What is an Education Loan Eligibility Calculator?
Today education, both primary and higher education, is a must in building a strong career and a better life ahead. But good quality education, be it school education, technical education, foreign courses, professional courses, comes with a huge bill. But now, you need not let high cost of education stop you for getting a degree, if you plan well for your or your children’s higher education. You may want to know, how much loan are you likely to get from the bank, given your current level of income, credit history and financial requirement,. To know the quantum of education loan, the easiest way is to use tools like the education loan eligibility calculator online.
How to use the education loan eligibility calculator?
The parameters differ among banks, but an education loan eligibility calculator requires you to fill in or select the following details
- Current location
- Age of the applicant
- Monthly income
- Monthly expenses
- Current EMIs you are paying
- For some banks, this also doubles up as an education loan EMI calculator, in which case, you can
- Select the preferable loan tenure and
- The rate of interest (which is fixed by the bank) to arrive at the interest payable and the EMI.
Bank of Baroda offers a range of education loans based on need and type of education that you may need at different stages of your child’s education. The various eligibility criteria for various education loan schemes include;
- Resident Indian
- should have secured admission in a school, high school or junior college for Nursery to XII Standard
- The parents must be residing in the current place for a minimum of 3 years except in case of a transferable job.
- In case of loan for purchase of computers, the computer should be hypothecated to the bank
A student loan scheme for students pursuing Graduation, post-Graduation, Professional and other courses in India
- Resident Indian
- The student should have secured admission in any of the eligible courses like Graduation, Post-Graduation, professional courses, computer certificate courses, CA, CS, ICWA, CFA, regular degree or diploma courses, etc.
A student loan scheme offered to students going abroad to pursue higher studies.
- Indian National
- He or she should have secured admission to a Professional or Technical courses offered by reputed Universities overseas
- The courses which are covered include graduate, post-graduate, doctorate, job oriented professional courses, technical courses, regular degree or diploma courses like aeronautical, pilot training, shipping, etc. The Institute should be recognised by the local aviation or shipping authority and Director General of Civil Aviation or Shipping in India
Baroda Education Loan for Executive Development Programs
offered by premier institutions, where the student must have secured admission in the institute and must be employed during the course of study.
Baroda Skill Loan
A loan for vocational education or training purpose
- The borrower should be an Indian National who has secured admission in a course approved or supported by a Ministry / Department / Organization of the Government or a Company / Society / Organization which has support from National Skill Development Corporation or State Skill Corporations/Missions which preferably leads to a certificate, diploma or degree issued by a Government organization or an organization that is recognized or authorized by the Government.
- The eligible list of courses include vocational / skill development courses of durations from 2 months to 3 years which is run or supported by a Ministry / Department / Organization of the Government or a Company / Society / Organization supported by National Skill Development Corporation or State Skill Missions / State Skill Corporations preferably leading to a certificate / diploma / degree issued by a Government organization or an organization recognized / authorized by the Government to do so. State Level Banker’s Committee (SLBC)/ State Level Co-ordination Committee may add other skill developing courses or programs having good employability.
- The student should not be a minor and if he or she is a minor, then the loan documents should be executed by the parents.
Eligible courses in India
The list of courses in India that is eligible for availing an education loan include:
- 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.
Eligible Courses Abroad
The course eligible for education loan overseas include:
- Professional graduation courses offered by reputed universities.
- Post Graduation: MCA, MBA, MS. Among others
- Courses conducted by CIMA-London, CPA in USA among others.
- Regular Degree/ Diploma courses like Aeronautical, Pilot training, Shipping etc., provided these are recognized by local Aviation / Shipping authority and Director General of Civil Aviation/ shipping in India or the competent regulatory bodies in India / abroad for the purpose of employment in India / abroad.
- List of Institutions Please click here for Specified List of Institutions in Abroad (649 KB).
- List of Premier Institutes for STEM Courses (Science, Technology, Engineering and Mathematics) (after 10+2 course & above)
- List of Premier Institutes for Other Education (Law, Economics, econometrics, Art, performing arts and Design Courses). This is only an exhaustive but not an exclusive list of courses that are eligible.
What are the Benefits of Using Education Loan Eligibility Calculator?
- You get a clear idea about the quantum for education loan you can get
- Better financial planning
- Come to know about the cheapest and most affordable interest rates among lenders
- Toggle around with various loan values and tenures to arrive at an affordable EMI amount
How can I improve my eligibility for education loan?
- Above average academic performance
- Furnish acceptance letter from reputed institution
- Strong credit history of parents/guardians or co-applicants
- Records or documents of promising or high achieving student