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Education Loan EMI Calculator
Rate of Interest(%):5%15%
Equated Monthly Installment (EMI) will be₹49,209
Skill Loan Scheme
This loan is given for students pursuing technical courses offered by training institutes, polytechnics etc. The loan amount ranges from Rs. 5,000 to Rs. 1,50,000. The repayment period depends on the loan amount but can go up to 7 years.
Interest rates & charges
Terms & Conditions
- No processing charges
- No documentation charges
- No margin
- No security required
- Loan for students pursuing technical courses offered by training institutes, polytechnics etc.
- No processing charges
- No documentation charges
- No margin
Applicability of The Scheme
This scheme is applicable at all our branches across the country.
- • Any individual who has secured admission in a course run by the following is eligible for a Skill Loan:
- • Industrial Training Institutes (ITIs)or Polytechnics
- • In a school recognized by central or State education Boards
- • In a college affiliated to recognized university
- • Training partners affiliated to National Skill Development Corporation (NSDC)/Sector Skill Councils, State Skill Mission, State Skill Corporation, preferably leading to a certificate/diploma/degree issued by such organization as per National Skill Qualification Framework (NSQF).
Courses run by above mentioned training institutes aligned to National Skill Qualification Framework (NSQF) shall be covered by the Skill Loan. There is no minimum course duration. Vocational/Skill development courses of duration from 2 months to 3 years run or supported by a ministry/department/organization of the govt. or a company/society/organization supported by National Skill Development Corporation(NSDC) or State Skill Missions /State Skill Corporations, preferably leading to a certificate/diploma/degree issued by a government organization or an organization recognized/authorized by the government to do so. State Level Bankers committee(SLBC)/State level Coordination Committee(SLCC) may add other skill development courses/programmes, having good employability. Approved courses/training programs as per the National Skill Certification and Monetary Reward Scheme.
The applicant should be an Indian national.
There is no specific restriction with regard to the age of the student to be eligible for Skill Loan. However, if the student is a minor then the parent has to execute documents for the loan. The bank will obtain a letter of acceptance/ratification from him/her upon attaining majority.
As required by the enrolling institutions/organizations as per NSQF.
Know your customer (KYC) norms
Aadhar card number will also be considered as a valid proof for KYC norms in addition to other identity and address proof as determined by respective banks/lending institutes.
Rate of Interest:
BRLLR + 1.50%
- Servicing of interest during Study Period and Moratorium Period shall be at the option of the borrower.
- For girl students, an incentive in the form of 0.50% Interest Concession shall be provided as being provided under our Education Loan Product.
- The effective rate of interest should not go below the BRLLR at any instance (with or without concessions if any).
Processing Charge/documentation Charges:
- 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)
- Minimum Loan Amount: Rs. 5000
- Maximum Loan Amount: Rs. 1,50,000
Need based finance subject to repayment capacity of Student.
Coverage of expenses for
- Tuition fee/Course fee
- Examination /Library/Laboratory fee
- Caution Deposit
- Cost of Books/Equipments and Instruments
- Any other reasonable expenditure found necessary for completion of the course.
Unified Processing charges:
No Collateral or third-party guarantee will be obtained, however, the parent will execute loan document along with the student borrower as joint borrower.
Upon completion of the course, repayment will start after a moratorium period as indicated below
Courses of duration upto 1 year-Upto 6 months from the completion of the course
Courses of duration above 1 year-12 months from the completion of the course
Directly to / Institution.
The loan will have tenure as follows
- Loans up to Rs. 50,000: Up to 3 years
- Loans between Rs. 50,000 to Rs. 1 lakh: Up to 5 years
- Loans above Rs 1 lakh: up to 7 Years
Insurance : Group credit Life Insurance Cover will be available at the option and cost of the borrower. 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.
The Borrower can repay the loan any time after commencement of repayment WITHOUT having to pay any prepayment charges.
Who can apply for the loan?
Any Indian national fulfilling the criteria stated above is eligible for education loan.
Who can be co-obligant?
The parents, guardians, friends and relatives can be co-obligant.
How much does Bank of Baroda lend?
Bank of Baroda extends need based finance, subject to repaying capacity of the parents/student with margin up to following ceilings.
Studies in India - Maximum Rs. 10 lakhs
Studies abroad - Maximum Rs. 20 lakhs.
For how long a period can I get the loan?
We grant loans for a term of 5-7 years after repayment holiday/moratorium.
What is the repayment holiday/moratorium period?
Course period + 1 year or 6 months after getting a job, whichever is earlier.
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 1% interest concession to the student loanee, if the interest is serviced during the study period when repayment holiday is specified for interest/repayment under the scheme. Additionally, 1% interest concession is provided to female students.
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 a loan exceeding Rs. 4 lakhs.
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