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Bank of Baroda

Home > Bank of Baroda
BOB Education Loan provides students with different types of education loans to fund their abroad education. A BOB Education Loan gives you a lot of breathing space as repayment periods usually range from 10-15 years. Make your life much simpler and easier by getting a Bank of Baroda Education Loan to fulfil your overseas education dreams.
Loan Margin: 10
Processing Fees: ₹12K
The Bank of Baroda, founded in 1908, is one of India’s oldest banks. BOB provides a variety of local and international services to its retail and business customers. For many years, the Bank of Baroda Education Loan for abroad has helped thousands of students realise their ambitions of studying overseas. Female students are eligible for a 0.5 percent interest rate discount through the BOB Education Loan. Furthermore, as a scheduled commercial bank, Bank of Baroda offers various interest subsidy schemes, including the Central Scheme of Interest Subsidy (CSIS) for Economically Weaker Sections, the Dr. Ambedkar Central Sector Scheme of Interest Subsidy for Other Backward Classes and Economically Backward Classes, and the Padho Pardesh interest subsidy Scheme for minority communities.

Features Of Bank of Baroda Abroad Education Loan

FeaturesEducation Loan Details
Loan amount Upto ₹1Cr (Collateral)
Rs.60 lakh - Rs.80 lakh
Depends on the university
Margin money 10%
Processing fee ₹12K
The processing fee is refundable after disbursement
Rs. 10,030 required for legal clearance report (non-refundable).
Processing time Total 20-25 working days needed for sanctioning the loan.
Loan tenure 15 Years
Prepayment charges Nil
Countries covered USA, Canada, UK, France, New Zealand, Australia, Germany and others

Benefits of Bank of Baroda Abroad Education Loan

Lower Interest Rates

The Bank of Baroda Education Loan Scheme rewards deserving students by lowering the interest rate by 0.5 percent. If your university is on the Bank of Baroda student loan list of A schools overseas, your interest rate will be 9.45 percent for female students and 9.95 percent for male students. These loans made available to students at premium institutions are a win-win scenario!

Online Procedure

You may upload the bank of Baroda education loan documents required online immediately. This is an extra benefit that saves time and effort.

Refundable Processing Fee

With Bank of Baroda, after you obtain your loan sanction letter, the processing cost of Rs. 10,000 is entirely repaid to you.

Expenses Covered

A large number of Indian students study abroad with the help of student loans. BOB gives the option of including a huge amount of the day-to-day charges that consume money in order to attract more pupils. You can expect up to 100% of fees and living expenses covered with the help of BOB loans, inclusive of off-campus living expenses.

Disbursement Perks

There are various financial benefits to taking up a Bank of Baroda education loan. They include – – Pre-Visa Disbursal is made for students who are applying for abroad studies – Loans are disbursed quickly – Tax benefit u/s 80 (E) – Free debit card – There is no need to pay interest during the course – During the payback period, simple interest is charged

Benefits Of Getting Your Bank of Baroda Abroad Education Loan Through Wecare Capital

Higher Chance Of Approval

By applying for your education loan through Wecare Capital, you are increasing your chances of approval. Generally, banks dismiss applications if they find any missing documents, property issues, or any other problem. With Wecare Capital, we will immediately reach out to BOB officials and find the best solution.

Online Service

With Wecare Capital, there’s no need to visit the branch to submit your documents. Simply visit the Wecare Capital website and upload your documents from the comfort of your home. You can also enjoy step-wise updates via notifications.

No Cost To You

All our education loan services are completely free of cost.

Quicker Sanctions

Our strategic partnerships ensure low turnaround time. Expect to have your education loan processed and sanctioned within 15 days.

Eligibility Criteria For Bank of Baroda Abroad Education Loan

For BOB Education Loans, Wecare Capital provides you with a customized documents list that depends on your profile, your co-applicants profile, and any property/asset, which you may offer as collateral. However, at a higher level, the following documents will be needed –

TypeRequirement
For borrowers1. The student should be an Indian national who has been admitted to professional/technical studies at reputable universities.

2. Permanent employees who have been with an organisation for at least three years and wish to pursue further studies and have been accepted into a reputable institute.
For the co-borrowerSince the co-borrower plays an equally important role in education loans, there are set criteria that must be met.

1. The co-borrower must be a citizen of India
2. He/She must be earning in India
3. It is important that he/she has an Indian bank account that facilitates cheque writing
4. They could be a parent, legal guardian, a relative, or even your sibling
5. Lastly, the co-borrower will be considered as the primary debtor
Eligible CoursesIf you satisfy two parameters, you may be eligible for a 0.5 percent discount in your Bank of Baroda Education Loan Interest Rate. To begin, determine if your major is STEM, Management, Medical, Economics, Econometrics, Arts, Law, Performing Arts, or Design. Second, see if your university is well ranked.
Eligible Countries The Bank of Baroda Education Loan Scheme accepts all types of education loan applications, regardless of course or nation.

Documents Required for Bank of Baroda Abroad Education Loan

For BOB Education Loans, Wecare Capital provides you with a customized documents list that depends on your profile, your co-applicant’s profile and any property/asset, which you may offer as collateral. However, at a higher level, the following documents will be needed –

TypeDocuments Required
List of Documents for Education Loan1. Connect with Wecare Capital, will guide you for all process and take care of your application to make loan successful.

2. Application form duly filled & Signed by All i.e Borrower & Co-borrower/Guarantor.

3. Form No-135 should be duly filled & Signed individually by all Borrower & Co-borrower/Guarantor.

4. Latest Two Passport size of Borrower & one of each Co-borrower/Guarantor.

5. Identity Proof such as PAN Card, Aadhar Card of Borrower & Co-borrower /Guarantor & Passport/Visa in case of abroad Study.

6. Address Proof such as Phone bill/Light bill of Borrower/Co-borrower/Guarantor.

7. LIC/NSC/FDR/KVP Xerox copy of Certificate of Borrower/Co-borrower/Guarantor.

8. Last six Months Bank statement of all Borrower & Co-borrower/Guarantor.

9. Last two years ITR with computation of income of Borrower & Co-borrower/Guarantor & Below Doc as applicable (freelancer to submit 26AS as well with ITR).

10. In case of Pvt limited co, MOA will be needed and for partnership firm, partnership deed will be needed.

11. Offer letter along with Fee Structure & Living Cost Component for complete course year wise

12. Exam appeared (CAT ,MAT, XAT ,GRE, GMAT, TOEFL, IELTS, SAT, NEET etc.) & I20 for USA only (in case i20 not given then provide Course start and End date with course duration from authentic Source or via mail from institute & I20 replacement form signed by all {available in BOB Branch} ),In case competitive exam is exempted by institute or direct admission granted , institute via mail will have to confirm same over mode of selection.

13. Fee receipt if paid in advance and if want reimbursement as per eligibility then undertaking of same before sanction.

14. Complete Mark Sheet (all semester) of 10th, 12th, Graduation, Post-Graduation, etc. with certificate, If in final year , then provide undertaking of same with tentative last date of exam and date of receiving mark sheet.

15. Margin money proof to be paid by borrower as per norms.

16. In case of prior work experience of applicant, relieving letter of all previous employers , in case currently working then undertaking of tentative resignation date or soft copy of resignation letter if already resigned.

17. In case of any previous loan related issue NOC & clarification from Borrower/Co borrower.

18. If Study Gap/Backlog/ATKT in previous Education, provide in brief reason & justification of same.

19.All original documents is required for verification while submitting the complete records for processing.
Additional Doc for Secured Loan Only1. All Chain of document of property from beginning and all chain should be fully registered (specially of last 30 year search chain which include flat conveyance ,POA, Development agreement) and All those listed as owner in property will serve as co borrowers in loan

2. Occupancy Certificate (mandatory), Share Certificate, Latest Property tax is must , In case of Mahada Property NOC from Mahada/Society Must before sanction

3. One cheque of 10030/- per property for legal & valuation charges (Mandatory for India & abroad when property being mortgaged ,This is non-refundable Cheque)

4. Security deposit amount of 11800/- (only for abroad, refundable only after 1st disbursement ) Both Cheque to be in favor of “Bank of Baroda”

5. If mortgaged property is rented then provide rent agreement and NOC from Tenant
For Businessman applicant/Co applicant1. Latest 2 Year ITR with all set.
2. Business license/GST Reg Certificate.
3. Latest 1 year current and saving account statement.

Loan Repayment For Bank of Baroda

The BOB Education Loan Repayment Method is simple to comprehend. The terms of the BOB Education Loan allow for a moratorium period of up to one year following the completion of the course. The moratorium period is often known as the repayment holiday. During this time, you are not required to make any bank payments. Repayment of your BOB education loan for abroad normally begins one year after the finish of your degree. This grace period is provided so that students can work and earn a living. They will have complete control over the repayment of their Bank of Baroda Education Loan. In contrast, several private banks and NBFCs charge students a percentage of their interest while they are studying. Parents bear the cost since students are unable to make these payments.

How To Apply For Bank of Baroda Abroad Education Loan?

1. Apply Online & Upload Your Documents

You may apply online or request a callback from one of our certified Bank of Baroda student loan counsellors once you’ve verified your eligibility. Depending on your requirements, our knowledgeable counsellors can assist you in obtaining a Bank of Baroda education loan with or without collateral. After you’ve submitted your personal information, our team will thoroughly review it and, based on your eligibility, recommend the steps below to you. Wecare Capital allows students to submit certificates online, saving them the hassle of presenting documents at the bank and allowing them to do so from the comfort of their own homes. Wecare Capital also gives you a tailored list of papers that you may provide based on your profile and the loan that you’ve applied for in order to expedite the process.

2. Processing and Approval

You can send your loan application and accompanying documents to BOB for evaluation and real-time approval once you’ve uploaded/submitted the necessary documents. Wecare Capital will get in touch with BOB on a regular basis to check on the status of your application and ensure that it is handled as promptly as possible. Our website will keep you up to date with the latest information.

3. Loan Sanction And Disbursal

After your loan is approved, you must pay the processing fees in order to acquire the sanction letter. Following receipt of the sanction letter, the student and co-applicant must complete the loan agreement within the validity period of the sanction letter, which is six months. The student is eligible for loan disbursement after signing the agreement. The lender will deposit the required sum of money into your bank account or university/account. If the student requires disbursement prior to the visa as per the visa office’s guidelines, we communicate with BOB and arrange for it. Wecare Capital will also guarantee that disbursements are completed on time, and students can contact Wecare Capital at any time during the loan’s term.

Frequently Asked Questions

The maximum loan amount one can get from a Bank Of Baroda Education Loan for studying overseas is up to INR 1 crore.
Yes, Bank Of Baroda Education Loans do have tax benefits u/s 80(E).
No, there is no prepayment penalty on Bank Of Baroda Education Loans.
1. 3 Month Salary Slip along with an offer letter. 2. Form 16 of latest 2 years. 3. Latest 1 year Salary account statement.