Pursuing higher education is a dream come true moment for many Indian students. Globalization has opened doors widening the opportunities for students across the globe. International institutions offering top-tier education promise a better future for aspiring candidates.
However, the cost of studying abroad, including tuition fees, accommodation, and living expenses, can be a significant barrier for many families. Education loans play a crucial role in this situation. Bank of Baroda education loan for abroad provides education loans for students who wish to study abroad. The bank offers competitive interest rates, flexible repayment options, and comprehensive coverage to help students achieve their educational goals. In this article, we will explore the key features of the Bank of Baroda’s education loan for abroad studies, interest rates, eligibility criteria, application process, and more.
Key Features of Bank of Baroda Education Loan for Abroad
Acting as a helping hand, the Bank of Baroda is offering tailored education loans for individuals who secured admissions to international institutions. Bank of Baroda offers different kinds of education loans like Baroda Scholar for abroad studies, Baroda Vidya, Baroda Gyan, etc. Here are some key features of the Bank of Baroda Education Loan for Abroad.
- No processing fee is charged for loans up to ₹7.50 lakh.
- No Documentation Charges.
- No security on loan amounts up to 7.50 lakh.
- Free Debit card.
- Loan amount up to 1.5 cr.
- Interest rate of 9.7% To 10.5%.
Interest Rates & Repayment Options
Bank of Baroda education loan abroad interest rate varies depending on your institution and your loan amount. It is important to choose an optimal loan amount and shorter repayment tenure to minimize interest rates.
Here we have provided you the list of interest rates for loans from Bank of Baroda.
| Baroda Scholar |
Education Loan |
| Premier Institutions |
Non-Premier Institutions |
| Interest Rate for Abroad |
9.70% |
NA |
| Up to 7.50 Lakh |
NA |
11.15% |
| Above 7.50 Lakh |
NA |
10.20% |
| Special rate of interest for Children of defense personnel |
NA |
10.20% |
Note: Loan Calculator
Repayment Options
- Repayment Holiday will be for Course period + 1 year
- Maximum 15 years for loan repayment after the moratorium period.
- Moratorium period + Maximum 120 installments for loans up to 7.5 lakh.
- Moratorium period + Maximum 150 installments for loans above 7.5 lakh.
Loan Amount & Coverage of Bank of Baroda Education Loan
Bank of Baroda offers education loans for a wide range of undergraduate, postgraduate, and doctoral programs across various fields such as engineering, medicine, law, business management, and social sciences. Whether you are planning to pursue a degree in the United States, Canada, Australia, or any other country, the Bank of Baroda provides financial support for most global destinations. Following is the list of expenses that will be covered under your Bank of Baroda education loan for abroad.
- Fees for University / Institution / College / Hostel / Mess
- Library / Examination / Laboratory fee
- Purchase of books/uniforms/equipment/instruments/ Laptops
- Caution deposit, building fund, or refundable deposit, as supported by institution bills/receipts, will be covered, provided that the amount does not exceed 10% of the total tuition fees for the entire course.
- Insurance premium
- Study tours, project works, thesis
- Travel expenses
- The cost of external coaching
Documents Required for Bank of Baroda Education Loan for Abroad
Several documents are required to ensure your credibility and as proof of your identity. Your academic and personal documents play a crucial role in getting your loan approved. So ensure you arrange all the necessary documents to avoid rejection.
- KYC of applicant and co-applicants
- Statement of cost of study/ Schedule of expenses
- Property Documents (if applicable)
- Income Proof for Salaried Co-applicant/ Guarantor (if applicable)
- Entrance Exam Result(if applicable)
- Proof of admission
- Academic Records
- Bank account statement for last 6 months etc
Application Process for Bank of Baroda Education Loan for Abroad
The application process for a Bank of Baroda education loan abroad can be initiated online or offline. Applying offline is quite simple are you are assisted by the designated officer to solve all your doubts and ensure a seamless journey.
Applying online can be confusing for students, so here we have provided you with a step-by-step process to help you.
Step 1: Access the Bank of Baroda official Website.
Step 2: Navigate to the Education Loan section under the Loans Tab on top.
Step 3: Click on the ‘apply now’ option.
Step 4: The Vidya Lakshmi portal will appear on your screen.
Step 5: Click on 'Apply Now'.
Step 6: Provide the required details and complete your registration process.
Step 7: Your request will be processed and you’ll receive a call from the representative.
Conclusion
Bank of Baroda offers an exceptional education loan scheme for students looking to study abroad. With competitive interest rates, flexible repayment options, and comprehensive coverage, it provides a reliable financial solution for students aiming to pursue higher education in foreign universities. By meeting the eligibility criteria, submitting the required documents, and following the application process, students can easily secure the financial support they need.
Easy Access to Education Loans for Studying Abroad – Bank of Baroda
Explore ProgramFrequently Asked Questions
1. Will the Bank of Baroda Provide Education Loans for Abroad Studies?
Yes. Bank of Baroda education loan for Abroad covers 100% of your abroad expenses.
2. What is the Interest Rate for a BOB Education Loan Abroad?
Bank of Baroda education loan for abroad interest rate ranges from 9.15% to 10.20%.
3. Is Insurance Compulsory for Bank of Baroda Student Loans for Abroad?
Insurance coverage will be mandatory for loan amounts exceeding Rs. 7.50 Lakh. The bank may finance the cost of the insurance premium by adding it to the project cost, and the premium will be recovered along with the EMIs of the loan.
4. What Happens if I Don’t Pay my Education Loan?
Your lender can send you and your guarantor a legal notice asking you to repay the loan, in case there is no proper response the bank may initiate legal proceedings against you.
5. How to Check the Eligibility for an Education Loan?
Eligibility for an education loan will be made available to students on their official website. Generally, banks ask for your nationality, proof of residence, academic documents, etc. Contacting the help desk in case of any confusion can help you clarify your doubts.
