Study Abroad Bank of Baroda Education Loan

Every child aspires for quality education so as to lead a successful and quality life. However, the sad truth is that education comes at a hefty price, whether in India or abroad. Studying from a prestigious University at the overseas locations can be financially draining for an average middle-class Indian. That is why, study abroad education loan comes into the picture. Among the popular options is Bank of Baroda education loan whose rate of interest falls in the range of 8.40 p.a.-10.40% p.a. Bank of Baroda offers floating interest rates, which may dwindle as per changes in MCLR. Bank of Baroda education loan has refundable processing fees which means you are not paying anything to avail the study abroad education loan.

This blog is updated as of October 2020 and the rates of interest presented here may or may not alter in the time to come.

Bank of Baroda education loan: Full Details

Detail

Study Abroad Education Loan

Max Loan Amount

Rs. 80 Lakh

Interest Rates

Loans upto Rs. 4 lakh

9.65 % - 10.40%, for Girls - 9.15%

Loans Rs. 4.0 - 7.5 lakh

9.65 % - 10.40%, for Girls - 9.15%

Loans> Rs. 7.5 lakh

9.65 % - 10.40%, for Girls - 9.15%

Margin requirement (by student/family)

Loans upto Rs. 4 lakh

0%

Loans above Rs. 4 lakh

10%

Max Tenure Post Moratorium

Loans upto Rs. 7.5 lakh

10 years

Loans above Rs. 7.5 lakh

15 years

Co-Applicant required (Y/N)

Yes

Third Party Guarantee

Loans upto Rs. 4 lakh

Not required

Loans Rs. 4.0 - 7.5 lakh

Required

Loans> Rs. 7.5 lakh

Not required

Collateral Security (Fixed deposit/ Property, LIC)

Loans upto Rs. 4 lakh

Not required

Loans Rs. 4.0 - 7.5 lakh

Not required

Loans> Rs. 7.5 lakh

Required

Prepayment Charges

Nil

Moratorium Period

After course period

12 months

After getting job

6 months

What can the loan be used for?

Once the Bank of Baroda education loan is sanctioned to a party, they can use the loan for following purposes-

• Travel expenses
• Purchasing books, uniform, stationary or study supplies
• Purchasing laptops or tablets as required by the course demand
• Hostel fees, education fees and library fees
• Passage money for studying abroad
• Additional costs as required during the course

Bank of Baroda education loan eligibility

Whether or not, you are eligible for getting study abroad education loan is explained here.

Parameters to Consider

Loan Eligibility Criteria

Age of the Applicant

• Up to 35 years if you are non-employed
• Up to 45 years if you are working professional/ executive

Who can apply

• Any Indian national who has secured admission in recognized university.
• Permanent employees with a minimum of three years of work experience with any organization.

Maximum Loan Amount

Up to Rs. 8,000,000 for studies abroad

Repayment Frequency

Repayment in education loans normally begins one year after the course is completed or six months after you get a job, whichever is earlier.

Repayment Period

Maximum of 15 years after repayment commencement.

In Conclusion

study abroad education loan from Bank Of Baroda can become easier with Eduloans, which can be your connection with the bank. We help you in complete documentation and processing until the last step. We at Eduloans were the first ones to get digitally connected and look at helping students achieve their global ambitions by empowering dreams.

Study abroad education loan | education loan without collateral- Apply for Overseas education loan in India from Eduloans at low interest and get an education loan to study abroad over Rs 40-50 lakh with flexible.