BOB Education Loan: Fund Your Studies Abroad with Ease

Interest Rate	Grace Period	Margin Money
Starting from 9.70%	Course Period + 1 Year	10%

Table of Contents:

1. Types of Education Loans in BOB
2. Baroda Scholar Loan Scheme
3. BOB Education Loan Interest Rate
4. Documents Required for Education Loan in BOB
5. Frequently Asked Questions

Education loans for studying abroad have several advantages. Access to quality education and higher earning potential due to graduating from a top university are some of the top benefits of an education loan. BOB, aka Bank of Baroda, is India’s second-largest public sector bank after SBI. BOB offers several education loans for students to finance their dream education.

Types of Education Loans in BOB

BOB (Bank of Baroda) offers several education loans to meet the needs of students planning to study internationally and in India. The several types of education loans in BOB bank are:

• Baroda Digital Education Loan
• Baroda Vidya
• Baroda Gyan
• Baroda Scholar
• Baroda Education Loan to Students of Premier Institutions
• Skill Loan Scheme
• Vidya Lakshmi Portal
• Government of India Interest Subsidy Schemes for Education Loan
• Baroda Education Loan for EDP being offered by Premier Institutions in India
• Baroda Education Loans for EDP being offered by Premier Institutions Abroad
• Higher Education and Skill Development Guarantee Scheme for Pursuing Higher Education in Delhi

Baroda Scholar Loan Scheme

BOB offers the Baroda Scholar loan scheme for MBA, MCA, MS, and other approved courses. There is no processing charge up to INR 7.50 lakhs and no documentation charges. The loan scheme also offers a free debit card. The details are as follows:

Particulars	Details
Loan Amount	INR 150 lakhs for Institutions in the list of Premier Institutions INR 60 lakhs for Institutions not in the list of Premier Institutions
Repayment	10 – 15 Years
Processing Fee	No charges for loans up to INR 7.50 Lakh Above INR 7.50 lakh – 1% of the loan amount (Refundable on availment of first disbursement)
Security	Co-obligation of parent. No security is required – up to INR 4 lakhs Third-party guarantee and future income assignment as Collateral – above INR 4 lakhs up to INR 7 lakhs 100% tangible collateral with future income assignment – above INR 7.50 lakhs up to INR 8 lakhs 1.25x loan amount security with future income assignment – above INR 80 lakhs
Eligible Courses	Management Course STEM courses (Science, Technology, Engineering and Mathematics) (after 10+2 course & above) Medical Course Other education (law, economics, econometrics, art, performing arts and design courses)

BOB Education Loan Interest Rate

If you are taking a loan from any bank, checking your interest rate is one of the biggest factors. BOB has competitive interest rates for its students. Given below is the BOB education loan interest rate under the Baroda Scholar loan scheme:

Conditions	Repo Rate + Spread	Effective Rate of Interest
Floating Rate
Premier Institutions	BRLLR + 0.55%	9.70%
Non-Premier Institutions	BRLLR + 1.05% – 2.55%	10.20% – 11.70%
Fixed Rate
Premier Institutions	BRLLR + 2.0% – 2.55%	11.40% – 11.70%
Non-Premier Institutions	BRLLR + 2.0% – 4.55%	11.40% – 13.70%

Note: For non-premier institutions, a girl child gets a concession of 0.20%.

Documents Required for Education Loan in BOB

Having your documents ready when you apply for a loan saves you time. The required documents can vary based on factors such as your academic background, co-applicants financial history, and more. The documents required for an education loan in BOB are:

• 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)

Frequently Asked Questions

How can I apply for a BOB abroad education loan?

You can go to the official website of BOB or visit your nearest bank branch to apply. However, to save you the hassle, you can connect with Nomad Credit’s expert, who will navigate you through the loan application process.

Can I get a 100% loan to study abroad with BOB?

Bank of Baroda (BOB) offers 100% education loans to study abroad for top institutions specified in the list of premier institutions (for that year).

What are the eligibility criteria for students to apply for study abroad with BOB?

Students must be of Indian nationality. The student must have secured international admission to professional or technical courses via any entrance test or merit-based selection.

What is the maximum loan amount to study abroad with BOB?

You can avail of a maximum of INR 150 lakhs for premier institutions and INR 60 lakhs for non-premier institutions with a BOB education loan for study abroad.

Is a co-signer required for a BOB education loan without collateral?

While no collateral is required, there is a chance that you may still need a co-signer. Your co-signer could be your parent or guardian, who will take responsibility for the loan if you cannot repay the loan.