Bank of Baroda Abroad Education Loan

✓ Up to 1.5 Cr of Education Loan

✓ Special interest rates for girl students

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Table of content

  1. Baroda Scholar
  2. Baroda Education Loans for EDP being offered by Premier Institutions Abroad
  3. Bank of Baroda processing fee
  4. Documents required for Bank of Baroda education loan
  5. Bank of Baroda Education loan insurance
  6. Bank of Baroda Loan Margin
  7. Education loan interest subsidy schemes
  8. Bank of Baroda Education Loan Application process
  9. Benefits of applying through WeMakeScholars
  10. Why and how to transfer your loan to the Bank Of Baroda
  11. Bank of Baroda Education Loan EMI Calculation as per interest rate
  12. Loan repayment process
  13. FAQ's
  14. Need Help? Ask Here!

The offered amount under Bank of Baroda education loans for studying abroad ranges from Rs 60 lacs to Rs 150 lacs at a rate of interest ranging from 10.20% to 10.85%. It primarily focuses on providing loans for career-building courses such as MS, MBA, and MCA. 

Baroda Scholar



Loan Limit

Up to 150 Lakhs 

Expenses covered

    1. The fee charged by the college
    2. The cost of food and accommodation 
    3. The fee required for the library, laboratory, and examination 
    4. The buying of books, instruments, uniforms, and equipment
    5. The caution deposit, refundable deposit, and building fund 
    6. Insurance coverage provided for the applicant
    7. Travel expenses 
    8. Miscellaneous expenses such as project work, thesis, etc 

Accepted co-applicant

Parents, Parents- in-law, siblings, parent’s siblings, spouse, and first cousins 

Bank of Baroda Education loan interest rate/rate of interest


Loan amount 


   Premier institutes 



 Non-premier institutes 

Up to 7.5 Lakhs 



Above 7.5 Lakhs 


Moratorium Period

Course period + 1-year 

Repayment Duration

    1. 10-15 Years 
    2. For loans, up to 7.5 Lakhs, a repayment period of moratorium period + 120 months (10 years) is provided
    3. For loans above 7.5 Lakhs, a repayment period of moratorium period + 180 months (15 years) is provided 

Repayment policies

  • During the moratorium period, simple interest is charged.
  • The interest is compounded after the moratorium period ends 

Eligibility Criteria

Eligibility of the student:

    1. Should be an Indian national
    2. The admission process is done through a merit-based process of selection.

Eligible courses: 

    1. Career-building technical and professional programs/ courses offered by reputed colleges
    2. MS, MCA, and MBA 
    3. Accountancy courses Administered by CIMA and CPA 
    4. Degree and diploma courses recognized by regulatory and authoritative bodies in India/Abroad for job creation 
    5. Certification courses 
    6. MBA, STEM, Medical, and other courses from the list of premier institutes. 
    7. Other courses can also be considered without any special consideration

Baroda Education Loans for EDP being offered by Premier Institutions Abroad



 Loan Limit

80 Lakhs

Expenses covered

    1. The tuition fee charged by the college 
    2. The cost of purchasing books, instruments, uniforms, and equipment
    3. The caution deposit, refundable deposit, and building fund
    4. The insurance coverage offered for the application
    5. Travel expenditures; and other costs, such as those associated with project work, thesis, etc.

Accepted co-applicant

Parents, Parents- in-law, siblings, parent’s siblings, spouse, and first cousins 

Bank of Baroda Education loan interest rate/rate of interest

Loan limit


Up to 7.5 Lakhs


Above 7.5 Lakhs 


Moratorium Period

Course duration + 3 Months 

Repayment Duration

    1. 10-15 Years
    2. A repayment period of the moratorium period plus 120 months (10 years) is offered for loans up to 7.5 lakhs.
    3. A repayment period of the moratorium period plus 180 months (15 years) is offered for loans above 7.5 lakhs.

Repayment policies

    1. Simple interest is charged during the moratorium period.
    2. After the moratorium period has ended, the interest is compounded.

Eligibility Criteria

Student qualification:

    1. Must be a citizen of India
    2. A merit-based selection approach is used for the admissions process.

Suitable courses:

    1. Technical and professional courses and programs for creating a career given by reputable universities, including the MS, MCA, and MBA
    2. Accountancy courses administered by CIMA and CPA; Degree and diploma 
    3. Certificate programs in MBA, STEM, medicine, and other fields from a selection of top universities.
    4. Additional courses may be taken into consideration without any additional special consideration.


Get the clarity and confidence you need to succeed - check your loan eligibility with us now.

Bank of Baroda processing fee

The processing fee charged by the Bank of Baroda is refundable at the time of the first disbursement.

  Loan Scheme

Processing fee

Baroda Scholar 

1% of the loan amount (maximum 10,000)

Baroda Education Loans for EDP being offered by Premier Institutions Abroad

1% of the loan amount (Capped at 10,000)


A non-refundable amount of Rs. 8500/- is charged towards the lawyer and the evaluator fee. 

Here at WeMakeScholars, we provide all our services free of cost! As we are an organization that is funded by the government of India under the Digital India scheme we do not charge the students any processing fee.


Documents required for Bank of Baroda education loan



Basic documents for Applicant (student), co-applicant, and Guarantor

    1. Application form given by the financial officer of WeMakeScholars, fully completed with two pictures and a signature.
    2. PAN Card as identification (If the student is going abroad passport is also required)
    3. Voter identification cards/ passports/ electricity bills/ phone bills/ ration cards/ bank account statements/ and Aadhar cards are acceptable forms of identification.
    4. If current and permanent residency is separate, two different proofs are required.
    5. The most recent six-month bank statement (personal/salary). If the co-applicant is self-employed or salaried, it should demonstrate one year's worth of business transactions.
    6. Personal Asset and Liability Statement in this format, as determined by the branch professional

All the documents should be self-attested.

 Applicant academic documents

1. 10th, 12th, and degree transcripts and certificates of completion

2. Evidence of enrollment in the program (showcasing the entire duration of the course) 

3. Fee plan (For USA i-20, if available) 

4. IELTS, GMAT, and GRE score reports.

5. A printout of the university rankings

Financial Co-applicant Income documents 

If Salaried:

1. Most recent pay slips (for the last 3 months)

2. Form 16 of the previous 2 years

3. Employee ID card

4. Last two years' ITR

If Self-Employed:

1. Last three years' ITR

2. The most recent three-year balance sheet and profit and loss account (only if the co-applicant is self-employed as a businessman)

3. Business address proof 

Other Documents


1. A letter saying that the co-applicant would cover any additional costs not covered by the loan. 

2. A cheque for Rs. 11,800 toward the service charge

3. Additional cheques for attorney and evaluator costs (If the legal report and evaluation were done by the bank)

4. The property owner’s affidavit on Rs. 20 or 100 stamp paper. If there are many owners of the property, each of them must provide an affidavit.


Additional docs 


1. Proforma invoice for travel, a laptop, or other items if you're requesting a loan for it.

2. Any receipts for payments made in advance.

3. Any pending loan statements from the previous year.

4. Letter describing the gap in the profile

5. A letter outlining the lack of co-applicants lack of ITRs, if relevant.


By developing a tailored document checklist that considers your individual profile and your specific loan requirements, we can help you avoid sanction-related issues or delays and save time.

Ready to get your loan sanctioned with ease? Let us create a personalized document list just for you.

Bank of Baroda Education loan insurance

It is not mandatory to take loan insurance in Bank of Baroda ranges from 1-2% of the entire loan amount. 

Loan insurance can prove to be very useful in case of disability or death of the applicant. When you take loan insurance the burden of repaying the loan doesn’t fall on the co-signer instead the insurance company pays the remaining loan. 


Bank of Baroda Loan Margin

Loan Scheme 

Loan margin 

Baroda Scholar 

For premier institutions:

- 15% on loan amounts between 4 to 7.5 Lakhs

- NIL for a loan amount greater than 7.5 Lakhs 

For non-premier institutions:

- 15% on loan amounts between 4 to 7.5 Lakhs

- 10% for a loan amount greater than 7.5 Lakhs 

Baroda Education Loans for EDP being offered by Premier Institutions Abroad

Only for premier institutes:

- 15% on loan amounts between 4 to 7.5 Lakhs

- NIL for a loan amount greater than 7.5 Lakhs 


For example, if a loan margin of 10% is calculated on a  loan amount of 45 Lakhs, then the amount payable by the student to the bank would be 4.5 Lakhs. 

We realize that loan margins can have a great impact on the cost of borrowing, and our aim is to assist students in securing the best possible loan terms and interest rates.

Education loan interest subsidy schemes

When using these interest subsidy programs, the government accounts for or pays for the interest accrued during the moratorium period. The period of the moratorium in BOB lasts for the course period plus a month

Padho Pardesh

-The student must belong to a minority religion. (Christian, Buddhist, Zoroastrian, Sikh, Muslim, or Jain) and have a gross family income of fewer than 6 Lakhs.

Note: The scheme has been discontinued, but the student beneficiaries before the 31st of March 2022 will continue to receive interest subsidy in the moratorium period. 

The Dr. Ambedkar Central Sector Scheme

-To be eligible, the student must belong to the EBC or OBC category and have a gross yearly family income of less than Rs. 8 lakhs.

Bank of Baroda Education Loan Application process

Bank of Baroda offline education loan application process

Step 1: Go to your closest branch of the Bank of Baroda

Step 2: Your eligibility for the loan is checked. 

Step 3: You will be asked to submit all the documents required for sanctioning the loan.

Step 4: Your loan amount will be disbursed into your account after document verification.

Bank of Baroda online application process of BOB through WeMakeScholars

Step 1: The common application form available on the WeMakeScholars website is to be filled out.

Step 2: To determine if you qualify for higher education loan, a financial officer within our organization will get in touch with you. Give all the information you need.

Step 3: Our financial officers will provide a detailed comparison of all the available lenders for you to choose from.

Step 4: Further a document checklist will be provided to you. Submit the requested documents to the bank or upload them to the WeMakeScholars document portal which is secured.

Step 5: From the minute you submit your documents, your file will be logged in. Meaning, you will get to know about the result of your loan application within 15-20 days in the case of government banks.

Step 6: After the sanction, you can get your sanction letter and sign the loan agreement.

Issues while approaching the lender directly

- Banks take way longer than they need to when you process your loan directly through them. 

- The application process is not clearly explained by the lenders and the students often are left feeling confused about the whole process. 

- Required documents checklist is not provided by the banks in one go 

- There is no proper post-disbursement issue-resolving mechanism when lenders have approached directly

To better understand the process of obtaining a secured loan from Bank of Baroda (BOB) you can watch this video where our co-founder Damini Mahajan clearly explains about the entire process of collateral evaluation done for an education loan.

Benefits of applying through WeMakeScholars

Round-clock accessibility - For your convenience, you can ask your financial officer to find out the status of your student loan from 9 AM to 9 PM.
Digital empowerment – In the age of digitization, WeMakeScholars gives you the freedom in applying for an education loan, handle, and monitor your loan all from the comfort of your own home.

Direct communication with lenders - If necessary, you can contact the lenders' team directly using the contact details of the executives managing your case.

Negotiation on your behalf - WMS team can negotiate with the bank on your behalf in order to get the best ROI. We also make sure that you pay a reasonable price for the entire procedure, which includes the cost of the lawyer, among other costs.

Best assistance/customer service: The WeMakeScholars staff offers 24/7 comprehensive customer assistance for any questions you may have.

We significantly shorten the time it takes from application to sanction. Fill out the common application form or request a callback to begin the loan procedure.

Don't settle for average service - apply for higher education loan through WMS and enjoy the best customer support.

Why and how to transfer your loan to the Bank Of Baroda

Why transfer your loan to the Bank Of Baroda?

  • When you transfer an existing loan, the interest rates on both the new loan you're about to take out and your old loan will be reduced.
  • BOB has a greater reach and accessibility than most banks as it is one of the biggest public banks
  • As WeMakeScholars is the largest partner of Bank Of Baroda the entire process of loan transfer becomes very easy and quick.
  • You can easily get your loan transferred without having to leave the comfort of your home 

How to transfer your loan to the Bank Of Baroda?

  • Visit our website and request a callback from our team of financial officers here at WeMakeScholars 
  • Inform the financial officer about your decision to get your loan transferred, after receiving a callback.
  • Collect all the necessary documents required as per the list provided to you by your financial officer
  • Submit the documents to the Bank Of Baroda to get your loan transferred 

We aim to offer expert guidance on loan transfer steps and can answer any questions that students may have about the entire loan transfer process.

Bank of Baroda Education Loan EMI Calculation as per interest rate

The main factors used in calculating your student loan's EMI are as follows:

  1. Total loan amount
  2. Compound and simple interest
  3. Semester-wide breakdown
  4. Moratorium period

To accurately calculate your EMI, go to the WMS Education Loan EMI Calculator. Managing finances can be an overwhelming experience, and at WeMakeScholars, we understand this. That's why we provide our users with useful resources like the Education Loan EMI Calculator to streamline the process. This online tool helps you calculate your monthly education loan repayment amount based on your loan amount, interest rate, and repayment tenure.

Make the smart choice for your higher education loan - choose WMS and take advantage of our automatic ROI reduction and negotiation.

Loan repayment process

The moratorium period in Bank of Baroda lasts for the duration of the course plus an additional six months. The total repayment duration in the Bank of Baroda can last up to 15 years.

For example,

If a student takes out a loan of 45 Lakhs at an interest rate of 10% p.a. and repayment tenure of 10 years, their amortization schedule will look like this.              

Repayment cycle 


Interest portion

Principal portion

Loan Outstanding

End of 1st year





End of 2nd year





End of 3rd year





End of 4th year





End of 5th year





End of 6th year





End of 7th year





End of 8th year





End of 9th year





End of 10th year





WeMakeScholars is committed to providing students with thorough and dependable services, and our post-sanction help is just one of the ways in which we endeavor to make the loan application process easier.

Glide through the disbursement process and take advantage of the post- sanction benefits

Our Education Loan team will help you with any questions


  1. Mutete W ,martin

    How to secure funds for phd scholarship
    22 Jan, 2024 at 10:53 AM REPLY
    1. Sam Cleopas

      Hello Mutete W martin,

      Thank you for expressing your interest in scholarship opportunities. We invite you to explore the available Ph.D. scholarships. Kindly proceed with the application process, and we wish you the best of luck in your endeavors.

      03 Feb, 2024 at 12:12 PM REPLY
Naresh Kumar
WeMakeScholars- supported by IT Ministry, Govt. of India.
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