Bank of Baroda Education Loan for Abroad Studies
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Students can apply for the Bank of Baroda education loan through the bank’s official website, by visiting the nearest branch, or via the Vidya Lakshmi Portal. Bank of Baroda is India’s second-largest public sector bank, which offers student loans with interest rates starting at 7.90% to support students studying in India and abroad.
Bank of Baroda offers a range of education loans with competitive interest rates starting from 7.90%. This helps students to finance their dream to study abroad or in India. Due to the expensive cost of higher education, most students drop their plans. Here, the BoB education loan serves as a reliable solution to bridge this financial gap. As India’s second-largest public sector bank, Bank of Baroda is registered with the Vidya Lakshmi Portal to make the education loan application process smooth.
Apart from attractive interest rates, flexible repayment options, and special concessions for applicants, BoB education loans offer several other benefits that make financing higher education more accessible. In this article, we will cover entire information related to the Bank of Baroda education loan for abroad studies, including eligibility, how to apply and more.
- Bank of Baroda Education Loan
- Bank of Baroda Education Loan Interest Rate
- BoB Education Loan Eligibility Criteria
- How to Apply for Bank of Baroda Education Loan
- BOB Education Loan Documents Required
Bank of Baroda Education Loan
Bank of Baroda is one of the top education loan providers in India. No matter which country you choose for your studies, you’ll find a suitable student loan option in the diverse range of student loan offerings from the bank. Students can explore government education loan schemes offered by the bank before choosing any. We have listed down different education loan schemes offered by BoB.
Types of BoB Education Loan
Here are the different types of education loan schemes offered by the Bank of Baroda:
| Types of Bank of Baroda Student Loan Schemes |
Maximum Amount |
|---|---|
| Baroda Digital Education Loan |
INR 40.00 Lakh |
| Baroda Scholar (for Study abroad) |
For Premier Institutions: INR 1.50 Cr For Non-Premier Institutions: INR 60 Lakhs |
| Baroda Gyan |
For Medical and Aviation: INR 1.25 Cr For Other Courses: INR 25 Lakhs |
| Baroda Executive Development Premier Institutions (For Studies Abroad) |
INR 80 Lakhs |
| Baroda Education Loan to Students of Premier Institutions (For Studies in India) |
Without Collateral: INR 40 Lakhs With Collateral: INR 80 Lakhs |
Related Read: Education Loan Interest Rate
Bank of Baroda Education Loan Interest Rate
The Bank of Baroda education loan interest rate varies based on several factors, including the student's profile, the type of university or college, the study destination, and more. The BoB education loan interest typically ranges from 7.90% to 12.90% for studying abroad or in India. The bank offers student loans on a floating rate of interest and a fixed rate of interest. Both types of ROI (Rate of Interest) have their own pros and cons.
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We have mentioned a detailed table below, outlining the student loan interest rates at Bank of Baroda:
| Types of Education Loan at BoB |
University Category |
Effective Rate of Interest (Floating) |
|---|---|---|
| Baroda Education Loan to Students of Premier Institutions (For Studies in India) |
AA |
7.90 % |
| A |
8.20 % |
|
| B |
9.50 % |
|
| C |
9.70 % |
|
| Baroda Scholar (Study Abroad) |
Education loan to Premier Institutions Abroad (Specified in the list of Premier Institutions) |
|
| For Abroad |
9.45% |
|
| For Canada |
9,45% |
|
| Education loan to Non Premier Institutions Abroad (Specified in the list of Premier Institutions) |
||
| Abroad (Upto INR 7.50 Lakh) |
10.90% |
|
| Abroad (More than INR 7.50 Lakh) |
9.95% |
|
| Children of Defence Personal Under Baroda Yodha Education Loan Scheme |
9.95% |
|
| Canada (Upto INR 7.50 Lakh) |
10.90% |
|
| Canada (More than INR 7.50 Lakh) |
11.45% |
|
| Baroda Gyan (Study in India) |
Upto INR 7.50 Lakh |
10.90% |
| More than INR 7.50 Lakh |
10.80% |
|
| Children of Defence Personal Under Baroda Yodha Education Loan Scheme |
10.00% |
|
| Baroda Executive Development Premier Institutions (For Studies abroad) |
Upto INR 7.50 Lakh |
10.90% |
| More than INR 7.50 Lakh |
11.25% |
|
| Children of Defence Personal Under Baroda Yodha Education Loan Scheme |
10.00% |
|
Check out the fixed rate of interest of the Bank of Baroda
| Types of Education Loan at BoB |
University Category |
Effective Rate of Interest (Fixed) |
|---|---|---|
| Baroda Education Loan to Students of Premier Institutions (For Studies in India) |
AA |
9.90 % |
| A |
10.20 % |
|
| University Category "B" |
||
| Upto INR 7.50 Lakh |
11.40% |
|
| More than INR 7.50 Lakh |
11.50% |
|
| University Category "C" |
||
| Upto INR 7.50 Lakh |
11.40% |
|
| More than INR 7.50 Lakh |
11.70% |
|
| Baroda Scholar (Study Abroad) |
Education loan to Premier Institutions Abroad (Specified in the list of Premier Institutions) |
|
| Upto INR 7.50 Lakh |
11.40% |
|
| More than INR 7.50 Lakh |
11.45% |
|
| Education loan to Non Premier Institutions Abroad (Specified in the list of Premier Institutions) |
||
| Abroad (Upto INR 7.50 Lakh) |
11.40% |
|
| Abroad (More than INR 7.50 Lakh) |
11.95% |
|
| Special Rate of Interest for Children of Defense Personal |
||
| Abroad (Upto INR 7.50 Lakh) |
11.40% |
|
| Abroad (More than INR 7.50 Lakh) |
11.95% |
|
| Canada (Upto INR 7.50 Lakh) |
11.40% |
|
| Canada (More than INR 7.50 Lakh) |
13.45% |
|
| Baroda Gyan (Study in India) |
Upto INR 7.50 Lakh |
11.40% |
| More than INR 7.50 Lakh |
12.80% |
|
| Children of Defence Personal Under Baroda Yodha Education Loan Scheme |
||
| Upto INR 7.50 Lakh |
11.40% |
|
| More than INR 7.50 Lakh |
12.00% |
|
| Baroda Executive Development Premier Institutions (For Studies Abroad) |
Upto INR 7.50 Lakh |
11.40% |
| More than INR 7.50 Lakh |
13.25% |
|
| Children of Defence Personal Under Baroda Yodha Education Loan Scheme |
||
| Upto INR 7.50 Lakh |
11.40% |
|
| More than INR 7.50 Lakh |
12.00% |
|
Things to Keep in Mind While Applying for BoB Student Loan
Here, we have mentioned key points to keep in mind while applying for a Bank of Baroda student loan:
- Under Baorda Scholar: Female applicants for a Bank of Baroda student loan receive a 0.20% concession on the rate of interest (ROI) for Non-Premier Institutes. However, no concession for Premier institutes for girl child.
- Under Baroda Gyan: Girl child gets 0.50% concession in ROI.
- For Medical Courses: Medical students who want to study MBBS/BDS/MS/MD/MDS etc. courses in India get a 0.50% concession in Bank of Baroda education loan scheme. This offer is not for Ayurvedic and Homeopathic courses students.
Related Read: Student Loan Eligibility Criteria
BoB Education Loan Eligibility Criteria
Am I eligible for a Bank of Baroda education loan to study abroad? The answer to this question depends on the specific loan scheme you are applying for. Every applicant who wants to borrow a student loan from this bank must meet the eligibility criteria set by BoB. It varies based on factors such as the study destination, course type, institution type, and more. Below, we have highlighted some key eligibility requirements to help you understand the criteria better.
Eligibility for Bank of Baroda Education Loan for Abroad Studies
- Citizenship: Applicant and co-applicant must be Indian citizens.
- For UG courses: Students must enrol in job-oriented professional or technical courses offered by reputed universities.
- For PG Courses: MCA, MBA, MS courses are eligible.
- Approved University: The university or college must be listed in the official list released by Bank of Baroda.
- Merit-Based Admission: Students must secure admission to these courses through an entrance test or a merit-based selection process.
These are just basic eligibility requirements. For scheme-wise detailed eligibility check the official webpage of the bank.
How to Apply for Bank of Baroda Education Loan
There are three ways to apply for BOB education loan: through the bank’s official website, by visiting the nearest branch, or via the Vidya Lakshmi Portal. Below, we have mentioned all three processes for your better understanding.
| Ways to Apply | Steps to Apply |
|---|---|
| Through Bank‘s Website |
|
| By Visiting the Nearest Branch |
|
| Via Vidya Lakshmi Portal |
|
BOB Education Loan Documents Required
Here, we have mentioned the list of documents required to apply for a Bank of Baroda student loan. The applicant should keep these documents handy while applying for the education loan. They need to submit these documents along with the Education Loan Application Form and the Net Worth form. Check the list of documents below in the table:
| Bank of Baroda Education Loan: List of Documents |
|
|---|---|
| For Students |
For Self-Employed Applicant
|
| Co-applicant/Guarantor |
|
Education Loans By Other Banks
| Union Bank of India Education Loan | Axis Bank Education Loan |
| Axis Bank Education Loan | Avanse Education Loan |
That’s all about the topic. We have mentioned the most updated information about the Bank of Baroda education loan for abroad studies. Contact India’s leading education loan providers through Shiksha Study Abroad For more queries. Do write to us in the comments below. Or request a call back from our Shiksha Study Abroad Counselling Services.
Yes, you can get a 100% loan to study abroad, but it depends on your lender and profile. Many private banks and NBFCs offer education loan that covers full tuition fee, cost of living and other expenses too. Some public sector banks may also offer 100% financing for specific programs.
To increase your chances of getting 100% funded education loan, you must have acceptance letter from a top university in the world, high value collateral, and a co-applicant with high cibil score.
A government education loan is always better for students due to lower interest rates and other favorable terms. Public sector banks also offer government subsidies, flexible repayment terms, and no prepayment penalties. On the other hand, private banks offer faster loan approval if you are eligible. Additionally, the loan amount is higher than that offered by government banks.
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Bank of Baroda education loan interest rate is between 7.65% to 13.20% p.a. The specific interest rate for a study loan depends on the scheme, the borrower's profile, the co-applicant's creditworthiness, the loan amount, and the type of institution. Another crucial factor, often overlooked by applicants, is the type of interest rate: floating versus fixed.