bankofbaroda.co.in Education Loan Application Procedure : Bank of Baroda

Organization : Bank of Baroda
Service Name : Education Loan Application Procedure
Applicable State/UT: All India

Website : http://www.bankofbaroda.co.in/pfs/eduloans.asp

Education Loan :
Education is the most important investment one makes in life. Higher studies and specialization in certain fields call for additional financial support from time to time.

Whether you are planning school education (nursery to standard XII) of your child, pursuing a graduate or post-graduate degree, the Bank of Baroda Education Loans, can help finance your ambitions and goals.

Baroda Vidya:
Bank of Baroda presents a one of its kind finance option for parents of students pursuing school education. These loans are available for studies from Nursery to Senior Secondary School.
No processing & documentation charges.
No Margin.
No security required.

Eligibility :
Should be an Indian national residing in India.

Student should have secured admission to a recognized school / Highschool / Jr. College (including CBSE / ICSE / State Board) for any of the following courses:
Stage I : Nursery to V th STD.
Stage II : VI th to VIII STD.
Stage III : IX th to XII th STD.

Coverage of expenses for :
** Fee payable to college / school.
** Examination / Library / Laboratory Fee.
** Fee and other charges payable to hostel.
** Purchase of books / equipments / instruments / uniforms.
** Personal Computers / Laptops wherever required.
** Caution deposit / building fund / refundable deposit supported by instituion bills / receipts.

Maximum Loan Amount : Rs.4.00 Lacs

Repayment Period :
Loan for each yearly sub limit is repayable in 12 equal monthly instalments. First instalment to be due 12 months after first disbursement of each year’s loan component.

The parents must be residing in the place for a minimum period of -3- years, except in the case of transferable job.

Baroda Gyan:
A loan product specially designed for students pursuing Graduation, Post – Graduation, Professional & Other courses in India. Bank of Baroda extends a helping hand to energize your studies and promote education of the youth.
** No processing charges.
** No Margin on loans upto 4 lacs.
** Free Debit Card.

Courses Eligible :
** All Graduation courses.
** All Post Graduation courses & Doctorate courses.
** Professional Courses viz. Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, Ayurved, Homeopathy, Physiotherapy, Hotel Management, Hospital Management, Interior Designing, Architecture, Event Management, Mass Communication, Fashion Technology, etc.
** Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated to Universities.
** Courses like C.A, ICWA, CFA, CS, etc.
** Courses conducted by IIM, IIT, IISc, XLRI. NIFT etc.
** Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping etc., approved by Director General of Civil Aviation/shipping.
** Other courses leading to diploma / degree etc. conducted by colleges/universities approved by UGC/Govt./ AICTE/ AIBMS/ ICMR etc.
** Courses offered in India by reputed foreign Universities.
** Evening courses of institutes approved by State/Central/Govt./UGC/AICTE/AIBMS/ICMR/ICAR.
** Courses offered by National Institutes and other reputed private institutions. The College/Institute must have been approved by the State/Central Govt./UGC/AICTE,etc.

Student Eligiblity :
** Should be Resident Indian.
** Secured admission to either of above courses
** A meritorious student (who qualifies for a seat under merit quota) will also be eligible for loan under this scheme even if the student chooses to pursue a course under Management Quota.
** or courses under Management Quota Seats considered under the scheme, fees as approved by the State Government/ Government approved regulatory body for payment seats will be taken, subject to viability of repayment.
** Additional concession of 1.00% to the students who have sought admission in premier institutions viz. IIMs, IITs, IIFT, AIIMS, AFMC , ISB, NITs, XLRI, MDI, SPJIMR, IISC, SPJIM

Coverage of expenses :
** Fee payable to college / Institution / University.
** Examination / Library / Laboratory Fee.
** Fee and other charges payable to hostel.
** Purchase of books / equipments / instruments.
** Personal Computers / Laptops wherever required.
** Caution deposit / building fund / refundable deposit supported by institution bills / receipts.
** Any other expenses required to complete the course – like study tours, project works, thesis, etc.

Maximum Loan Amount : Rs.10.00 Lacs.