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

Central Scheme of Interest Subsidy for Education Loan

For economically weaker sections to pursue technical/professional courses in India.

Padho Pardesh Scheme of Interest Subsidy for Education Loans

Dr. Ambedkar Central Sector Scheme of Interest Subsidy for Educational Loans

Not available

Salient features of scheme are as under:
  • Scheme will be named as “Education Loan Interest Subsidy Scheme” specially designed to provide interest subsidy for the period of moratorium on educational loans taken by students from economically weaker sections from our bank under the educational loan scheme of the Indian Banks’ Association to pursue technical/professional education studies in India.
  • Course fee (all inclusive) may exceed Rs. 10 lakhs but subsidy amount will be calculated only up to loan amount of Rs. 10 lakhs.
  • Government of India will provide a full interest subsidy during the moratorium period on loans taken by students from the bank. Loans sanctioned prior to 01/04/2009, interest on the amount disbursed after 01/04/2009 are eligible.
  • After the moratorium period interest will be borne by student.
  • Student should belong to an economically weaker section (not on social background) having parental family income from all sources not more than Rs. 4.5 lakh per annum.
  • State Government will designate appropriate authority or authorities who are competent to issue income certificates, based on economic index and not social background, for the purpose of this scheme.
  • Subsidy will be available only to students enrolled in recognized technical/professional courses (after XII) in India in educational institutions established by acts of parliament, other institutions recognized by the concerned statutory bodies, Indian Institutes of Management (IIMs) and other institutions set up by the Central/State Government.
  • Interest rates charged on the loan shall be as per interest rates applicable under our education loan scheme.
  • Interest subsidy shall be available to the eligible students only once, either for the first undergraduate degree course or the post graduate degrees/diplomas in India. Interest subsidy shall, however, be admissible for integrated courses (graduates + post graduates).
  • Subsidy shall not be available if a student discontinues the course in midstream, expelled from Institutions on disciplinary or academic grounds.
  • There would be a tag/marker on the degree and marksheet of the student indicating his repayment liabilities. Electronic tag will enable employers to identify loanees. Nodal Bank for the scheme shall be Canara Bank and monitoring shall be finalized in consultation with the Canara Bank.
  • List of technical/professional courses for which the scheme would be applicable, shall be publicized from time to time by UGC and AICTE and the same would be immediately displayed at their websites, which may be accessed for verification purposes.
  • Agreement is also to be signed by the student and bank.

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Select Education Loan Type
  • Baroda Vidya
  • Baroda Gyan Loan
  • Baroda Scholar
  • Baroda Education Loan to Students of Premier Institutions
  • Skill Loan Scheme
  • Vidya Lakshmi Portal
  • Government of India Interest Subsidy Schemes for Education Loan
  • Baroda Education Loan for EDP being offered by Premier Institutions in India
  • Baroda Education Loans for EDP being offered by Premier Institutions Abroad
  • Higher Education and Skill Development Guarantee Scheme for Pursuing Higher Education in Delhi
  • Others

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Frequently Asked Questions (FAQs)

  • 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.

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