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.
Bank of Baroda (BoB) helps students fund their dreams of studying in India or abroad. Higher education can be very expensive. Many students drop their plans due to high costs, but a BoB student loan helps bridge this financial gap easily.
As India’s second-largest public sector bank, Bank of Baroda makes the online education loan application process simple. The bank is also registered with the government's Vidya Lakshmi Portal to help you apply quickly.
Key Benefits of BoB Student Loans:
- Low interest rates starting from 7.90%
- Flexible repayment plans.
- Special fee concessions and discounts for applicants.
This guide covers everything about Bank of Baroda education loans for studying abroad. Apart from attractive interest rates, flexible repayment options, and special concessions for applicants, BoB education loans offer several other benefits.
- 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
- FAQs Related to Bank of Baroda Education Loan
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 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) |
|
| Baroda Gyan |
|
| Baroda Executive Development Premier Institutions (For Studies Abroad) |
INR 80 Lakh |
| Baroda Education Loan to Students of Premier Institutions (For Studies in India) |
|
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 at a floating rate of interest and a fixed rate of interest. Both types of ROI (Rate of Interest) have their own pros and cons.
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 Personnel 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) |
Up to INR 7.50 Lakh |
10.90% |
| More than INR 7.50 Lakh |
10.80% |
|
| Children of Defence Personnel Under Baroda Yodha Education Loan Scheme |
10.00% |
|
| Baroda Executive Development Premier Institutions (For Studies abroad) |
Up to INR 7.50 Lakh |
10.90% |
| More than INR 7.50 Lakh |
11.25% |
|
| Children of Defence Personnel 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 the 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 the Bank of Baroda education loan scheme. This offer is not for students of Ayurvedic and Homeopathic courses.
Other than this, you need to know some basic student loan eligibility criteria. This can help you avoid application rejection and get approval fast.
BoB Education Loan Eligibility Criteria
To get a Bank of Baroda (BoB) study abroad loan under the Baroda Scholar scheme, you must meet key eligibility rules. Approval depends on your nationality, course type, and university rank.
Key Eligibility Requirements
- Nationality: Both the student applicant and co-applicant must be Indian citizens.
- Confirmed Admission: You must hold a confirmed admission letter from a recognized foreign university.
- Merit-Based Selection: You must gain admission through an entrance test or a merit-based selection process.
- Eligible Undergraduate Courses: Job-oriented professional or technical degrees offered by reputed universities.
- Eligible Postgraduate Courses: Post-graduate programs including MBA, MCA, MS abroad, STEM courses, and certified professional courses.
- Approved Universities: Institutions listed under BoB's Premier Institutions list qualify for higher loan limits up to INR 1.50 Crore.
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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 |
|
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.
FAQs Related to Bank of Baroda Education Loan
Commonly asked questions
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| Age | 21+ | 18-20 | Under 18 |
|---|---|---|---|
| Minimum wage per hour | INR 1.5 K | INR 1.3 K | INR 970 |
Source: GOV.uk
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- Be a female student or from a minority ethnic background
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For more information, check out the scholarship page.
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Raj Vimal is an education writer and editor with over 8 years of experience. He helps Indian students find the right universities, visas, and courses abroad. Currently, he leads content strategies at InfoEdge India
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