Frequently Asked Questions (FAQs)

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  • Who can apply for the loan?

    Any Indian National fulfilling the criteria stated above is eligible for education loan.

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  • Who can be co-obligant?

    The parents, guardians, friends and relative can be co-obligant.

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  • How much does the Bank of Baroda lend?

    Bank of Baroda extends need-based finance subject to repaying capacity of the parents/student with margin up to following ceilings.

    Studies in India: Maximum Rs. 10 lakhs

    Studies abroad: Maximum Rs. 20 lakhs

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  • What will the tenure of loan be?

    We grant loan for a term of 5-7 years after repayment holiday/moratorium.

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  • What is the repayment holiday/moratorium period?

    Course period + 1 year or 6 months after getting a job, whichever is earlier.

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  • 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.

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  • Do you offer any concessions?

    Yes, we do offer 1% interest concession to student loanee, if the interest is serviced during the study period when the repayment holiday is specified for interest/repayment under the scheme. Additionally, 1% interest concession is provided to girl students.

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  • 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.

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  • Do you levy any penalty for default under the scheme?

    Yes, we charge penal interest @ 2% on the overdue amount on the loan exceeding Rs. 4 lakhs.

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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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  • Can I avail of Vehicle Loan from Bank of Baroda?

    Lorem ipsum Video provides a powerful way to help you prove your point. When you click Online Video, you can paste in the embed code for the video you want to add. You can also type a keyword to search online for the video that best fits your document.

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  • Question 2

    1 Lorem ipsum Video provides a powerful way to help you prove your point. When you click Online Video, you can paste in the embed code for the video you want to add. You can also type a keyword to search online for the video that best fits your document.

    To make your document look professionally produced, Word provides header, footer, cover page, and text box designs that complement each other. For example, you can add a matching cover page, header, and sidebar. Click Insert and then choose the elements you want from the different galleries.

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    Save time in Word with new buttons that show up where you need them. To change the way a picture fits in your document, click it and a button for layout options appears next to it. When you work on a table, click where you want to add a row or a column, and then click the plus sign.

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  • Question 3

    2 Lorem ipsum Video provides a powerful way to help you prove your point. When you click Online Video, you can paste in the embed code for the video you want to add. You can also type a keyword to search online for the video that best fits your document.

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    Themes and styles also help keep your document coordinated. When you click Design and choose a new Theme, the pictures, charts, and SmartArt graphics change to match your new theme. When you apply styles, your headings change to match the new theme.

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  • Question 4

    Lorem ipsum Video provides a powerful way to help you prove your point. When you click Online Video, you can paste in the embed code for the video you want to add. You can also type a keyword to search online for the video that best fits your document.

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  • What are the criteria for loans for micro enterprises?

    Micro manufacturing units which have an investment in plant & machinery up to Rs. 25 lakhs and service units which have an investment in equipment up to Rs. 10 lakhs are micro enterprises.

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  • Whether term finance and working capital finance is sanctioned by the Bank?

    Yes. Both term finance and working capital facilities are sanctioned by the Bank.

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  • Is collateral security required?

    No collaterals/third-party guarantee for loans up to Rs. 100 lakhs which are covered under CGTMSE. For other accounts which are not covered under CGTMSE, the Bank may stipulate collaterals as per Bank’s guidelines.

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  • How the advance is required to be repaid?

    For working capital advances, the advance is expected to be liquidated within the period for which it is sanctioned along with the timely servicing of interest, as per the agreed terms.

    For advances to acquire fixed assets, the repayment is agreed as per the repayment capacity reckoned with the expected cash flow from the business operations, and, therefore, it can be either equal or ballooning monthly/quarterly/half-yearly/yearly instalments or a bullet payment along with the timely servicing of interest as per the agreed terms.

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  • What should I do if the branch, I approached, has not responded satisfactorily?

    Bank of Baroda has a highly dedicated customer friendly team of personnel. Therefore, such a situation is usually imperceptible except that there may very scarcely arise a communication gap. In such cases, you may immediately contact any of the following for expeditious redress of the grievance:

    • The regional manager in whose jurisdiction, the concerned branch is situated;
    • The customer help centre whose address is given on our website;
    • Our e-mail address.

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  • If I have a plan to implement greenfield project/infrastructure project/information technology venture, whether the bank has any specialised team to look into my requirements?

    The Bank has a project finance division; infrastructure financing cell; technology financing cell: all manned by a battery of highly experienced specialised teams to cater to the varying needs of financing in such projects.

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  • Whether a foreign currency loan is also available from the Bank, if yes, whether can it be availed overseas?

    Bank of Baroda is among the most prominent purveyors of Foreign Currency Loans to Corporates in India. Moreover, due to the fact that Bank of Baroda has the largest network of overseas branches among all Indian Banks, the Bank can make available the foreign currency loan anywhere in the Globe and that too in the currency of your choice.

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  • If my company is enjoying credit facilities from other banks, and because of a temporary mismatch of cash flows or some unforeseen exigency, my company desires short-term advance, whether my company can approach your bank?

    Yes, Bank of Baroda believes in building new relationships and maintaining them for mutual growth & prosperity. Therefore, we welcome a customer even if it has not been banking with our bank.

    Whether the bank finances for the development of real estate such as housing complex, shopping complex, etc.

    Yes, Bank of Baroda has set an ambitious target to provide finance for the real estate sector, which is a vital segment for a growing economy in a developing country like India.

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  • How much time does it take for the Bank to sanction an advance?

    It depends upon the amount of the advance applied for since applications for the higher amount requires approval at higher levels of the bank and therefore, in such case, little more time is taken. Nevertheless, the bank endeavours to dispose of the advance-applications within 30 days at all levels.

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  • How can I approach the bank for an advance?

    Bank of Baroda has one of the largest network of domestic branches (i.e. 2,600+ branches) spread over all nooks & corners of India. All these branches are manned by highly experienced & skilled personnel ever ready to be of service to the customers. All you have to do to simply approach our branch manager, apprise him/her of your need, and, he/she shall be too glad to guide you how to proceed further according to your specific needs.

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  • What types of credit facilities can the Bank provide to assist my business needs?

    Bank of Baroda has a very wide bouquet of types of credit facilities that can be tailor-made to suit your specific requirements. In a nutshell, the Bank offers:

    a. Working capital finance by way of:

    Cash credit To provide cash/funds to procure stock, raw material, consumables, stores & spares.
    Bills purchase/discounting To provide cash/funds to meet business expenses; To replace high cost existing borrowings from other banks/lenders for the above said purpose.
    W./C. demand loan for short term (up to 1 year) requirements
    W./C. term loans for long term (for over 1 year) requirements
    Letter of credit To provide the Bank's credit to the customers for any of the above said purposes, if immediate cash/funds are not required under the circumstances.
    Bank guarantee

    b. Long term finance by way of:

    Short & long term loans To provide cash/funds to facilitate the purchase of fixed assets such as building, plant & machinery, equipment, furniture & fixtures, business vehicles, and other related assets and the supplier is ready to supply the assets on credit.
    Deferred payment guarantee To provide the Bank's credit for any of the above said purpose, if the supplier of the asset is agreeable to receive payment in instalments instead of receiving the payment immediately on or before the supply of the asset.

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  • Can I lend the securities lying in my account?

    Yes. You can lend your securities through Intermediaries approved by SEBI.

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  • How would I lend my demat securities?

    You may enter into an agreement with the approved intermediary, to be a lender under this scheme. After that, you may lend securities any time by submitting lending instructions to your DP.

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  • How would I get back the securities lent by me?

    Intermediary may return the securities at any time or at the end of the agreed period of lending. The intermediary has to repay the securities together with any benefits received during the period of the loan.

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  • How would I receive the corporate benefits which would accrue on these securities during the period of lending?

    The benefits will be given to the intermediary/borrower. However, whenever the securities are being returned/recalled, the intermediary/borrower will return the securities together with benefits received.

    Services (COPY OF SERVICES AND BENEFITS SECTION IS THE SAME)

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  • What are the benefits of a depository?

    The benefits of participation in a depository are:

    • Immediate transfer of securities
    • No stamp duty on transfer of securities
    • Elimination of risks associated with physical certificates such as bad delivery, fake securities, etc.
    • Reduction in paperwork involved in the transfer of securities
    • Reduction in transaction cost
    • Nomination facility

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