Baroda Scholar - BOB Provides You Education Loan

R. Ghunawat
July 23, 2022

This education loan scheme is given for MBA, MCA, MS, and other notified courses that help with job creation. To avail this education loan in India, the student must have secured admission to the notified institute and course. The loan limit for specified institutes is Rs. 80 lakhs and for non-specified institutes is Rs. 60 lakhs.

Benefits

  1. 1% Processing Charge (Max.10,000/-) recovered upfront for Loan above Rs.7.50 Lakh will be refunded on availment of Loan (first disbursement) for premium institutions.
  2. No Processing Charge up to Rs.7.50 Lakh
  3. No margin on loans up to 4 lakhs
  4. Free debit card
  5. No documentation charges
  6. No security up to 7.50 lakh

Baroda Scholar : Features

  1. Education loan for pursuing education abroad (Target group: Students going abroad for vocational/technical studies.)
  2. No processing charges up to Rs.7.50 Lakh
  3. No documentation charges
  4. No Margin on loans up to 4 lacs.

Baroda Scholar : Eligibility

Courses Eligible

  1. Graduation: for job oriented professional/technical courses offered by reputed universities.
  2. Post-Graduation: MCA, MBA, MS, etc.
  3. Courses conducted by CIMA-London, CPA in USA, etc.
  4. 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.
  5. Certificate Course
  6. List of premier institutes for management course
  7. List of premier institutes for STEM courses (Science, Technology, Engineering and Mathematics) (after 10+2 course & above)
  8. List of premier institutes for medical course.
  9. 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)
  10. 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.
  11. 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

  1. Should be an Indian national.
  2. Secured admission to professional/technical courses abroad through entrance test/merit-based selection process.

Baroda Scholar : Interest rates & charges

Product Conditions Repo Rate + Spread Effective Rate of Interest
Baroda Scholar (For Studies abroad)
Conditions
List of Institutes specified in the list of Premier Institutions:
Repo Rate + Spread
BRLLR + 1.75%
Effective Rate of Interest
0.00%
Conditions
List of Institutes NOT specified in the list of Premier Institutions:
Repo Rate + Spread
BRLLR + 2.40%
Effective Rate of Interest
0.00%
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
  • Special concession in ROI @ 0.50% for female students is available
  • Simple interest to be charged at monthly rests during the repayment holiday/moratorium period.
  • Penal interest @ 2% p.a. on overdue amount, if the loan amount exceeds Rs. 4 Lakh.

The accrued interest during the repayment holiday period to be added to the principal and repayment in Equated Monthly Installment (EMI) be fixed.

Service Charges (Excluding GST) w.e.f. 20/04/2022:

VLP Charge - Rs.100/- for all cases

Unified Processing Charges -

  • Up to Rs.7.50 Lakh :NIL
  • Above Rs.7.50 Lakh: 1.00% of Loan amount maximum Rs. 10,000/-(In case of premium institutions this will be refunded on availment of first disbursement)

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)

More Info.....

  1. Visit Official website of BOB
  2. Apply Now