Frequently Asked Questions (FAQs)

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  • What are the benefits of taking an education loan from Bank of Baroda?

    Bank of Baroda offers various education loans at attractive interest rates with repayment tenure of up to 15 years. No collateral needs to be provided for loans of up to Rs. 40.00 lakh for the identified premier institutes. Maximum Loam limit is Rs.125.00 lakh for study in India and Rs.150.00 lakh for study abroad.

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  • What is Education Loan. ?

    Education is a form of monetary assistance availed by students to meet the expenses associated with their studies.

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  • How does Education Loan work?

    Opting for an education loan reduces the strain on existing savings and eliminates the need to liquidate the existing investments. The interest on an education loan is eligible for a tax rebate under Section 80 E of the Income Tax Act 1961

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  • How to apply for Education Loan Online?

    An education loan can be applied online using bank’s website https://www.bankofbaroda.in/personal-banking/loans/education-loan

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  • Who can apply for the education loan?

    The student applying for the education loan must be a resident of India. He/she must have confirmed admission in recognized educational institutes in India or abroad.

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  • How much Education Loan can I get from Bank of Baroda?

    For study in India up to Rs.125.00 lakh

    For study abroad up to Rs.150.00 lakh

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  • How to pay Education Loan?

    The education loan can be paid using any online channel like net banking, mobile banking etc. The Borrower will have also a choice to pay the Education loan by visiting the nearby branch.

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  • What is the interest rate of education loan?

    Starting from BRLLR+0.25 % for study in India & BRLLR+1.75% for study abroad. For Current ROI kindly visit our Interest Rates & Charges page.

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  • Who can be co- applicant for Education Loan?

    Co-applicant should normally be parent(s)/guardian of the student borrower. In case of a married person, joint borrower can be either spouse or the parent(s)/parents-in-law.

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  • What is Baroda Vidya Loan

    This loan is given out for school education in any recognized school. The maximum loan granted is Rs. 4 lakhs and is payable after 12 months from the date of first disbursement in 12 installments.

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  • Can a minor get Education Loan?

    Yes

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  • Can I take education loan for school fees?

    Yes

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  • What are key feature of Baroda Vidya Loan?
    • Loan for School Education (Target Group: Parents of Students pursuing school education from Nursery to Class XII.)
    • No processing charges
    • No documentation charges
    • No margin

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  • What is the minimum age for education loan for minor?

    There is no specific restriction with regard to the age of the student to be eligible for Baroda Vidya Loan.

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  • How to apply for Baroda Vidya loan?

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  • What is the percentage of margin under Baroda Vidya loan?

    NIL

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  • Can one get student loans at the age of 16?

    YES . There is no specific restriction with regard to the age of the student to be eligible for education loan

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  • How much loan can a student get via Baroda Vidya Loan?

    Up to Rs.4.00 lakh

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  • What is the rate of interest for school fee loan?

    BRLLR+SP+ 3.10%
    For Current ROI kindly visit our Interest Rates & Charges page.

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  • Can a guardian take Baroda Vidya education loan for his/her child?

    Yes

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  • How to apply for Baroda Gyan Loan?

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  • What is the age limit for Baroda Gyan loan?

    There is no specific restriction with regard to the age of the student to be eligible for education loan.

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  • What documents are needed for Baroda Gyan loan?
    • KYC of applicant and co-applicants
    • Academic Records
    • Proof of admission
    • Entrance Exam Result(if applicable)
    • Statement of cost of study/ Schedule of expenses
    • Income Proof for Salaried Co-applicant/ Guarantor (if applicable)
    • Bank account statement for last 6 months etc
    • Property Documents (if applicable)

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  • What documents are needed for Baroda Gyan loan?

    yes

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  • How much education loan can I get for MBBS?

    Up to Rs.125.00 lakh

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  • Can you get a loan for pilot training?

    yes

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  • How much education loan can I get for pilot training?

    Up to Rs.125.00 lakh

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  • What is the interest rate of education loan for MBBS?

    Starting from BRLLR+0.25%
    For Current ROI kindly visit our Interest Rates & Charges page.

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  • Does Baroda Gyan Loan scheme provides education loan for post graduation?

    YES

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  • What is Baroda Scholar Loan?

    Baroda Scholar Loan , provides an opportunity to avail education loan for the students going abroad for Professional / Technical studies.

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  • How to apply for Baroda Scholar Loan?

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  • What is the age limit for Baroda Scholar Loan?

    There is no specific restriction with regard to the age of the student to be eligible for Baroda Scholar Loan?

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  • How much loan can a student get via Baroda Scholar Loan?

    Upt to Rs. 150.00 lakh

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  • Is education loan without collateral for abroad available under Baroda Scholar Loan Scheme?

    No

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  • Can I get student loan for MBA/MCA/MS degree abroad?

    yes

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  • What is abroad/foreign education loan interest rate under Baroda Scholar Loan scheme?

    Starting from BRLLR + 1.75
    For Current ROI kindly visit our Interest Rates & Charges page.

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  • What is Skill Loan Scheme?

    This loan is given for students pursuing technical courses offered by training institutes, polytechnics etc. The loan amount ranges from Rs. 5,000 to Rs. 1,50,000. The repayment period depends on the loan amount but can go up to 7 years.

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  • Can I get education loan for online course?

    yes

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  • How to apply for Skill Loan Scheme?

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  • Which courses are eligible for education loan?

    Vocational/Skill development courses

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  • What is the age limit for Skill Loan Scheme?

    There is no specific restriction with regard to the age of the student to be eligible for Baroda skill Loan

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  • What documents are needed for Baroda Skill Loan Scheme?
    • KYC of applicant and co-applicants
    • Academic Records
    • Proof of admission
    • Entrance Exam Result(if applicable)
    • Statement of cost of study/ Schedule of expenses
    • Income Proof for Salaried Co-applicant/ Guarantor (if applicable)
    • Bank account statement for last 6 months etc
    • Property Documents (if applicable)

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  • What is the rate of interest for skill loan scheme?

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  • Which students can apply for loan for technical courses?

    Individuals who intend to take up skill development courses as per the Skilling Loan Eligibility Criteria.

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  • How can I get skill loan on 10th certificate for technical courses?

    After getting enrolled in Vocational/Skill development courses

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  • Can I avail a home loan from Bank of Baroda?
    • Yes, you can avail a home loan from Bank of Baroda, if you plan to construct or purchase a house/flat or extend your existing house/flat and, you are:
    • A minimum of 21 years
    • Employed or self-employed with a regular income.

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  • What is the average tenure of a home loan?

    We grant term up to a maximum of 30 years. The term for the loan will under no circumstances exceed the age of retirement or completion of 65 years of age, whichever is earlier.

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  • Who can be co-applicant?

    The proposed owners of the residential accommodation as per the agreement for sale, in respect of which financial assistance is sought, must be co-applicants. Usually, joint applications are from husband-wife, father-son or mother-son, etc.

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  • How much does Bank of Baroda lend?
    • Loan amount is determined on the basis of the repaying capacity of the applicant/s. Repaying capacity takes into consideration factors such as age, income, dependents, assets, liabilities, stability of occupation and continuity of income, savings, etc.
    • The maximum loan would be Rs.10 crores per unit to any individual applicant based on the area where the property is proposed to be constructed/purchased. We will extend a loan of up to 90% (for newly constructed houses/flat) of the cost of property under our Housing Loan Scheme.

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  • For how long a period can I get the loan?

    We grant a term up to a maximum of 30 years. The term for the loan will under no circumstances exceed the age of retirement or completion of 65 years of age, whichever is earlier.

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  • But can I prepay the loan ahead of schedule?

    Yes, you have the option to prepay the loan ahead of schedule either in parts or in full from your own sources.

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  • What is the mode of repayment?
    • Equated Monthly Instalment (EMI): It means a uniform lumpsum amount, which includes repayment of a part of the principal amount and payment of interest, calculated on daily product basis.

    or

    • Fixing the monthly/quarterly instalments on the graduated basis is permitted of EMI as requested by customers.

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  • What is the security for the loan?

    The security for the loan is an equitable mortgage of the property to be financed. The security for the loan is equitable mortgage of the property to be financed.

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  • Do you insist on LIC policy as additional collateral security?

    No, it is not mandatory.

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  • What are the supporting documents required while applying for the loan?

    Common requirements for all applicants.

    • Application form duly filled in (with a photograph of all the applicant).
    • Residence and age verification, which may be established from the PAN Card, Election ID, Passport, Drivers Licence and Ration Card, etc.
    • Copy of approved plan and sanction letter from local civic authority.
    • Copy of NA permission.
    • One/two guarantor/s form/s and salary certificates: If a guarantor is in business, copies of I.T. returns or assessment orders for the last three years are required.
    • Bank passbook of statements for the last two years.
    • Latest salary slip/statement showing all deductions in case of employed applicants.
    • Certified copies of Balance Sheets and Profit and Loss accounts, IT acknowledgments, advance tax challans (for both company/firm and personal account) for the last three years in case of self-employed applicants.
    • Memorandum/articles of association for companies, partnership deeds for firms and a brief profile of your company/firm in case of self-employed applicants.

    Additional requirement.

    • In case of purchase from builder
    • Copy of agreement for sale.
    • Copy of registration receipt.
    • Copy of sanctioned plan & sanction letter of the competent authorities.
    • Copy of NA permission/ULC order.
    • Copies of receipts of payments already made.
    • NOC from builders in our format.
    • In case of direct allotment in a Co-operative Housing Society
    • Allotment letter.
    • Share certificate. Society registration certificate.
    • Copy of sale/lease deed in favour of the society.
    • NOC from society in our format.
    • Possession letter in original.
    • In case of resale:
    • Copy of all the previous vendors’ agreements duly stamped and registered and the registration receipts. (original to be given before disbursement).
    • NOC from society/builder in our format.
    • Original share certificate.

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  • Whether you have any housing loan products for NRIs?

    Yes. We have housing loan products for NRIs/PIOs. For details, please visit our website at Housing Loans to NRIs /PIOs

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  • how to check vehicle loan status online?

    You can log on to your account online by using your credentials on Mobile Banking (BOB WORLD) & Net Banking facility. . After logging in, you'll be able to see your Vehicle loan details and the status of your loan status, You may also contact your nearest Branch for details.

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  • how can i check my bike loan details?

    You can log on to your account online by using your credentials on Mobile Banking (BOB WORLD) & Net Banking facility, after logging in, you'll be able to see your Two Wheeler (Bike) loan details and the status of your loan account or visit nearby Branch of Bank of Baroda to know Two Wheeler (Bike) Loan details.

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  • how can i check my two wheeler loan status?

    You can log on to your account online by using your credentials on Mobile Banking (BOB WORLD) & Net Banking facility, after logging in, you'll be able to see your Two Wheeler ( loan details and the status of your loan account or visit nearby Branch of Bank of Baroda to know Two Wheeler Loan details.

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  • how to check vehicle loan status?

    You can log on to your account online by using your credentials on Mobile Banking (BOB WORLD) & Net Banking facility. . After logging in, you'll be able to see your Vehicle loan details and the status of your loan account or visit nearby Branch of Bank of Baroda and ask your outstanding by sharing your loan account number with Branch officials.

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  • what is a car loan?

    Car loan is a loan availed for (i) Car Loan (II) Pre-owned Car loan. Can be availed individually or jointly with close relatives. The Vehicle purchased out of Bank Finance is taken as security.

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  • what is the car loan interest rate?

    Car Loan interest rate depends on the CIBIL Score. To know the prevailing interest rate, please visit our website.

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  • how to get a car loan?

    You can apply for Car Loan through any of the below mentioned modes-(1) Branch [you can find our nearest Branch through Branch Locator available on our website (2) Car Loan Processing Cells avialble at Mumbai, Ahmedabad, Bareilly & Patna (3) Online application through - our website (4) Through missed call at 8467001133 (5) by calling Toll Free No. 18002584455 & 18001024455 (6) SMS AL Space (Name) to 8422009988 (7) if you are existing customer of the Bank, you can also apply using Mobile Banking (BOB WORLD) & Net Banking facility.

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  • how to check bike loan status?

    You can check through any of the below mentioned modes (1) you can visit the Branch, where we have submitted your Loan application. (2) Through calling Toll Free No 18002584455 & 18001024455.

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  • how much car loan can i get?

    Car Loan depends on various factors like Age, Gross Income, EMIs & other deductions, Cost of Proposed Car. To check your eligibility you can visit our near by Branch or online market place of diffrent OEMs i.e. Maruti Smart Finance platform etc. In Principle" sanction letter will give eligible loan amount as per prevailing interest rate and other existing guidelines. Maximum Loan Limit for Individual is Rs.200.00 Lakh & for Non Individual the Maximum Limit is Rs.500 Lakh

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  • how to calculate car loan interest?

    Car Loan interest rate depends on the CIBIL Score. To know the prevailing interest rate, please visit our website.

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  • how to apply for a loan for a car

    You can apply for Car Loan through any of the below mentioned modes-(1) Branch :you can find our nearest Branch through Branch Locator available on our website (2) Car Loan Processing Cells avialble at Mumbai, Ahmedabad, Bareilly & Patna (3) Online application through - our website (4) Through missed call at 8467001133 (5) by calling Toll Free No. 18002584455 & 18001024455 (6) SMS AL Space (Name) to 8422009988 (7) if you are existing customer of the Bank, you can also apply using Mobile Banking (BOB WORLD) & Net Banking facility.

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  • how to check loan on vehicle?

    You can verify RC Book of the Borrower. If he has taken Loan from any Financial Institution, RC Book indicates name of Financer Bank / FI

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  • how to apply car loan?