Be it school education or college education, it acts as a stepping stool to achieve your dreams. Whether it is college education or post graduation, higher tuition fees do not increase. Getting an education loan is an easy way to fulfill your dreams. A student loan can help you enter the university of your choice. The government’s emphasis on education means that you can avail education loan subsidy, and you also get tax benefits for the interest paid under Section 80E of the Income Tax Act. Bank of Baroda education loans in India and abroad offers you to fulfill your dreams. Most of these student loans in India have a repayment period of 10–15 years and a specified number of course periods and months.
Education has been modified from a top-level B-school or law school and professional skills have been added to your portfolio and you get a placement for a good desk job. But often such placement-guaranteed education comes at a great cost. The only option when you do not have a mullah is to take an education loan, with the hope that you will be in a position to pay it back from your income after graduation.
Baroda Education Loan in India and Abroad has been classified into three parts. Lat us look into them one by one.
Baroda Vidya details: Loan for school education for classes nursery to 12th
- Person should be an Indian national
- Students should have secure admission to recognized school for classes nursery to 12th or for evening courses of institute approved by central/state government
- Loan will be in the name of parents i.e., either father or mother
- Maximum amount that a person can avail is Rs. 4 Lakhs
- Loan amount should be payable in 12 EMIs after disbursement. First installment to be due 12 months after first disbursement of each year’s loan.
- Loan will be disburse directly to school/Institution/book seller/shop for purchase of equipment
- Disbursement of next year will be made only after student has passed the current financal year and respective marksheet has been submitted
Baroda Gyan details: Loan for higher studies in India
- No processing charge
- Free debit card will be provided to students
- Margin money is 5% for loan above Rs. 4 Lakhs and nil for loan below Rs. 4 Lakhs
- Moratorium period is for 1 year after course period is over. Suppose you complete BSc in 3 years the after 4 years ,bank will ask for payment
- Repayment period for loans up to Rs. 7.5 Lakhs is maximum 10 years and for loans above Rs. 7.5 Lakhs is maximum 15 years after completion of moratorium period in both cases
- Maximum quantum of loan is Rs. 80 Lakhs for Medical/Aviation education and Rs. 10 Lakhs for others.
- No security for loan up to Rs. 4 Lakhs and third party guarantee is taken for loan above Rs. 4 Lakhs and up to 7 Lakhs along with the assignment of future income of student. Tangible collateral security along with the assignment of future income of student will be taken in case of loan above Rs. 7 Lakhs
- You can take Baroda Gyan education loan for the following courses.
Baroda Scholar loan details: for Professional courses in Abroad
- Maximum quantum of loan is Rs. 80 Lakhs for institutions mentioned in list of premier institutes and Rs. 60 Lakhs for non premier institutes
- Moratorium period is for 1 year after course period is over.
- Repayment period for loans up to Rs. 7.5 Lakhs is maximum 10 years and for loans above Rs. 7.5 Lakhs is maximum 15 years after completion of moratorium period in both cases
- No security for loan up to Rs. 4 Lakhs and third party guarantee is taken for loan above Rs. 4 Lakhs and up to 7 Lakhs along with the assignment of future income of student. Tangible collateral security along with the assignment of future income of student will be taken in case of loan above Rs. 7 Lakhs
- You have to pay charges for valuation and search report where property is mortgage i.e., in case of loan above Rs. 7 Lakhs
- You can take Baroda scholar education loan for the following courses
- Find the list of Premier Institutes List-of-Specified-Premier-Institutions-in-Abroad-06-03-2019
Margin
| INSTITUTE | UP TO Rs. 4 LAKHS | ABOVE Rs. 4 LAKHS |
| PREMIER INSTITUTE | NIL | NIL |
| NON PREMIER INSTITUTE | NIL | 10% |
That all for Baroda education loans in India and Abroad. You can also read about Baroda Home loan and Vehicle loan, Hope you have understood better. Thank You for visiting.