BOB Education Loan – Bank of Baroda which is also known as BOB grants education loan to fulfil many students dream. Bank of Baroda offers three types of BOB Education Loan – Baroda Vidya, Baroda Gyan, Baroda Scholar. Baroda Vidya scheme is for the students who need to pursue education from nursery to Class 12 and Baroda Gyan is for the students who need seek higher education in India. Whereas Baroda Scholar is for the students who wish to persevere UG/PG courses in abroad.
The main objective of the BOB Education loan is to provide quality education to all students in order to accomplish many scholars dream. Bank of Baroda is one of the best education loan providers which afford academic education loan for nursery to Class 12 students which further results in a big relief for parents and students. In this article, we will provide you with all the necessary information regarding BOB Education Loan. Read on to find everything about BOB Education Loan.
BOB Education Loan – Types of Loan Schemes
There are several schemes offered under Bank of Baroda Education Loan. The list of schemes offered under BOB Education loan are listed below:
- Baroda Vidya – As the name suggests, parents who are looking to fulfil their little one’s career dream can opt for this scheme. BOB Baroda Vidya Education Loan provides education fiance from nursery to Class 12. Baroda Vidya provides expenses up to 4 Lakh rupees and the same should be repaid in 12 even instalments.
- Baroda Gyan – This for the students who wish to pursue the UG/PG Course in India from a recognized university.
- Baroda Scholar – Students who wish to study Under Graduate and Post Graduate courses abroad can opt for this loan. This loan also covers various entrance exam expenses such as SAT, LSATS, IELTS, TOEFL, GRE, GMAT etc.
- Baroda Education Loan To Students of Premier Institutions – Students who have secured admission in upper-class educational institutions or university can avail loans under this scheme. This comes with Loan quantum as huge as ₹40 Lakhs without any need of security. The main objective of this scheme is to help merit students financially.
- Skill Loan – Students who are pursuing skill development courses such as Diploma, Degree and Polytechnic verified by NSQF, SLBC, SLCC can opt for this loan.
- Baroda Education Loans For EDP Being Offered By Premier Institutions Abroad – Students who wish to seek international study through distance learning or executive programs can opt for this BOB Education loan.
- Baroda Education Loan For EDP (Executive Development Programs) Being Offered By Premier Institutions In India – Students who wish to participate in certificate training, executive programs offered by top institutions can opt for this education loan. This education loan comes with low-interest rates with no processing fees.
H3 – BOB Education Loan – Eligibility Criteria
The eligibility criteria to avail BOB Education for each scheme are listed below:
Baroda Vidya Eligibility Criteria:
- The student must belong to Indian Nationality.
- He/She must have secured admission in recognized high school under the curriculum of CBSE/ICSE/State Boards.
Baroda Gyan Eligibility Criteria:
- Indian nationality candidates can apply.
- Students must have secured UG/PG admission in an recognized university.
- Candidates must have completed Class 12 or equivalent exam.
Baroda Scholar Eligibility Criteria:
- Students must have secured admission in CIMA-London and CPA-USA approved courses.
- Candidates must belong to Indian Natation.
- Candidates must have secured admission by the means of entrance
test/merit/selection process.
Benefits Of BOB Education Loan
There are several benefits offered under BOB Education Loan. The list of benefits offered are given below:
- Offers education loan from nursery to doctorate i.e., upto Phd level.
- BOB offers very low interest rate. The interest rate starts from 8.65% per annum.
- Loan amount can be availaed as low as 5000 Rupees.
- Candidates can avail education loan up to 80 Lakhs to study in abroad.
- Offers centralized loan application via Government ‘Vidyalakshmi Education Loan Portal’.
BOB Education Loan – Maximum Loan Amount & Intrest Rates
Bank of Baroda is the only bank which offers low intrest rate for high loan amout. The loan amount offered and the intrest rate charged including MCLR under each scheme are tabulated below:
| BoB Education Loan Scheme name | Loan amount range | Intrest Rate |
| Baroda Vidya (for school education from Nursery to XII) | Loan up to ₹400000 | 12.10% |
| Baroda Gyan (for higher study in India) | Loan up to ₹8000000 | 10.65% |
| Baroda Scholar (for study abroad) | Loan up to ₹8000000 | 9.90% |
| Baroda Education Loan to students of premier institutions | Loan up to ₹8000000 | 10.65% |
| Skill Loan Scheme | ₹5000 to ₹150000 | 10.15% |
| Baroda Education Loan for EDP (Executive Development Programs) being offered by Premier Institutions in India | Loan Up to ₹2000000 | 10.15% |
| Baroda Education Loans for EDP being offered by Premier Institutions abroad | Loan up to ₹8000000 | 9.90% |
BOB education loan intrest rates are based on standard additions on base rates of MCLR (Marginal Cost of Funds Based Lending Rate). The list of MCLR rates and intrest rates applied under scheme of BOB education loan are tabulated below:
| BoB Education Loan Tenure | MCLR Rate |
| Overnight Loan | 8.15% |
| 1 month | 8.20% |
| 3 months | 8.30% |
| 6 months | 8.50% |
| 1 year and above | 8.65% |
| Base rate | 9.40% |
| BPLR (all existing accounts) | 13.07% |
Expenses Covered Under BOB Education Loan
The list of expenses covered under BOB Education loan are given below:
- Admission Fees
- College or School Fees
- Book Fees
- Expenses for buying Laptop/PCs
- Examination Fees
- Laboratory Fees
- Library Fees
- Insurance and Health coverage
- Travel Expenses
- Study Tour Expenses
BOB Education Loan Repayment Terms
The BOB Education loan repyament terms for each scheme are tabulated below:
| BOB Education Loan Scheme | Moratorium Period | Repayment Tenure |
| Baroda Vidya | None | 12 months |
| Baroda Gyan | After 1 year of course Duration | Min: 10 years
Max: 15 years |
| Baroda Scholar | After 1 year of course Duration | Min: 10 years
Max: 15 years |
| Baroda Education Loan to students of premier Institutions | After 1 year of course Duration | Min: 10 years
Max: 15 years |
| Skill Loan Scheme | Less than 1 year courses: After 6 months of course duration
More than 1-year courses: After 1 year of course Duration |
Min: 3 years
Max: 7 years |
| Baroda Education Loan for EDP (Executive Development Programs) being offered by Premier Institutions in India | After 3 months of course Duration | Min: 10 years
Max: 15 years |
| Baroda Education Loans for EDP being offered by Premier Institutions abroad | After 3 months of course Duration | Min: 10 years
Max: 15 years |
How To Apply for BOB Education Loan?
There are two ways to apply for BOB education loan they are listed below:
Method 1 – Visit your nearest bank and fill the application form and submit all the necessary documents to the bank representative.
Method 2 – Apply Online
- Step 1 – Visit the official website of Bank of Baroda.
- Step 2 – In the home page, click on the “Loan Tab”.
- Step 3 – Now select education loan from the drop down menu.
- Step 4 – The page will be directed.
- Step 5 – Now click on the loan you wish to apply for.
- Step 6 – Read the instructions carefully and if you are satisfied, click on “Apply Now”.
- Step 7 – The page will be directed to VidyaLakshmi Portal.
- Step 8 – Now enter all the necessary details.
- Step 9 – You will receive the confirmation regarding BOB Education within a short time.
Documents Required For BOB Education Loan
The list of documents required for BOB education loan are given below:
- 10th Result
- 12th Result
- 2 passport-size photographs.
- Address: Recent copy of Telephone Bill/ Electricity Bill /Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card.
- Entrance Exam Result (e.g. CAT, CMAT, JEE, NEET, CET, GMAT, GRE, etc. for domestic institutes)
- Entrance Exam Result (e.g. GMAT, GRE, TOEFL, etc. for abroad study)
- Identity Proof: PAN/ Passport/ Driver’s License/ Voter ID card.
- Loan A/C statement of one year, if there is any previous loan from other Banks/ Lenders.
- Passport Mandatory (in case of study abroad).
- Proof of Admission: Admission Letter. Conditional admission letter is also applicable.
- Statement of cost/expenses.
- Under Graduate Result Semester Wise (If required)
H3 – BOB Education Loan Processing Charges
No processing charges are applicable for Baroda Vidya and Skill Loan. The processing charges of BOB education loan are tabulated below:
| BOB Education Loan Scheme | Processing Charges |
| Baroda Gyan | Loan against property: ₹7500 (fixed) (legal charges, one time only) |
| Baroda Scholar | 1% of loan amount (max: ₹10000)
Loan against property: ₹7500 (fixed) (legal charges, one time only) |
| Baroda Education Loan to students of premier Institutions | Loan against property: ₹7500 (fixed) (legal charges, one time only) |
| Baroda Education Loan for EDP (Executive Development Programs) being offered by Premier Institutions in India | Loan against property: ₹7500 (fixed) (legal charges, one time only) |
| Baroda Education Loans for EDP being offered by Premier Institutions abroad | 1% of loan amount (max: ₹10000)
Loan against property: ₹7500 (fixed) (legal charges, one time only) |
FAQs Regarding BOB Education Loan
The frequently asked questions regarding BOB education loan are given below:
Q1. Is Bank of Baroda good for education loan?
A: Yes, Bank of Baroda is one best bank which comes with various schemes & benefits to offer education loan to students to fulfil their carrer dream.
Q2. What is the interest rate for education loan in Bank of Baroda?
A: The interest rate of BOB education loan varies from one scheme to another scheme. So candidates are advised to go thorugh the above table to find out the interest rate of each scheme.
Q3. What are subsidy schemes under BOB Education Loan?
- There are two types of subsidy schemes under BOB Education Loan and they are listed below:
- Central Scheme of Interest Subsidy for Education Loans
- The National Skill Certification and Monetary Reward scheme covered under Baroda Education Loan for Vocational Education & Training
Q4. What is the range Bank of Baroda Intrest Rates?
A: The BOB Education loan interest rates ranges from 10.50% and 11.55%.
Q5. Is Third Party Guarantee requried for loan less than 4 lakhs?
A: No, third party guarantee is not required for loan less than 4 lakhs.
Now you have provided all the necessary information regarding BOB Education Loan and we hope this detailed article is helpful. If you have any doubt regarding this article or Bank of Baroda Education Loan, leave your comments below and we will get back to you as soon as possible.