Baroda Scholar Education Loan Scheme

Baroda Scholar Features-

Loan for Education loan abroad study (Target Group: Students going abroad for Professional / Technical studies.)

No processing charges

No documentation charges

No margin

 

Courses Eligible-

 

Graduation: for job oriented professional/technical courses offered by reputed universities.

 

Post-Graduation: MCA, MBA, MS, etc.

Courses conducted by CIMA-London, CPA in USA, etc.

Regular degree/diploma courses like aeronautical, pilot training, shipping, etc. Provided these are recognized by local Aviation/Shipping authority and Director General of Civil Aviation/shipping in India or the competent regulatory bodies in India/abroad for the purpose of employment in India/abroad.

List of premier institutes for management course

List of premier institutes for STEM courses (Science, Technology, Engineering and Mathematics) (after 10+2 course & above)

List of premier institutes for medical and List of premier institutes for other education (law, economics, econometrics, art, performing arts and design courses).

(All the above Institutions are to be treated at par)

Operating units may also consider loans for any other courses, other than the management course, STEM Courses, medical and other education courses offered by institutes/universities featured in above lists, under our normal education loan scheme for study abroad without any preferential treatment.

Education Loans for courses offered by universities/institutes for study abroad other than specified in the above mentioned lists can also be considered without any preferential treatment.

 

Student Eligibility-

Should be an Indian national.

Secured admission to professional/technical courses abroad through entrance test/merit-based selection process.

 

Baroda Scholar Interest rates & charges-

For Institutions specified in List of Premier Institutions: BRLLR + 1.50% Spread (Including SP) – (Irrespective of loan amount).

For Institutions not specified in List of Premier Institutions: BRLLR + 2.15 % Spread (Including SP – Irrespective of loan amount).

For Baroda Education Loans for Executive Development Programmes (Part Time /Online programmes / Distance Learning) being offered by Premier Institutions abroad: BRLLR +2.10%

Simple interest to be charged at monthly rests during the repayment holiday / moratorium period.

0.50% Concession in rate of interest to loans for girl student.

Penal interest @ 2% p.a. on overdue amount, if the loan amount exceeds Rs.4.00 lacs.

Additional Risk Premium @ 0.05% (Loans above Rs 7.50 lakhs) over the above rates would be applicable for customers not obtaining Credit Life Insurance.

 

Service Charges (Excluding GST) w.e.f. 20/06/2019-

● Study in India – Nil

● Study abroad – 1.00% of loan amount (maximum Rs. 10,000) to be recovered upfront which will be refundable on availing (first disbursement) of the loan.

● Education loan for students of premier institutions (studies in India): Nil

● Education loan for vocational education and training: Nil

● Career development- 0.50%

 

Notes-

A non-refundable lump sum amount Rs. 8,500 per property (towards advocate and valuer charges) to be taken upfront in case of all education loan accounts, wherever property is mortgaged.

No mortgage creation charges for all types of education loans.

Documentation (General)

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)

 

For more details visit https://www.bankofbaroda.in/personal-banking/loans/education-loan/baroda-scholar-loan