Assessment / Clearance Certificate, Income Tax Challans / TDS Certificate (Form 16A) / Form 26 AS for income declared in ITR.
Proof of Residence (any one)
- Valid passport
- Voter id card
- Driving license
- Postpaid utility bill (gas bill and electricity bill)
- Updated passbook or bank account statement
- Notarized registered rent agreement
- Updated Passbook or bank account where the salary is credited for last 6 months at least
- Educational documents of the student:
- Copy of fee acknowledgement slip
- Admission letter to the educational institutions
- Passing certificate
- School leaving certificate
- High School Examination mark sheet
Key benefits of a Bank of Baroda education loan include:
Moratorium to make repayment easy
Bank of Baroda offers a moratorium period, during which the student has no obligation to pay the EMIs.. In their effort to stabilize their lives and finances, and looking for best job opportunities, the stress of repayment can be a hindrance. So the moratorium period gives enough breathing time for the applicant students
No margins for small ticket education loans
If the loan amount is less than say Rs.4 lakhs in case of a bank like Bank of Baroda, the borrower is not even required to pay the margin money.
Concession for girl student
Girl students or borrowers receive a concession of 0.5% on the overall rate of interest charged by the bank for foreign education loans.
Wide variety of courses covered
Foreign education loans cover a wide variety of professional courses that you can take a loan for like management, STEM, humanities, architecture, hospitality or hotel management, law, accounting among others.
Margins help reduce financial burden
When the loan size is reasonably big, paying off the margin helps to reduce the loan obligation and keep it manageable.
These are long term loans
Bank of Baroda also offers education loans for long - tenures, generally between 10-15 years which can be repaid in installments. For example, for Baroda Scholar, for loans up to Rs.7.5 lakhs, maximum repayment period is moratorium plus 120 installments. For loans more than Rs.7.5 lakhs, you can repay in moratorium+180 installments, which significantly reduces the financial burden and spreads it out flexibly.
Coverage of Expenses
It is important to know what expenses the loans cover-
- Fee payable to college/ school/ Institute/ University
- Examination/ Library/ Laboratory fee
- Purchase of Books/ Instruments/ Equipments / Uniforms
- Personal Computer/ Laptop wherever required
- Caution Deposit, Building Fund/ Refundable deposit (supported by Institutional Bills/ Receipts), subject to condition that the amount does not exceed 10% of the total tuition fees for the entire course.
- Insurance premium for student borrower (not for Loans up to 12th standard Student)
- Any other expenses required to complete the Course- like study tours, project works, theses among others