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Education Loan EMI Calculator
Rate of Interest(%):5%15%
Equated Monthly Installment (EMI) will be₹49,209
Interest rates & charges
Most Important Terms and Conditions (MITC)
- Loan for Education loan abroad study (Target Group: Students going abroad for Professional / Technical studies.)
- No processing charges
- No documentation charges
- No margin
- 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.
- 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 and 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.
- Should be an Indian national.
- Secured admission to professional/technical courses abroad through entrance test/merit-based selection process.
- For Institutions specified in List of Premier Institutions: BRLLR + 1.75% Spread
- For Institutions not specified in List of Premier Institutions: BRLLR + 2.40%
- 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.
- 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)
Students going abroad for professional/technical studies.
Quantum of finance
Need based finance subject to repayment capacity of parents.
- 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.
- 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%
- For Baroda Education Loans for Executive Development Programmes (Part Time /Online programmes / Distance Learning) being offered by Premier Institutions abroad:
- Up to Rs. 4.00 Lakh: NIL
- Above Rs. 4.00 Lakh: 5%
Repayment Holiday/ Moratorium Period
Course period + 1 year.
Coverage of expenses for
- Fee payable to College / Institution / University / Hostel / Mess
- 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.
- 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
- 1.00% of loan amount (maximum Rs. 10,000) to be recovered upfront which will be refundable on availing (first disbursement) of loan. The amount can be refunded to the credit of the savings bank account/loan account of the student/borrower.
- A non-refundable lump sum amount Rs. 7,500 per property (towards advocate and valuer charges) to be taken upfront in case of all education loan accounts, wherever the property is mortgaged.
Up to Rs.4.00 Lacs: Co-obligation of parent. No Security.
Above Rs. 4.00 Lacs and up to Rs. 7.5 lacs : Collateral in the form of a suitable third party guarantee along with assignment of future income.
The Regional authority may, at its discretion, waive third party guarantee in following cases:
- if satisfied with the net-worth / means of parent who would be executing the document as “Joint borrower”.
- to support highly meritorious / deserving students who have secured admission in an institution of a high repute, but unable to offer suitable third-party guarantee
- Above RS. 7.50 lacs for limits up to Rs 80.00 lakh, tangible collateral security equal to 100% of the loan amount and for limit above Rs 80.00 lakh, total security coverage should be 1.25 times. The above should be along with assignment of future income of the student for payment of instalments.
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.
- 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.
Branch which is in close proximity to the permanent residence of parent/at the place of posting/service of the parent branch.
Who can apply for the loan?
Any Indian national fulfilling criteria stated above is eligible for education loan.
Who can be co-obligant?
The parents, guardians, friends and relative can be co-obligant.
How much does Bank of Baroda lend?
Studies in India - Maximum Rs.125.00 Lakh for Medical & Aviation & for others Rs.10 lakhs
Studies abroad - 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
For how long a period can I get the loan?
We grant loans for a term of 10-15 years after repayment holiday/moratorium.
What is the repayment holiday/moratorium period?
Course period + 1 year
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.
Do you offer any concession?
Yes, we do offer 0.5% interest concession to the girl student Loanee
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.
Do you levy any penalty for default under the scheme?
Yes, we charge penal interest @ 2% on overdue amount in the loan exceeding Rs. 4 lakhs.