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✓ Up to 1.5 Cr Loan
✓ Bank of Baroda (BOB) Education loan interest rate @ 10.20% P.A.
Bank of Baroda has diverse education loan schemes tailored to meet the needs of students wanting to pursue higher education in India or Abroad.
You can watch this video to gain a better understanding of all the schemes available to you through the Bank of Baroda. This video is a valuable resource for students who are considering abroad education and looking for ways to fund their education. It provides a comprehensive overview of the education loan schemes offered by the Bank of Baroda so that students are equipped with the knowledge they need to make informed decisions about their education funding.
Bank of Baroda offers a maximum of 150 Lakhs at an interest rate of 10.85% for students pursuing education abroad.
| Parameters | Details |
| Loan Limit | Rs. 150.00 lacs for Institutions specified in List of Premier Institutions Rs. 60.00 lacs for Institutions not specified in List of Premier Institutions |
| Expenses covered |
|
| Accepted co-applicant | Parents / Parents -in-law, siblings, Parent’s siblings, spouse, first cousins |
| Interest rate/rate of interest | List of Institutes specified in Premier Institutions: 10.20% List of Institutes NOT specified Premier Institutions:
|
| Moratorium Period | Course period + 1 year. |
| Repayment Duration | 10 to 15 years after the completion of the moratorium period |
| Repayment policies | In the moratorium period simple interest is charged whereas compound interest is charged after that |
| Eligibility Criteria | -Must be an Indian citizen - Admission must be secured through a merit-based process of selection |
Courses eligible for Baroda Scholar:
For any queries about any of the mentioned schemes, you can talk to our financial officers by requesting a callback or visiting our website.
| Parameters | Details |
| Loan Limit | Up to 80 Lacs |
| Expenses covered | - Charges for laboratory, library, and examination -Insurance premiuim for the applicant - Costs of books, instruments, uniforms, and equipment - Caution fee (only if it's Less than 10% of the loan amount) - Tuition fees payable to the institution - The cost of laptop/ computer - Other miscellaneous expenses |
| Accepted co-applicant | Parents, parents in law, siblings, parent’s siblings, spouse or first cousins (in the order mentioned) |
| Interest rate/rate of interest | Upto 7.5 Lakhs 10.50% Above 7.5 Lakhs 10.85% |
| Moratorium Period | Duration of the course + 3 Months |
| Repayment Duration | 10 to 15 years |
| Repayment policies | Simple interest will be charged during the moratorium period which is compulsory to pay in the moratorium period |
| Simple interest will be charged during the moratorium period which is compulsory to pay in the moratorium period | Simple interest will be charged during the moratorium period which is compulsory to pay in the moratorium period |
| Eligibility Criteria | - Applicant must be a citizen of India - Admitted into technical/ professional courses conducted overseas by premier/prime universities in abroad - Should be employed and should continue to be employed during studies. |
| Parameters | Details |
| Loan Limit | maximum Rs. 125 lacs (for medical and aviation courses) 25 lacs for other courses Can request for a higher amount |
| Expenses covered |
|
| Accepted co-applicant | Parents / Parents -in-law, siblings, Parent’s siblings, spouse, first cousins |
| Interest rate/rate of interest |
|
| Moratorium Period | Course duration + 6 months |
| Repayment Duration | 10 to 15 years |
| Repayment policies | Simple interest is to be paid during the moratorium period and compound interest after the moratorium period |
| Eligibility Criteria |
|
Courses eligible for Baroda Gyan:
| Parameters | Details |
| Loan Limit | Up to 80 Lakhs |
| Expenses covered |
|
| Accepted co-applicant | Parents / Parents -in-law, siblings, Parent’s siblings, spouse, first cousins |
| Interest rate/rate of interest | 8.45% to 10.30% |
| Moratorium Period | Course duration + 1-year |
| Repayment Duration | 10 to 15 years
|
| Repayment policies | Repayment of interest in the moratorium period is optional |
| Eligibility Criteria |
|
Eligible courses for Baroda education loan to students of premier institutions:
–Full-time courses from premier institutions from the list of institutions
| Parameters | Details |
| Loan Limit | Up to 20 Lacs |
| Expenses covered | - tuition fees payable to the institution - Charges for laboratory, library and examination - Costs of books, instruments, uniforms, and equipment - Caution fee (only if it's Less than 10% of the loan amount) - the cost of laptop/ computer - insurance premium for the applicant - other miscellaneous expenses |
| Accepted co-applicant | Parents, parents in law, siblings, parent’s siblings, spouse or first cousins |
| Interest rate/rate of interest | For list AA/ A universities- 7.70% For list B universities- 8.8% (up to 7.5 Lakhs) and 8.85 (above 7.5 Lakhs) For list C universities- 9.55%(up to 7.5 Lakhs) and 9.3 % (above 7.5 Lakhs) |
| Moratorium Period | Duration of the course + 3 Months |
| Repayment Duration | 10 to 15 years |
| Repayment policies | Simple interest will be charged during the moratorium period it is mandatory to pay interest in the moratorium period |
| Eligibility Criteria | - Applicant must be an Indian citizen - Admitted into technical/ professional courses conducted in India by premier universities - Should be employed and should continue to be employed during studies. |
| Parameters | Details |
| Loan Limit | Up to 1,50,000 |
| Expenses covered |
|
| Accepted co-applicant | Parents / Parents -in-law, siblings, Parent’s siblings, spouse, first cousins |
| Bank of Baroda loan interest rate/rate of interest | 10.20% 0.50% concession on ROI for girl students |
| Moratorium Period | Courses of duration up to 1 year-Up to 6 months from the completion of the course Courses of duration above 1 year-12 month from the completion of the course |
| Repayment Duration |
|
| Eligibility Criteria |
|
Eligible courses
Bank of Baroda Education Loan scheme accepts every kind of study loan application irrespective of the course or country. Great news, right?
The 0.5% reduction in your BOB student Loan Interest Rate is eligible if you meet two criteria. Firstly, if your field of study is STEM, Management, Medical, Economics, Econometrics, Arts, Law, Performing Arts or Design. Secondly, if your university has a good ranking.
For student loan, BOB interest rate is one of the best rates in the market. Check below the universities that are preffered by Bank of Baroda.
The Bank of Baroda have a special preference for certain universities around the world according to the course. Below is a specified list which is categorised according to the course and country for your ease.
Below is a list of preferred universities to pursue STEM courses which is categorised by different countries!
1. Stanford University
2. California Institute of Technology (Caltech)
3. Massachusetts Institute of Technology (MIT)
4. Princeton University
5. Georgia Institute of Technology
6. Carnegie Mellon University
7. The University of California, Berkeley(UCB)
8. The University of Illinois at Urbana-Champaign
9. University of Michigan
10. Cornell University
11. Northwestern University
12. Purdue University West Lafayette
13. Columbia University (Fu Foundation)
14. The University of Texas at Austin
15. University of Texas Austin
16. Harvard University
17. University of California Santa Barbara
18. University of California San Diego
19. Johns Hopkins University
20. University of Wisconsin Madison
21. University of Washington
22. Rice University
23. Ohio State University
24. Pennsylvania State University- University Park
25. Texas A&M University College Station
26. University of Southern California (Viterbi)
27. University of California Davis
28. University of Maryland College Park
29. University of Minnesota Twin Cities
30. Virginia Polytechnic Institute and State University
31. University of Colorado Boulder
32. North Carolina State University
33. University of California Irvine
34. University of Florida
35. Arizona State University
36. Michigan State University
37. University of California, Riverside
38. University of Notre Dame
39. University of Massachusetts
40. Case Western Reserve University
41. University of Virginia
42. University of California, Santa Cruz
43. Boston University
44. Colorado School of Mines
45. Rutgers, the State University of New Jersey
46. Florida State University
47. The University of Tennessee, Knoxville
48. University of Texas Dallas
49. Binghamton University, State University of New York
50. Rensselaer Polytechnic Institute
51. University at Buffalo SUNY
52. Northeastern University
53. University of Connecticut
54. Drexel University
55. The University of Arizona
56. Florida International University
57. George Washington University
58. The University of Hawaii at Mānoa
59. University of Houston
60. University of Nebraska-Lincoln
61. University of Illinois, Chicago (UIC)
62. University of South Carolina
63. University of South Florida
64. Stony Brook University
65. University of Tulsa
66. University of Utah
67. Washington University in St. Louis
68. University of Iowa
69. Syracuse University
70. Tufts University
71. Iowa State University
72. Wake Forest University
73. University of Wisconsin-Milwaukee
74. Washington State University
75. Colorado State University
76. University of Arkansas
77. University of Cincinnati
78. Lehigh University
79. George Mason University
80. Louisiana State University
81. University of Oklahoma
82. University of Maryland, Baltimore County
83. Missouri University of Science and Technology
84. New Jersey Institute of Technology
85. New Mexico State University
86. Old Dominion University
87. Oregon State University
88. Stevens Institute of Technology
89. The University of Texas at Arlington
90. The University of Texas at San Antonio
91. Texas Tech University
92. University of Toledo
93. University of Alabama
94. The University of Alabama at Birmingham
95. Auburn University
96. Marquette University
97. Mississippi State University
98. University of Missouri
99. San Diego State University
100. University of Texas at El Paso
101. Villanova University
102. Wayne State University
103. Baylor University
104. Brandeis University
105. California Institute of Technology
106. Case Western Reserve University
107. City University of New York
108. Dartmouth College
109. Duke University
110. Georgetown University
111. Illinois Institute of Technology
112. Indiana University Bloomington
113. Indiana University-Purdue University--Indianapolis
114. Kansas State University
115. Medical University of South Carolina
116. Michigan Technological University
117. New York University
118. Rutgers University-New Brunswick
119. Temple University
120. Thomas Jefferson University
121. Syracuse University
122. University at Albany--SUNY
123. University of California, Irvine
124. The University of California, Los Angeles (UCLA)
125. University of Central Florida
126. University of Chicago
127. University of Colorado Denver
128. University of Delaware
129. University of Georgia
130. University of Kansas
131. University of Kentucky
132. University of Massachusetts Amherst
133. University of New Mexico
134. University of Pennsylvania
135. University of Pittsburgh
136. University of Rochester
137. Vanderbilt University
138. Virginia Commonwealth University
139. Virginia Tech
140. Yale University
141. Yeshiva University
1. Cardiff University
2. University of Bath
3. University of Glasgow
4. Cranfield University
5. Imperial College London
6. King's College London
7. The University of Edinburgh
8. The University of Manchester
9. The University of Nottingham
10. The University of Sheffield
11. The University of Warwick
12. UCL (University College London)
13. University of Birmingham
14. University of Bristol
15. University of Cambridge
16. University of Leeds
17. University of Oxford
18. University of Southampton
19. Durham University
20. Queen Mary University of London
21. University of Exeter
22. Lancaster University
23. University of Leicester
1. National Cheng Kung University (NCKU)
2. National Taiwan University of Science and Technology (Taiwan Tech)
3. National Taiwan University (NTU)
4. National Tsing Hua University
1. EPFL (Ecole Polytechnique Fédérale de Lausanne)
2. ETH Zurich - Swiss Federal Institute of Technology ETH Zurich
3. University of Zurich
1. Chalmers University of Technology
2. KTH Royal Institute of Technology
3. Lund University
1. Politecnica de Madrid
2. Universitat de Barcelona
3. Universitat Politecnica de Catalunya
4. Universitat Politecnica de Valencia
1. KAIST - Korea Advanced Institute of Science & Technology
2. Korea University
3. Pohang University of Science And Technology (POSTECH)
4. Seoul National University
5. Sungkyunkwan University (SKKU)
1. Nanyang Technological University, Singapore (NTU)
2. National University of Singapore (NUS)
1. Lomonosov Moscow State University
1. The University of Lisbon
1. Norwegian University of Science And Technology
1. The University of Auckland
1. Delft University of Technology
2. Eindhoven University of Technology
3. University of Amsterdam
1. Universiti Sains Malaysia (USM)
2. Universiti Teknologi Malaysia
3. University of Malaya
1. Kyoto University
2. Osaka University
3. The University of Tokyo
4. Tohoku University
5. Tokyo Institute of Technology
1. Alma Mater Studiorum - University of Bologna
2. Politecnico di Milano
3. Politecnico di Torino
4. Sapienza University of Rome
1. Technion - Israel Institute of Technology
1. Trinity College Dublin, The University of Dublin
1. City University of Hong Kong
2. The Chinese University of Hong Kong (CUHK)
3. The Hong Kong Polytechnic University
4. The Hong Kong University of Science and Technology (HKUST)
5. The University of Hong Kong
1. National Technical University of Athens
1. Friedrich-Alexander-Universitat Erlangen-Nürnberg
2. Humboldt-Universitat zu Berlin
3. KIT, Karlsruhe Institute of Technology
4. Ludwig-Maximilians-Universität München
5. RWTH Aachen University
6. Technische Universitat Berlin
7. Technische Universitat Darmstadt
8. Technische Universitat Dresden
9. Technische Universitat München
10. Universität Stuttgart
1. Centrale Supelec
2. Institut Polytechnique de Grenoble - Grenoble Institute of Technology
3. Université Pierre et Marie Curie (UPMC)
1. Aalto University
1. Aalborg University
2. Technical University of Denmark
1. Beijing Institute of Technology
2. Fudan University
3. Harbin Institute of Technology
4. Peking University
5. Shanghai Jiao Tong University
6. Tsinghua University
7. University of Science and Technology of China
8. Xian Jiaotong University
9. Zhejiang University
1. McGill University
2. McMaster University
3. Queen's University at Kingston
4. Universite de Montreal
5. University of Alberta
6. University of British Columbia
7. University of Toronto
8. University of Waterloo
1. Ghent University
2. KU Leuven
1. Vienna University of Technology
1. Curtin University
2. Monash University
3. Queensland University of Technology (QUT)
4. RMIT University
5. The Australian National University (ANU)
6. The University of Adelaide
7. The University of Melbourne
8. The University of New South Wales (UNSW Australia)
9. The University of Newcastle, Australia (UON)
10. The University of Queensland
11. The University of Sydney
12. The University of Western Australia
13. University of Technology Sydney
14. University of Wollongong
The bank of baroda considers the following universities as best for management programs and hence easily provides funding for them!
1. Harvard University
2. Massachusetts Institute of Technology: Sloan
3. Stanford University
4. University of Pennsylvania: Wharton
5. University of Chicago: Booth
6. University of California at Berkeley: Haas
7. New York University: Stern
8. Columbia University
9. Yale University
10. University of Michigan: Ross
11. Northwestern University: Kellogg
12. Princeton University
13. Duke University: Fuqua
14. Cornell University: Johnson
15. UCLA ( University of California Los Angeles ): Anderson
16. University of Minnesota: Carlson
17. Arizona State University: Carey
18. Michigan State University: Broad
19. Pennsylvania State University: Smeal
20. University of Maryland: Smith
21. Indiana University: Kelley
22. University of California, San Diego
23. Ohio State University: Fisher
24. University of Southern California: Marshall
25. The University of Texas at Austin: McCombs
26. Texas A&M University--College Station
27. University of Washington: Foster
28. Washington University in St. Louis
29. Dartmouth College: Tuck
30. Boston University: Questrom
31. University of Wisconsin
32. The University of Illinois at Urbana-Champaign
33. University of North Carolina: Kenan-Flagler
34. Boston College: Carroll
35. Georgia Institute of Technology: Scheller
36. Rutgers - The State University of New Jersey, Newark--New Brunswick
37. Georgia State University
38. University of Virginia: Darden
39. Purdue University: Krannert
40. Carnegie Mellon University
41. The University of Texas at Dallas: Jindal
42. University of Arizona
43. University of California--Davis
44. University of Notre Dame: Mendoza
45. University of South Carolina: Moore
46. Babson College: Olin
47. Temple University: Fox
48. University of Florida
49. University of Georgia
50. Northeastern University
51. Georgetown University: McDonough
52. George Washington University
53. Florida State University
54. University of Colorado-Boulder
55. IU Kelley School of Business
56. The University of California at Irvine: Merage
57. University of Houston
58. Syracuse University
59. George Mason University
60. Vanderbilt University: Owen
61. University of Illinois-Chicago
62. University of Pittsburgh: Katz
63. University of Pittsburgh
64. Johns Hopkins University
65. Iowa State University
66. University of Massachusetts-Amherst
67. Virginia Tech
68. North Carolina State University-Raleigh
69. Drexel University
70. University of Alabama
71. Emory University: Goizueta
72. Rice University: Jones
73. Brigham Young University: Marriott
74. Washington University: Olin
75. University of Rochester: Simon
76. University of Iowa: Tippie
77. Southern Methodist University (SMU): Cox
78. California Institute of Technology (Caltech)
79. Brown University
80. The University of California, Santa Barbara (UCSB)
81. Case Western Reserve University
82. Tufts University
83. University of Miami
84. University at Buffalo SUNY
85. University of California, Riverside
86. The Katz School at Yeshiva University
87. Rensselaer Polytechnic Institute
1. London School of Economics and Political Science (LSE)
2. University of Oxford: Saïd
3. University of Cambridge: Judge
4. University of Warwick
5. Imperial College Business School
6. University College of London ( UCL )
7. University of Manchester
8. City University: Cass
9. The University of Nottingham
10. Lancaster University Management School
11. University of Leeds
12. Cardiff University
13. University of Bath
14. University of Edinburgh Business School
15. The University of Sheffield
16. University of Sheffield
17. University of York
18. University of Southampton
19. University of Strathclyde Business School
20. University of Birmingham
21. University of Glasgow
22. Durham University Business School
23. University of Exeter
24. Newcastle University
25. London Business School
26. Cranfield University
27. King's College London
28. University of Bristol
29. University of St Andrews
1. University of Zurich
2. ETH Zurich – Swiss Federal Institute of Technology Zurich
3. University of St Gallen
4. IMD (International Institute of Mgmt. Development)
1. University of Navarra
2. IE University
3. Ramon Lull University
1. Sungkyunkwan University GSB
1. National University of Singapore Business School
2. Nanyang Technological University
3. INSEAD Business School
1. The Lisbon MBA
1. Rotterdam School of Management, Erasmus University
1. Bocconi University
1. University College Dublin: Smurfit
1. Hong Kong University of Science and Technology (HKUST) Business School
2. Chinese University of Hong Kong (CUHK) Business School
3. University of Hong Kong
Bank of Baroda has the below listed universities in its prime category and so it gives them utmost preference while giving student loan for medical programs.
Bank of Baroda does not charge any processing fee for a loan amount of up to 7.50 Lacs. The processing fee charged above a loan amount of 7.50 Lakhs is refundable. A non-refundable amount of 8500/- is charged for the lawyer and evaluator fees.
| Scheme | Processing fee |
| Baroda Gyan | 1% of the required loan amount (maximum Rs. 10,000)+Applicable GST |
| Baroda Scholar | 1% of the required loan amount (maximum Rs. 10,000)+Applicable GST |
| Baroda education loan to students of premier institutions | For studies overseas- 1% of the required Loan amount (maximum Rs. 10,000) |
| Skill Loan scheme | NIL |
| Baroda education loans for EDP being offered by premier institutions in India | NIL |
| Baroda education loans for EDP being offered by premier institutions abroad | 1% of the entire loan amount ( only a maximum of 10,000 is charged) |
The services we provide at WeMakeScholars won't cost you anything, as we don't charge any processing fees. Our organization is funded and supported by the Ministry of IT, the government of India as part of the Digital India campaign, which allows us to offer our services for free to students seeking scholarships and other forms of financial aid.
We can assist you in avoiding sanction-related issues or delays and saving time by providing you with a customized document checklist that takes into account your unique circumstances and requirements.
| Parameters | Details |
| Basic documents for the Applicant (student) and co-applicant and/or Guarantor |
Note: In case the permanent and current addresses of the student are different two distinct proofs are required.
|
| Applicant academic documents | 1. Reports/ marksheets and certificates 10th, 12th, and degree 2. Enrollment proof of admission into the course (showcasing the total duration of the course) 3. Fee structure of the program ( For USA, i20 if available) 4. IELTS/GMAT/GRE Scorecard. 5. University Ranking print-out from |
|
Financial Co-applicant Income documents |
If Salaried: 1. 3 months' worth of salary slips 2. 2 years' worth of Form 16 3. Identification card of the employer 4. Income tax return filed for 2 years If Self-employed: 1. 3 years worth of ITR 2. P&L account and Balance sheet Last 3 yrs 3. Address proof for business |
|
Other Documents |
1. a letter saying that the co-applicant would be chargeable for any residual costs beyond funding by the loan. 2. The processing fee will be payable with a cheque for Rs. 11,800. 3. additional checks for lawyer and evaluator costs (If they were performed by the bank itself) 4. Property collateral owner’s affidavit on Rs. 20 or 100 stamp paper. Note: If the property is owned by more than 1 owner then each of them has to bring an affidavit. |
|
Additional docs |
1. An invoice for expenses such as travel, laptop, etc has to be brought if a loan is being asked for it. 2. Receipt for any transactions made in advance. 3. Any remaining loan statements from the preceding year. 4. Letter explaining the gap. Sample- on Rs. 100 stamp paper. 5. If relevant, a letter explaining the lack of co-applicant’s Income tax return |
The loan insurance offered by Bank of Baroda ranges from 1-2%.
Loan insurance can turn out to be very helpful in unforeseen circumstances such as the disability or death of the applicant. Without the loan insurance, the co-applicant ends up bearing the entire burden of loan repayment. To avoid that loan insurance must be opted for.
| Scheme | Loan margin |
| Baroda Gyan | Up to 4 Lakhs: NIL Above 4 Lakhs: 5% |
| Baroda scholar |
For Premier institutes -
For Non-premier institutions -
|
|
Baroda education loan to students of premier institutions
|
Up to 4 Lakhs: NIL |
| Skill loan scheme |
NIL |
| Baroda education loans for EDP being offered by premier institutions in India |
From 4 lakhs to 7.5 Lakhs - 15% Above 7.5 Lakhs - NIL |
| Baroda education loans for EDP being offered by premier institutions abroad |
up to 4 lakhs - NIL Above 4 Lakhs - 5% |
The loan margin in Bank of Baroda ranges from 0% to 15%i.e the student has to arrange. For example, if a student has applied for a loan of 40 Lakhs and if the loan margin is 5%, then the loan margin would be 2 Lakhs.
We acknowledge that loan margins can have a considerable influence on borrowing expenses, and we're committed to helping our customers get the most beneficial loan terms and interest rates.
The Indian government will pay the interest due during the moratorium, which is equal to the length of the course plus 12 months, under these programs.
Here are three education loan subsidy schemes in details:-
Eligibility:
The applicant is a member of a religious minority (Muslim, Christian, Sikh, Buddhist, Jain, Zoroastrian) and has an annual family income is less than 6 lakhs.
Note: The Padho Pardesh Scheme is no longer in effect as of April 1, 2022. However, the previous beneficiaries as of March 31, 2022, will continue to receive the interest subsidies during the loan's term and its moratorium period.
Eligibility:
The household income of the applicant is less than 4.5 lakhs.
Eligibility:
Step 1: Visit the Bank Of Baroda branch nearest to you and fill in the loan application
Step 2: Your profile will be evaluated and depending on that you will be asked to submit a list of documents.
Step 3: Submit all the documents you are asked for in the BOB branch closest to you
Step 4: After verification of documents the loan amount will be disbursed into your account.
Step 1: Fill out the Common Application form for an education loan.
Step 2: You will get a call from one of our financial officers to check your eligibility for the loan. Give them all the details you are asked for.
Step 3: A comparison of all the loan lenders you are eligible for getting a loan from will be provided to you by your financial officer.
Step 4: Take those documents and submit them directly to the bank or you can upload them to the WMS secure portal
Step 5: After you’ve submitted all your documents your file will be logged in. You will be informed of the result of your loan in 2 to 6 days in the case of public banks and 15-20 days in the case of private banks.
Step 6: You will sign the loan agreement after which you can collect your sanction letter.
If you're looking for guidance on transferring your loan, our financial officers are here to help and can answer any questions you may have
In Bank of Baroda, the moratorium lasts for the course duration plus an additional 6 to 12 months.
For example, if you take out a loan of 24 Lacs, with an interest rate of 8.5% and with a repayment tenure of 10 years, this would be your amortization schedule.
| # | EMI | Interest portion | Loan Outstanding | Principal portion |
| End of 1st year | 34317 | 18418 | 15899 | 2584254 |
| End of 2nd year | 34317 | 17012 | 17305 | 2384444 |
| End of 3rd year | 34317 | 15483 | 18834 | 2166972 |
| End of 4th year | 34317 | 13818 | 20499 | 1930278 |
| End of 5th year | 34317 | 12006 | 22311 | 1672662 |
| End of 6th year | 34317 | 10034 | 24283 | 1392275 |
| End of 7th year | 34317 | 7888 | 26430 | 1087105 |
| End of 8th year | 34317 | 5551 | 28766 | 754960 |
| End of 9th year | 34317 | 3009 | 31308 | 393457 |
| End of 10th year | 34317 | 241 | 34076 | 0 |
WeMakeScholars is committed to providing students with comprehensive and dependable services, and our post-sanction support is just one of the ways we strive to simplify the study loan application process.
Education Loan FAQsWhat is the tax benefits on Education loan from Bank of Baroda
There are 3 types of tax benefits that can help you to save a considerable amount of saving on your education loan:- 1) Under section 80E of the Income Tax Act 1961, the complete interest amount of a student loan can be claimed as a tax-free expense which means up to your effective interest rate will be 30% less than quoted. 2) Under section 80C of the Income Tax Act 1961, an individual can claim an interest portion of up to 1.5 lacs from the total taxable income. 3) TCS on foreign remittance: When you send money abroad, you need to pay TCS on foreign remittance. TCS is 5% if you are sending money from your own account and it is 0.5% only if money is coming through an education loan, so there is a saving of 4.5% on foreign remittances.
Can my brother be my co-applicant if my parents have passed away?
Yes, your brother can be your co-applicant
Does BOB provide education loans for MBBS?
Yes, under their Baroda Gyan scheme BOB provides education loans for MBBS
Is there an age limit to getting an education loan in BOB?
There is no age limit for getting an education loan in BOB.
Can I get a loan under the Baroda scholar scheme without collateral/property?
No, you cannot get an education loan without collateral under the Baroda scholar scheme.
How long does it take BOB to process a loan?
The loan processing in BOB can take around 1.5 months.
NEWSBank of Baroda (BOB) witnessed a 3.13% surge in its stock price, reaching Rs 194 on the BSE. Among PSU banks, State Bank of India (SBI) is the only other institution with a market capitalization of Rs 1 lakh crore or higher, while private lenders such as HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, and IndusInd Bank have market capitalizations ranging up to Rs 9 lakh crore.
The bank is regarded as one of the leading PSU banks, boasting a global loan book of Rs 9.7 lakh crore and displaying better operational metrics among its peers. Bank of Baroda has an extensive nationwide presence with 8,200 branches and a notable international presence through its joint ventures and subsidiaries, which contribute to 18% of its total business.
Last update - 20/06/2023
Bank of Baroda (BoB) has launched its "BOB Ke Sang Tyohaar Ki Umang" festive campaign until December 31, 2023. This campaign offers attractive interest rates on various loans, with a focus on education loans.
BoB is offering education loans starting at a competitive rate of 8.55% p.a. This rate includes a discount of up to 60 basis points. The move to provide reduced interest rates and waive the need for collateral underscores BoB's commitment to supporting education and easing the financial burden on students pursuing higher studies.
Home loans start at 8.40% p.a. with waived processing fees, car loans begin at 8.70% p.a., and personal loans from 10.10% p.a. with an 80 basis point discount and no processing fees. BoB now offers fixed and floating interest rates for personal and car loans.
BoB introduces four new savings accounts, including a zero-balance account for students and a lifetime no minimum balance account. There's also the BOB SDP (Systematic Deposit Plan), a recurring deposit scheme with festive benefits.
Debit and credit cardholders can enjoy exclusive discounts and offers on electronics, travel, food, fashion, and more through BoB's partnerships with leading brands.
Last Updated - 15/09/2023