Baroda Gyan

• Loan for Higher study in India (Target Group: Students pursuing Graduation, Post-Graduation, Professional and other courses in India.)
• No processing charges up to Rs.7.50 Lakh
• No documentation charges
• No Margin on loans up to 4 lacs.
• No Security Up to Rs.7.50 Lakh

Courses Eligible

• 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 management, hospitality management, Event management, mass communication, etc. offered by reputed institutions having assured employment prospects).
• Computer certificate courses of reputed institutes accredited to the department of electronics or institutes affiliated to an approved university.
• Courses like ICWA, CA, CFA.
• Courses conducted by IIM, IIT, IISc, XLRI. NIFT.
• Regular degree/diploma courses like aeronautical, pilot training, shipping etc., approved by the director general of civil aviation/shipping.
• Courses offered in India by reputed universities abroad.
• Evening courses of approved institutes.
• Other courses leading to diploma/degree ,Certificate etc., conducted by colleges/universities approved by UGC/Govt./AICTE/AIBMS/ICMR
• 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 a degree or diploma Course and not to certificate course. Branches can consider the request for education loan under our Baroda Gyan Scheme for the above courses. The fee that is to be considered for purpose should be the fee structure as approved by the State Government or Government approved regulatory body for merit seats in government Colleges/private self-financing colleges, cooperative and colleges run by universities, as the case may be.
• Baroda Corporate Centre may approve other institution/courses depending on future prospects/recognition by user institutions.

Student Eligibility

• Student of Indian National.
• Non-Resident lndian (NRl), Person of India Origin (PlO) / Overseas citizen of India (OCl) and students who are born to Indian parents during their stay abroad (overseas citizenship by birth, when parents were on deputation with Foreign Government/Government agencies or international /Regional agencies etc. and now studying in India after repatriation of their parents) an should have secured confirmed admission for a higher education Course in India only.

Floating Rates:

Fixed Rates:

• Special concession in ROI @ 0.50% for female students is available
• Additional concession of 0.50% in ROI will be applicable to the students pursuing Bachelor and Master in Medical courses (MBBS/BDS/MS/MD/MDS etc). Ayurvedic and Homeopathic courses would not be eligible.
• Additional Risk Premium @ 0.10% (All Education loans above Rs 7.50 lakhs) over the above rates would be applicable for customers not obtaining Group Credit Life/ Life Insurance cover to the extent of the loan amount.

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

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

VLP Charge - Rs.100/- for all cases

Unified Processing Charges-

• Up to Rs.7.50 Lakh :NIL
• Above Rs.7.50 Lakh: 1.00% of Loan amount maximum Rs. 10,000/-

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.

Pre-payment charges under fixed rate loan is as under-

• 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)

Target group

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

Quantum of finance

• For Medical and Aviation Max. Rs.125.00 Lakh
• For other Courses Max. Rs.25.00 Lakh

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

• Upto Rs. 4.00 Lakh: NIL
• Above Rs. 4.00 Lakh: 5%

Coverage of expenses for

• Fee payable to college / Institution / University / School / Hoste
• Examination / Library / Laboratory fee.
• Hostel fees / charges.
• Purchase of books / equipments / 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 Bank has tie up arrangement with M/s. IndiaFirst Life Insurance Co & M/s. Kotak Life Insurance co for Group Credit Life insurance cover to Educaiton 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.
• For admission taken under Management Quota Seats, fees as approved by the State Government / Government approved regulatory body for payment seats will be taken.

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 moratorium period as mentioned above
• For loans up to RS. 7.50 Lakhs : Moratorium Period +Maximum -120- installments
• For Loans above RS. 7.50 Lakhs : Moratorium Period +Maximum -180- installments

Unified Processing charges

• Up to Rs.7.50 Lakh :NIL
• Above Rs.7.50 Lakh: 1.00% of Loan amount maximum Rs. 10,000/+Applicable GST

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.

Security

• Up to Rs.7.50 Lakh : No Collateral or third-party guarantee will be obtained, however, the Co-Obligation of Parent is required.
• Above Rs.7.50 Lakh up to Rs. 80.00 Lakh: Tangible collateral security equal to 100% of the loan amount along with assignment of future income
• Above Rs 80.00 lakh: Total security coverage should be 1.25 times of the loan amount along with assignment of future income

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

Financing Branch

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

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.