- Monday to Saturday – 9 to 7 pm, Sunday closed
Menu
Get Free Education Loan Assistance From Siksha Udaan Capital
9.7%(Fixed)
(0.20% concession for female applicants of non-premier institutes)
INR 10,000 + GST (Refundable)
0-15%
Founded on July 20, 1908, the Bank of Baroda (BOB) is a state-owned banking and financial services company based in Gujarat, India, with its main office in Vadodara (formerly Baroda). The Government implemented the ‘Alternative Mechanism’ scheme on April 1, 2019, which involved merging Vijaya Bank and Dena Bank with Bank of Baroda. The Bank of Baroda offers many education loan programs, such as Baroda Scholar, Baroda Digital Education Loan, Baroda Vidya, and Baroda Gyan, among many more.
The primary emphasis on this page is placed on the Baroda Scholar program, which provides financial support to Indian students pursuing their education abroad. This scheme aids students fulfill their dreams of studying overseas by offering them the necessary funds.
This BOB education loan table contains important information regarding loan amounts, interest rates, fees, and loan terms.
| Features | Description |
|---|---|
|
Loan amount |
7.5 Lakh INR - 1.5 Cr INR |
|
Rate of interest |
9.7% (Fixed) (0.20% concession for female applicants of non-premier institutes) |
|
Processing fees |
INR 10,000 + GST (Refundable) |
|
Margin money |
0-15% |
|
Property evaluation charges |
8,500 INR |
|
Moratorium Period |
Course duration + 12 months |
|
Repayment tenure |
10-15 years |
The student needs to be at least 18 years old and an Indian citizen.
The scholar must have been accepted into a reliable university for a professional or technical program through merit or entrance-based selection process.
Your institution needs to be included in the list created by the Bank of Baroda to receive a loan.
The lending institution requires the applicant to possess a consistently impressive academic track record and meet the minimum academic requirements. Additionally, the student must complete any necessary prerequisite exams, such as the GRE, IELTS, or TOEFL.
The essential documentation for a BOB education loan for pursuing overseas studies may differ based on various factors. These factors primarily revolve around your academic and professional background, the financial and credit history of your co-applicant, and the specific location of the property or asset that you intend to utilize as collateral.
You may apply on their website if you’re looking to get a BOB loan for overseas education. On the other hand, applying for your education loan through Shiksha Udaan Capital offers a smoother application process.
Shiksha Udaan Capital is a digital platform intended to help Indian students pay for their higher education abroad. All you have to do to start the process with us is determine your loan eligibility; we’ll handle the rest!
Loan With a Guaranteed Best Rate
Shiksha Udaan Capital commits to providing you with the most competitive education loan in the marketplace at the lowest possible rate. We work tirelessly to give you the greatest offer.
Completely Free Services Available
The services offered to applicants by Shiksha Udaan Capital are entirely free. There are no fees associated with the BOB abroad education loan application process.
Fast Processing Time
Our staff interacts with several BOB departments to quicken the loan approval process, which generally requires 15 to 20 days when you request an education loan through Shiksha Udaan Capital. For this reason, we receive thousands of student loan applications each year. The normal loan processing time frame at BOB is between 30 and 45 days if a student applies straight to the bank.
Greater Probability of Approval
If documents are missing, property-related problems or additional issues arise, we rapidly communicate with BOB officials to solve these. This ensures quick settlement of issues and significantly improves your chances of being approved for a BOB education loan. Shiksha Udaan Capital is committed to offering continuous support and assistance in case you face any challenges or hurdles.
Challenges in BOB Education Loan
To speed up your education loan application, we outline a few obstacles that you should be aware of below, along with solutions.
Delay in the Procedural Process
Typically, individuals submit their applications to a specific branch of the Bank of Baroda. The majority of branches do not have the authority to approve or reject education loan applications. The main responsibility of the branch is to gather the required paperwork in time and send your applications to the Specialized Mortgage Store (SMS), a specialized back-end office. This particular office is responsible for the comprehensive evaluation of the loan application.
Challenges and Complications Related to the Property’s Legal Aspects
Bank of Baroda impanelled advocates to verify the property of the applicant and its supporting legal papers for the loan to be sanctioned. Nevertheless, the bank and advocates have a high Turnaround Time (TAT), meaning that there is a tendency for officials to prolong the verification process when discrepancies are found in property or related documents.
Shiksha Udaan Capital is your ultimate savior in situations like these, as we collaborate with the bank to explore alternative solutions when faced with such challenges. Shiksha Udaan Capital has a well-established history of assisting numerous students in overcoming challenges related to property or document issues, ensuring that these obstacles do not hinder their ability to secure an education loan.
Issues Related to Property’s Technical Aspects
The thorough evaluation of the applicant’s property, conducted by Civil Engineers appointed by BoB, is a highly extensive and time-consuming process. After visiting the property, civil engineers measure it, determine its age and location, and figure out its fair price, market price, and distress sale price. The Civil Engineer’s Turnaround Time (TAT) can often be long and uncertain, but our systematic approach ensures completion within three business days.
Problems with Pre-visa Allocation
Apart from the solutions mentioned earlier, Shiksha Udaan Capital also guarantees the pre-visa disbursement of loans. This means that we ensure the bank releases the loan to the applicant before the issuance of their visa.
The loan amount you are eligible for is determined by the status of your university on the leading list. If your institution is included in the premier list, you may qualify for a maximum loan amount of 1.5 Crore. However, if your university is not on the list, the maximum loan amount available to you is 60 Lakh.
Yes, section 80e tax advantages are available for the BOB education loan.
The duration of a BOB education loan can be as long as 15 years.
BOB education loans do not have a prepayment penalty. You can pay off your education loan early if you can. There are no extra fees for closing your education loan ahead of schedule.
The margin requirements for BOB education loans differ depending on the type of institution. For top-tier institutions, loans up to Rs 4.00 lakh do not require any margin, while loans ranging from above Rs 4.00 lakh up to Rs 7.50 lakh have a 15% margin.
However, loans above Rs 7.50 lakh in top-tier institutions do not want any margin. On the other hand, for non-top-tier institutions, loans up to Rs 4.00 lakh do not need a margin, loans above Rs 4.00 lakh up to Rs 7.50 lakh have a 15% margin, and loans above Rs 7.50 lakh require a 10% margin.
The interest rate you are eligible for is determined by whether your institution is considered a premier institution and the amount of loan you want to borrow. If your institution is on the premier list, you can get a loan with an interest rate of 9.7%. However, if your institution is not on the premier list, loans up to 7.5 lakh can be given at an interest rate of 11.15%, while loans exceeding 7.5 lakh can be provided at a rate of 10.20%.
Shiksha Udaan Capital aims to support your dream of attaining a high-quality education and provide students with easy access to personalized educational finance alternatives.
