What is the Bank of Baroda's education loan eligibility?

Question

Does anyone here have taken an education loan from the Bank of Baroda? If yes, can you please explain the Bank of Baroda's education loan eligibility? Please tell the application process, fees, and eligibility criteria in detail. #Educationloan

Shoaib Ahmed · Answer

Bank of Baroda offers education loans to students who aspire to pursue higher education in India or abroad. The eligibility criteria, application process, and fees for an education loan from Bank of Baroda typically include the following:

Ideally these are the Eligibility Criteria:

Admission: The student must have secured admission to a professional or technical course in India or abroad through an entrance test or a merit-based selection process.

Age Limit: Some loan schemes may specify an age limit, so it's important to check the specific requirements for the loan you're interested in.

Credit History: A good credit history of the co-applicant can be beneficial. The bank will check the repayment capacity of the co-applicant.

Collateral: For higher loan amounts, collateral might be required.

Application Process:
Research: First, research the various education loan schemes offered by Bank of Baroda. They have different schemes for studying in India and abroad.

Application Submission: Fill out the application form available at Bank of Baroda branches or online on their website. Provide all necessary details such as personal information, details about the course and university, and financial information.

Documents Required: Submit required documents, which typically include academic records, admission letters from the university, KYC documents, income proof of co-applicant, etc.

Loan Evaluation: The bank will evaluate the loan application based on the student's academic background, the reputation of the institution, course prospects, and the repayment capacity of the co-applicant.

Approval and Disbursement: Once approved, the loan amount is disbursed as per the requirements of the course, either directly to the institute or to the student.

Fees and Charges:
Interest Rate: Competitive interest rates are offered, which may vary based on the loan scheme and the student's profile.
Processing Fee: Some education loan schemes may have a processing fee, while others might not.
Margin: For higher loan amounts, there might be a margin requirement, meaning the bank will not finance 100% of the cost.
Additional Points:
Moratorium Period: Education loans typically have a moratorium period (course period plus a certain time after the course), during which the borrower is not required to make repayments.
Repayment: Repayment typically starts after the moratorium period and can extend up to a certain number of years.
It's advisable to visit the nearest Bank of Baroda branch or their official website for the most current information

Although, I didn't apply from Bank of Baroda but took the help of Gyandhan for their recommendation on loan guidance and can check your eligibility - https://www.gyandhan.com/blogs/education-loan-eligibility

What is the Bank of Baroda's education loan eligibility?

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