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Education Loan EMI Calculator
  • Loan Amount:

    10000
    10000000
    500000
  • Rate of Interest (%):

    5%
    15%
    8.45
  • Loan Terms (moonthly):

    12
    180
    120
  • Equated Monthly Installment (EMI) will be

  • Benefits
  • Features
  • Eligibility
  • Interest rates & charges
  • Documents Required
  • Most Important Terms and Conditions (MITC)

Baroda Education Loan to Students of Premier Institutions : Benefits

Baroda Education Loan to Students of Premier Institutions : Features

This student education loan is given to Indian nationals who have secured admission into premier educational institutions in India. The loan amount depends on the categorization of the institute

Baroda Education Loan to Students of Premier Institutions : Eligibility

Courses Eligible

Full time regular courses conducted by the premier educational institutions:

List of the institutions (List-AA, A, B & List-C)


Student Eligibility
  • Should be an Indian national
  • Secured admission to professional/technical courses abroad through entrance test/merit based selection process.

Baroda Education Loan to Students of Premier Institutions : Interest rates & charges

List-AA Institutions Applicable Rate of interest : BRLLR

Product Conditions Repo Rate + Spread Effective Rate of Interest
Baroda Education Loan to Students of Premier Institutions (For Studies in India)
Conditions
List-AA Institutions:
Repo Rate + Spread
BRLLR
Effective Rate of Interest
7.45%
Conditions
List A Institutions:
Repo Rate + Spread
BRLLR+0.25%(for any Amount)
Effective Rate of Interest
7.70%
Conditions
List B:
Up to Rs. 7.5 lakhs
Repo Rate + Spread
BRLLR+ 1.35%
Effective Rate of Interest
8.80%
Above Rs. 7.5 lakhs
Repo Rate + Spread
BRLLR+1.10%
Effective Rate of Interest
8.55%
Conditions
List C:
Upto Rs. 7.5 lakhs
Repo Rate + Spread
BRLLR+ 2.10%
Effective Rate of Interest
9.55%
Above Rs. 7.5 lakhs
Repo Rate + Spread
BRLLR+1.85%
Effective Rate of Interest
9.30%
Additional Risk Premium @ 0.05% (Loans above Rs 7.50 lakhs) over the above rates would be applicable for customers not obtaining Credit Life Insurance.
Baroda Education Loan to Students of Premier Institutions (For Studies abroad)
Additional Risk Premium @ 0.05% (Loans above Rs 7.50 lakhs) over the above rates would be applicable for customers not obtaining Credit Life Insurance

No special concession for female students under this scheme.

Simple interest to be charged at monthly rests during the repayment holiday/moratorium period.

Penal interest @ 2% p.a. on overdue amount, if the loan amount exceeds Rs. 4 lakhs.

The accrued interest during the repayment holiday period to be added to the principal and repayment in Equated Monthly Instalment (EMI) be fixed.


Service Charges (Excluding GST) w.e.f. 20/04/2022:

VLP Charge: Rs.100/- for all cases

Unified Processing Charges:

Study in India - Nil

Study abroad - 1.00% of Loan amount(maximum Rs. 10,000) to be recovered upfront which will be refundable on availing (first disbursement) of loan.

Education loan for Vocational education and training: Nil

Career development: 0.50%

Notes:

  • A non-refundable lump sum amount Rs. 8,500 per property (towards advocate and valuer charges) to be taken upfront in case of all education loan accounts, wherever property is mortgaged.
  • No mortgage creation charges for all types of education loans.

Baroda Education Loan to Students of Premier Institutions : Documents Required

  • 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)

Baroda Education Loan to Students of Premier Institutions : Most Important Terms and Conditions (MITC)

Target group

Students pursuing graduation, post-graduation, professional and other courses in India.


Quantum of finance
Category Maximum Loan Limit  
Without collateral With collateral
Institutions under List AA Rs. 40 lakhs Rs. 80 lakhs
Institutions under List A Rs. 30 lakhs Rs. 80 lakhs
Institutions under List-B Rs. 15 lakhs Rs. 80 lakhs
Institutions under List-C Rs. 10 lakhs Rs. 80 lakhs

Need based finance subject to future repayment capacity, based on projected future earning which should commensurate with past placement records and average packages offered to the pass outs of the college.


Margin

Nil


Repayment Holiday/ Moratorium Period

Course period + 1 year


Coverage of expenses for
  • Fee payable to college/institution/university/school/hostel.
  • Examination/library/laboratory fee.
  • Hostel fees/charges.
  • Purchase of books//instruments/uniforms.
  • Caution deposit, building fund/refundable deposit supported by institution bills/ receipts, subject to condition that the amount does not exceed 10% of the total tuition fees for the entire course.
  • Purchase of Personal computer/laptop - essential for completion of the course.
  • Insurance premium for student/borrower, if any opted by the student. Presently the bank has a tie up arrangement with M/s. IndiaFirst Life Insurance Co. & M/s. Kotak Life Insurance.co for Group Credit Life insurance cover to education loan borrowers.
  • Any other expenses required to complete the course like study tours, project works, thesis, etc.
  • Cost of external coaching/tuition is not to be considered.

Note The details of expenses for the entire course period to be obtained from college/institution.


Repayment Period

The loan is repayable in maximum 10-15 years after the completion of the moratorium period as mentioned above.

For loans up to Rs. 7.5 Lakhs: Moratorium Period + Maximum 120 instalments

For loans above Rs. 7.5 Lakhs: Moratorium Period + Maximum 180 instalments


Unified Processing charges

Study in India - NIL .

Study abroad - 1.00% of Loan amount (maximum Rs. 10,000) to be recovered upfront which will be refundable on availing (first disbursement) of loan

A non-refundable lump sum amount Rs. 8,500 per property (towards advocate and valuer charges) to be taken upfront in case of all education loan accounts, wherever property is mortgaged.


Security

List AA:

Up to Rs. 40 Lakh No Security Co-obligation of parents/guardian along with assignment of future income of the student for payment of instalments.

Above Rs. 40 Lakh Tangible collateral security equal to 100% of the loan amount along with assignment of future income of the student for payment of instalments.

For Institutions in List-A:

Up to Rs. 30 Lakh No Security

Co-obligation of parents/guardian along with assignment of future income of the student for payment of instalments.

Above Rs. 30 Lakh Tangible collateral security equal to 100% of the loan amount along with assignment of future income of the student for payment of instalments.

For Institutions in List-B:

Up to Rs. 15  Lakh No Security Co-obligation of parents/guardian along with assignment of future income of the student for payment of instalments.

Above Rs. 15  Lakh Tangible collateral security equal to 100% of the loan amount along with assignment of future income of the student for payment of instalments.

For Institutions in List-C:

Up to Rs.10 Lakh No Security Co-obligation of parents/guardian along with assignment of future income of the student for payment of instalments.

Above Rs.10 Lakh Tangible collateral security equal to 100% of the loan amount along with assignment of future income of the student for payment of instalments.

For all cases if  limit exceeds Rs.80.00 Lakh Security coverage should be 1.25 times


Disbursement

Directly to school/institution/hostel - term wise/year wise, in stages as per the requirement/demand.

Directly to book seller/shop for purchase of books, instruments, equipment.

In case a student does not secure a hostel facility with an educational institute, he may be allowed to make his own arrangement if required. Lodging/boarding charges in such cases to be paid directly to the concerned establishment, after verifying bonafides of the same.


Financing Branch
  • Branch in the vicinity of the institute

Or

  • Branch which is in close proximity to the permanent residence of parent/at the place of posting/service of the parent branch

In case where the programmes are being offered by these premier institutions in collaboration with the technology partners like Huges, Times Pro etc., the centres of such technology partners may be treated at par with the Institutions and a branch in the vicinity of the centre of such technology partners can also sanction.


Insurance :

Group credit Life Insurance Cover will be mandatory if Loan amount exceeds Rs.7.50 Lakh.The Cost of Insurance Premium may be financed by Bank by adding the same in the project cost and shall be recovered along with EMIs of the loan. Alternatively, student can provide any term insurance plan obtained from any IRDA approved insurance Company.

Frequently Asked Questions (FAQs)

  • What is the Bank of Baroda education loan for premier institutions?

    Bank of Baroda education loan is for students who have secured admission into one of the premier educational institutions in India or aboard with preferential treatment.

  • Is there collateral-free loan being available for premier institutions?

    Yes. We do offer collateral-free education loans for premier institutions.

    • For category AA – Rs. 40 lakhs
    • For category A – Rs. 30 lakhs
    • For category B – Rs.15.00 lakhs
    • For category C – Rs.10 lakhs
  • How to apply for an education loan for the premier institute scheme?

    We offer 2 seamless options for educational loans. 

    1. Seek online application: https://www.bankofbaroda.in/personal-banking/loans/education-loan
    2. Get in touch with the nearest branch in your area
  • What is the age limit for education loans to students at premier institutes?

    Any Indian citizen can obtain an educational loan at premier institutions. In case, the student was a minor while the parents took a loan, the bank shall ask for a letter of ratification from him or her upon attaining a majority.

  • Can I get an education loan for IIT/IIM?

    Yes. If the institute falls under the categories of AA, A, B, or C, then the student shall proceed to apply for the loan.

  • How much loan can a student get via Baroda education loan to students of premier institutions?

    Indian institutes: up to Rs. 80 lakhs. International institutes: up to Rs. 150 lakhs.

  • What is the education loan interest rate under this scheme?

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