Educational Loan from Bank of Baroda Posted Date: 12 Jan 2008     Resource Type: Articles/Knowledge Sharing     Category: Education Author: Giri Member Level: Diamond     Rating: Points: 4

Bank of Baroda provides loan to students pursuing graduation, post graduation, professional & other courses in India. The salient features of the loan scheme are - Zero processing & documentation charges, zero margin on loan upto Rs.4 Lakh, free debit card & drafts required in favour of the school or student will be issued. Only the college/institute, a student has applied to must be approved by the state/central government / UGC / AICTE, among other bodies. The applicants should be Indian residents. They should have secured admission to either of above courses & there should be no minimum qualifying marks. Coverage of expenses will include fee payable to institution/examination/library/laboratory fee; fee & other charges payable to hostel; purchase of books / equipment / uniforms / personal computers / laptops wherever required & other miscellaneous charges. The maximum loan amount is Rs 7.50 Lakh. The rate of interest for amount upto Rs 4 Lakh is 11% per annum. For loans above Rs 4 lakh it's 1% over Benchmark Prime Landing Rate, which is 12% per annum. Simple interest to be charged at monthly rests during the repayment holiday/moratorium period. Penal interest at 2% on overdue amount, if the loan amount exceeds Rs 4 lakh. 1% interest concession be provided if interest debited during repayment holiday is services and 1% concession in rate of interest to loans for girls student is provided as well. In addition the bank also provides loans to students going abroad for professional/technical studies. The eligibility for students is that they should be Indian nationals; they should have secured admission to professional/technical courses at foreign universities/institutions. No minimum qualifying required. The maximum amount of loan under the scheme for graduation & other courses of three years' duration is Rs 10 lakh while for PG & other advanced studies it's Rs.15 lakh.

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