Bank Of Baroda Education Loan
Proper and complete education is the gateway to a successful nation. India is second to none in world class education set up’s. However, in today’s world, quality education right from the primary level to higher studies is a costly proposition. To solve this burden of student and their families, banking institutions have taken a crucial step by lending education loans that will help the students in this noble pursuit of pursuing higher studies from recognized educational institutions within the country or abroad. Bank of Baroda is one such banking institution among the many offering education loans in India. The Bank of Baroda education loan is a popular loan, rolled out by Bank of Baroda, to support higher education for children
The Bank of Baroda offers different types of education loans suiting the student’s needs. Here is a comparison.
|Parameters||Baroda Vidya||Baroda Gyan||Baroda Scholar||Baroda education||Baroda education|
|Objective||Students pursuing school education||Graduation / post-graduation in India with secured admissions in a premier institution||Higher studies abroad||Vocational education and training||Students of premier institutions|
|Eligibility||Indian citizen With a confirmed admission in a school / high school / College.||Indian Citizen with a secured admission in any regular full time degree courses offered by Premier Institutes in India||Indian citizen with a secured admission in higher education courses in the recognized institutions abroad||Indian citizen and should have secured admission in an institute imparting skilled training||Indian citizen with a secured admission for courses conducted by Industrial training Institutes, in India.|
|Quantum of loan||Max. 4 Lakhs||10 Lakhs||15 Lakhs||20,000 – 1.5 Lakhs||Between 15-30 Lakhs|
The Bank of Baroda education loan interest rates are fixed at 10% currently..
The BOB education loan online apply facility has simplified the process for loan applications. Aspirants can now log on to the official web-link of PNB for education loans, https://www.bankofbaroda.coM/loans and click on the type of loan desired and follow the instructions.
For the benefit of our readers given below is the list of documents required to apply for a BOB Education Loan account;
- Proof of Identity (PoI)
- Proof of Address (PoA)
- Proof of Age
- Passport size photographs
- Latest bank statement with existing banker’s signature
- Copy of PAN Card
- Copy of the title of the property
The National Skill Certification and Monetary Reward scheme covered under Baroda Education Loan for Vocational Education & Training-
Another interesting feature from BOB is The National Skill Development Corporation Program. This initiative is intended to encourage the Indian youth with monetary rewards after they have successfully completed a skill development course as part of an approved training program. As part of the Bank of Baroda Education Loan for Vocational Education & Training, Bank of Baroda offers loans to eligible students who wish to pursue skill development programs as part of the National Skill Certification and Monetary Reward Scheme.
The salient features of this Bank of Baroda Education Loan subsidy scheme are as follows-
- The National Skill Development Agency (NSDA) implements this scheme.
- The complete list of approved skill development courses, with their associated training institutions, can be sourced from the NSDA website as well as the National Skill Development Corporation (NSDC) website.
- Minimum training duration is 30 days. Lots of social skills, job training and other such skill training may also be included in this program.
- Post the training, an approved third party will conduct the assessment and issue the certificate.
BOB Education Loans – Frequently Asked Questions
|What is a financing branch in case of BOB Education Loan?||The Bank of Baroda branch that is closest to the permanent address of the borrower is usually the one that dispenses the education loan. Thus, this branch is termed as the ‘Financing Branch’.|
|Can the bank track the educational progress of the borrower?||The borrower himself is expected to submit his progress reports to the bank frequently.|
|What is meant by Margin under Educational loans?||The term ‘Margin’ refers to the difference between the loan amount promised and the actual disbursed amount.|
|What is the maximum loan amount under the Baroda Vidya Scheme?||The maximum loan amount is Rs. 4 Lakhs.|
|What is the maximum loan amount under the Baroda Gyan scheme?||The maximum loan amount is Rs.10 Lakhs.|