Bank of Baroda Education Loan for School Students
Bank of Baroda is a well renowned bank of India. It was founded in 1908. It is among one of the first banks founded by Indians. Bank of Baroda offers numerous financial products for its customers. Education loans are one of the most attractive products of its lineup. Vidya education loan offered by it is a loan targeted towards students who are studying in Indian schools. The cost of studying in schools has recently increased rapidly. That’s why the number of parents taking loan for their children studying in schools has also increased. BOB offers education loan for school students at attractive interest rates. In this post we have discussed all the important details of BOB Vidya Education Loan.
BOB Vidya Education Loan
Bank of Baroda offers financial support to the meritorious students studying in schools of India from nursery to class 12. BOB Vidya Education Loan scheme covers a multiple number of courses offered by different educational institutes of India.
Important Details
This education loan for school students of India from nursery to 12th standard. The loan is sanctioned on the name of the parents.
Key points
1) Eligibility
- Should be an Indian national residing in India.
- The student should have secured admission in recognized schools.
2) Loan Amount
- The loan amount will be decided based on the financial requirement of the student up to a certain margin as per bank’s guideline.
- The repayment capacity of the parents of the borrower will also be considered while deducing the loan amount.
- Maximum loan amount is ₹4 lakh.
- The loan will be sanctioned in the name of the parents of the student.
3) Repayment
- The repayment period starts after twelve months of the first disbursement of the loan.
- The total repayment amount should not exceed 60% of the total income of the parents.
4) Processing fee
- There is no processing fee in this scheme.
5) Security
- No security is required for getting this loan.
6) Margin
- No margin amount, which means that the whole fee will be paid by the bank under this education loan scheme.
7) Eligible Institutions and courses
- Recognized School, High school, Jr. College (CBSE/ICSE/State Board) from nursery to 12th standard
- Evening courses of institutes approved by state/central govt.
8) Coverage
- Total course fee according to the guideline of the bank.
- Hostel fee is covered under this education loan.
- Caution deposit, Building fund and refundable deposits can be covered in the loan only if the valid receipt is produced by the students.
- The cost of book, uniforms, instruments and equipment will also be covered.
- Cost of purchasing computer will be covered in the loan amount if necessary.
- The cost of coaching or tuition will not be considered under this loan.
9) Rate of Interest
Product | Condition | Rate of Interest |
Baroda Vidya | Study in School in India. | 12.50% |
A concession of 0.50% is given to female students.
10) Required documents
- KYC of the applicant and the co applicant.
- Academic records.
- Proof of admission.
- Entrance exam results if applicable.
- Schedule of expense.
- Income proof of the salaried co applicant/guarantor.
- Bank account statement for last 6 months.
** Bank of Baroda holds the authority of changing the terms and conditions of BOB Vidya Education Loan without any prior notice.