Baroda Scholar

• Education loan for pursuing education abroad (Target group: Students going abroad for vocational/technical studies.)
• No processing charges up to Rs.7.50 Lakh
• No documentation charges
• No Margin on loans up to 4 lacs.

Courses Eligible

• Graduation: for job oriented professional/technical courses offered by reputed universities.
• Post-Graduation: MCA, MBA, MS, etc.
• Courses conducted by CIMA-London, CPA in USA, etc.
• 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.
• Certificate Course
• List of premier institutes for management course
• List of premier institutes for STEM courses (Science, Technology, Engineering and Mathematics) (after 10+2 course & above)
• List of premier institutes for medical course.
• List of premier institutes for other education (law, economics, econometrics, art, performing arts and design courses).

(All the above Institutions are to be treated at par)

• Operating units may also consider loans for any other courses, other than the management course, STEM Courses, medical and other education courses offered by institutes/universities featured in above lists, under our normal education loan scheme for study abroad without any preferential treatment.
• Education Loans for courses offered by universities/institutes for study abroad other than specified in the above mentioned lists can also be considered without any preferential treatment.

Student Eligibility

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

• Special concession in ROI @ 0.50% for female students is available
• 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 Lakh.

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/-(In case of premium institutions this will be refunded on availment of first disbursement)

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.

Documentation (General)

• 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 going abroad for professional/technical studies.

Quantum of finance

• Rs. 150.00 lakh for Institutions specified in List of Premier Institutions
• Rs. 60.00 lakh for Institutions not specified in List of Premier Institutions

Margin

• For Institutions specified in List of Premier Institutions : NIL (irrespective of loan amount)
• Institutions not specified in List of Premier Institutions: Up to Rs. 4.00 lakh: NIL
• Above Rs. 4.00 lakh:10%

Repayment Holiday/ Moratorium Period

Course period + 1 year.

Coverage of expenses for

• Fee payable to College / Institution / University / Hostel / Mess
• charges
• Examination / Library / Laboratory fee
• Purchase of books / equipments / instruments / uniforms
• Personal Computers / Laptops wherever required
• 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 computers, if essential for completion of the course.
• Insurance premium for student borrower
• Any other expenses required to complete the course – like study tours, project works, thesis, etc.
• Travel expenses / passage money (to and fro)
• Cost of external coaching / tution 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

• Up to Rs.7.50 Lakh :NIL
• Above Rs.7.50 Lakh: 1.00% of Loan amount maximum Rs. 10,000/+Applicable GST/-(In case of premium institutions this will be refunded on availment of first disbursement)

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.4.00 Lakh : Co-obligation of parent. No Security
• Above Rs.4.00 Lakh up to 7.50 Lakh: Collateral in the form of a suitable third party guarantee along with assignment of future income.
• 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

Above Rs. 7.5 lakhs

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

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 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.