Home Loan Eligibility Calculator
Education Loan EMI Calculator
  • Loan Amount:

    10000
    10000000
    500000
  • Rate of Interest(%):

    5%
    15%
    7.15
  • Loan Terms:

    12
    180
    120
  • Equated Monthly Installment (EMI) will be

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

Skill Loan Scheme Benefits

  • No processing charges
  • No documentation charges
  • No margin
  • No security required

Skill Loan Scheme Features

  • Loan for students pursuing technical courses offered by training institutes, polytechnics etc.
  • No processing charges
  • No documentation charges
  • No margin

Skill Loan Scheme Eligibility

Applicability of The Scheme

This scheme is applicable at all our branches across the country.


Eligibility Criteria

Training Institutes

  • • 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).

Training Courses

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.


Nationality

The applicant should be an Indian national.


Minimum Age

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.


Minimum Qualification

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.

Skill Loan Scheme Interest rates & charges

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:

NIL

Skill Loan Scheme Documentation

  • 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)

Skill Loan Scheme Most Important Terms and Conditions (MITC)

  • 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:

NIL


Security

No Collateral or third-party guarantee will be obtained, however, the parent will execute loan document along with the student borrower as joint borrower.


Moratorium Period

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


Disbursement

Directly to / Institution.


Repayment Period

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

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.

Frequently Asked Questions (FAQs)

  • What is Skill Loan Scheme?

    Skill Loan Scheme is given to the students pursuing technical courses offered by training institutes, polytechnics etc. The skill 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.

  • Can I get education loan for online course?

    Yes, Bank of Baroda provides Education loan for online course.

  • How to apply for Skill Loan Scheme?
    1. By visiting the nearby branch
    2. By visiting bank’s website https://www.bankofbaroda.in/personal-banking/loans/education-loan
  • Which courses are eligible for education loan?

    Vocational/Skill development courses.

  • What is the age limit for Skill Loan Scheme?

    There is no specific restriction with regard to the age of the student to be eligible for Baroda skill loan scheme.

  • What documents are needed for Baroda Skill Loan Scheme?
    • 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)
  • What is the rate of interest for skill loan scheme?

    BRLLR+1.5% For Current ROI kindly visit our Interest Rates & Charges page.

  • Which students can apply for loan for technical courses?

    Individuals who intend to take up skill development courses as per the Skilling Loan Eligibility Criteria.

  • How can I get skill loan on 10th certificate for technical courses?

    After getting enrolled in Vocational/Skill development courses.

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