The Info You Need on Bank of Baroda Education Loans (Part 1)
Bank of Baroda (BoB) offers eight education loans. We look at four of them in this blog and four in tomorrow’s blog.
Today we look at these four loans:
- Baroda Vidya Loan
- Baroda Gyan Loan
- Baroda Scholar Loan
- Baroda Premier Institution Education Loan
Baroda Vidya Loan
The Baroda Vidya Loan is for schoolchildren. It helps people educate their children up to Class 12. The maximum loan one can get is up to Rs. 4 lakh.
The Baroda Vidya Education Loan for children from nursery to class 12 is disbursed as a series of payments over the required number of years and not as a lump sum, just like most education loans. It can be used for all school expenses including paying for books, laptops, uniforms, hostel fees, etc. it should be noted, however, that BoB does not provide this education loan for external coaching or tuition classes.
This loan is meant for higher studies in India. It can be taken to cover the expenses of graduation, post-graduation and professional studies. The college should be categorised as a recognised institute in the country. This in simple terms means the college should be recognised to offer education by bodies such as the UGC, AICTE, NAAC, etc.
The maximum loan amount under this loan is capped at Rs. 80 lakh for medical and aviation courses and at Rs. 60 lakh for all others. A good thing about this loan is that it can be taken for courses offered by foreign universities in India, and by evening colleges.
Baroda Scholar Loan
This loan is given for foreign studies and helps students pursue notified courses such as an MBA, MCA, MS, etc. that improve their chances of landing a job. The maximum loan amount is capped at Rs. 80 lakh for specified institutes and at Rs. 60 lakh for non-specified institutes.
A key point to note here is that the employment capacity of the student after passing out plays a key role in the bank granting approval for this loan. In other words, if you study in a college where future employability is not a key criterion for the college or the college focuses on studies and not jobs (what colleges are supposed to do), then this loan may not fit your needs.
Baroda Premier Institution Education Loan
This Bank of Baroda Education Loan helps students who have gained admission into premier educational institutions in India to pay their course fees. The maximum loan amount that you can apply for is Rs. 80 lakh with security. The maximum loan you can get without security depends on Bank of Baroda’s categorisation of the institute.
The loan can be taken for graduate, post-graduate, PhD, professional or any other course, as long as it is in a premier educational institution in the country. Like other loans, the bank disburses the loan as a series of payments over the required number of terms or years to pay the course fees or other approved charges.
Click here for part 2 of the series on Education Loans from Bank of Baroda.