Bank Of Baroda Education Loan

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Table of content

  1. Education loan Products of Bank of Baroda
  2. Bank of Baroda Education Loan Scheme For Study Abroad
  3. Bank Of Baroda Education Loan Schemes For Studying In India
  4. Student’s Eligibility Criteria for Bank of Baroda Education loan:
  5. Expenses Covered Under Bank of Baroda Education Loan:
  6. Documents Required For The Bank Of Baroda Higher Education Loan
  7. Bank Of Baroda Education Loan Insurance
  8. How To Apply for an Education Loan From Bank Of Baroda
  9. Why And How To Transfer Your Education Loan To Bank Of Baroda
  10. Benefits of Applying for Bank of Baroda Education Loan Through WeMakeScholars
  11. Bank Of Baroda Loan EMI Calculator and Repayment Process
  12. Education Loan Subsidy Schemes
  13. FAQ's
  14. Need Help? Ask Here!

Education loan Products of Bank of Baroda

Bank of Baroda (BOB), founded on July 20, 1908 by Maharaja Sayajirao Gaekwad III, is an Indian Multinational public sector bank headquartered in Vadodara, Gujarat. It stands as the second largest public sector bank in India, following the State Bank of India

For students, Bank of Baroda provides specially designed education loans with competitive interest rates starting from 8.55%. These loans cover a diverse range of courses, including MBA, Masters, Bachelors. Bank of Baroda has various education loan schemes designed to meet the needs of students wanting to pursue higher education in India or Abroad:

For abroad studies

  • Baroda Scholar
  • Baroda Education Loan for EDP being offered by Premier Institutions abroad

For study in India

  • Baroda Gyan
  • Baroda education loan to students of premier institutions or Baroda digital education loan
  • Baroda Education Loan for EDP being offered by Premier Institutions in India
  • Skill Loan Scheme

*EDP means Executive Development Programmes (part time/weekend/online/programmes) being offered by premier institutions*

 

Banks

Bank of Baroda Education Loan Scheme For Study Abroad

The following table gives the comparison of loan details of two loan products of the Bank of Baroda namely “Baroda Scholar” and “Baroda Education Loan for EDP” for students who want to pursue education in premier institutions in foreign universities. Loan limit, interest rate, concession, loan margin, processing fee, moratorium period, repayment period, acceptable security, and co-applicant are some of the areas that it embraces. 

Loan Parameter

Baroda Scholar Baroda Education Loan for EDP being offered by Premier Institutions abroad
Loan Limit
  • Rs. 150.00 lacs for Institutions specified in List of Premier Institutions
  • Rs. 60.00 lacs for Institutions not specified in List of Premier Institutions
Up to 80 Lacs 
Interest Rate
  • List of Institutes specified in Premier Institutions: 9.70%
  • List of Institutes NOT specified Premier Institutions: 
    • Up to Rs 7.50 lakh - 11.15%
    • Above Rs.7.50 Lakh - 10.20%
  • For Canada Up to Rs 7.50 lakh: 11.15%
  • For Canada Above Rs.7.50 Lakh:11.70%
  • Children of defense personal: 10.20%

 

  • Upto 7.5 Lakhs: 11.15%
  • Above 7.5 Lakhs: 11.50%
Interest Rate Concession

0.20% - For girls student

NIL
Loan Margin
  • For Premier institutes -
    • Up to 4 Lakhs: NIL 
    • From 4 to 7.5 Lakhs: 15%
    • Above 7.5 Lakhs: NIL 
  • For Non-premier institutions -
    • Up to 4 Lakhs: NIL 
    • From 4 to 7.5 Lakhs: 15%
    • Above 7.5 Lakhs: 10%
  • Up to 4 lakhs - NIL
  • Above Rs.4.00 Lakh up to Rs 7.50 Lakh - 15 %
  • Above Rs 7.50 lakh- NIL
Processing Fees*
  • Up to Rs.7.50 Lakh : NIL
  • Above Rs.7.50 Lakh: 1% of the required loan amount (maximum Rs. 10,000)+Applicable GST
1% of the entire loan amount ( only a maximum of 10,000 is charged)
Moratorium Period

Course Duration + 12 months

Duration of the course + 3 Months 
Repayment Duration

10 to 15 years after the completion of the moratorium period 

10 to 15 years

(*In the case of premium institutions, a refund of processing charges will be granted upon the first disbursement of the loan. Additionally, a non-refundable fee of ₹8,500 per property, covering legal expenses for advocates and valuers, is required upfront for all education loan accounts where property is mortgaged)

  • For loans up to Rs. 7.5 Lakhs: Moratorium Period + Maximum 120 installments (10 years)
  • For loans above Rs. 7.5 Lakhs: Moratorium Period + Maximum 180 installments (15 years)

Acceptable Collateral

Bank of Baroda's education loans may accept the following types of collateral for higher loan amounts:
Immovable property:

  • Non-agricultural land
  • Building
  • Flat

Liquid security:

  • Government bonds
  • Life Insurance Corporation (LIC) policies
  • Fixed deposits

Collateral Margin

Secured education loans involve the concept of collateral margin. When you provide collateral for an education loan, the bank may offer the full value of the collateral in some cases, but in others, they may deduct a margin. 

For instance, when you use immovable property as collateral, the bank may provide 100% of the loan amount. However, if you offer fixed deposits or government bonds, the bank may offer 90% and 80% of the loan amount, respectively. This margin is a percentage of the loan amount that the bank retains as a safety buffer in case the borrower defaults on the loan.

Collateral Security

When applying for an education loan from the Bank of Baroda to study abroad, the collateral required will depend on the loan amount.

  • For loans up to Rs.7.50 lakh, no collateral or third-party guarantee is required, but a parent's co-obligation is necessary.
  • For loans above Rs.7.50 lakh up to Rs.80.00 lakh, tangible collateral security equal to 100% of the loan amount is required, and future income must be assigned to secure the loan. 
  • For loans exceeding Rs.80.00 lakh, the total security coverage should be 1.25 times the loan amount, and future income be assigned as part of the collateral

Acceptable Co-Applicant

The Co-applicants must be Parents, Parents-in-law, Siblings, parents’ siblings, spouses, and first cousins (in the order mentioned).  A guarantor or security is not mandatory for loan amounts less than INR 4 lakh, but a third-party guarantor is mandatory for loan amounts greater than INR 4 lakh.

Repayment Policy

In the schemes mentioned above, you will accrue simple interest during the moratorium period, but you have the option not to pay it. You can choose to opt-out and start your EMI after the moratorium period ends.

Eligible Courses/College List under the Baroda Scholar Scheme

The Bank of Baroda has a special preference for certain colleges for education loans around the world according to the course. Below is a specified list which is categorised according to the course and country for your ease

Courses:

  • Technical and professional courses offered for career advancement from reputed universities
  • PG courses such as MS, MCA, and MBA 
  • Professional courses conducted by CIMA in London and CPA in the USA.
  • Degree and diploma courses such as aviation, shipping, and aeronautical are recognized by regulatory bodies pertaining to the field for the purpose of employment in India or abroad.
  • Certificate courses

Premier Universities list:

(Universities not on the list can also be considered without any preferential treatment.)

Eligible Courses Under Baroda Education Loan for EDP being offered by Premier Institutions Abroad Scheme

Premium educational institutions worldwide are offering part-time, online, and distance learning Executive Development Programs, which include those utilizing technology platforms such as Times Pro or Hughes Global Education, as well as other partnerships. 

(For any queries about any of the mentioned schemes, or confusion about your university, you can talk to our financial officers by requesting a callback or just comment your queries down.)

Read More

You can watch this video to gain a better understanding of all the schemes available to you through the Bank of Baroda. This video is a valuable resource for students who are considering abroad education and looking for ways to fund their education. It provides a comprehensive overview of the education loan schemes offered by the Bank of Baroda so that students are equipped with the knowledge they need to make informed decisions about their education funding.

Banks

Bank Of Baroda Education Loan Schemes For Studying In India

The following table presents the comparative analysis of Baroda Gyan, Baroda Digital Education Loan, Baroda Education Loan for EDP being offered by Premier Institutions in India, and the Skill Loan Scheme offered by the bank. It is important in defining other aspects of a loan including loan limit, interest rates, interest rate subsidies, loan margin, processing fee, moratorium period, and repayment period. These details help the potential borrower make the right decision on which loan to take to fund his or her education in India. More on the type of collateral acceptable, co-applicants and repayment terms are highlighted under ‘Bank of Baroda Education Loan Scheme For Study Abroad. 

Loan Parameter Baroda Gyan Baroda digital education loan Baroda Education Loan for EDP being offered by Premier Institutions in India Skill Loan Scheme
Loan Limit
  • Maximum Rs. 125 lacs (for medical and aviation courses)
  • 25 lacs for other courses
    Can request for a higher amount
Up to 80 Lakhs  Up to 20 Lacs Up to 1,50,000
Interest Rate
  • From 4 to 7.5 Lakhs - 11.15% 
  • Above 7.5 Lakhs - 11.05% 
  • Children of defense personal - 10.25%
  • List-AA/A Institutions: From 8.55% to 9.15%
  • List-AA/A Institutions (Children of defense personal): From 8.55% to 9.15%
  • List B: From 9.80% to 10.00%
  • List B (Children of defense personal): 9.65%
  • List C: From 10.00% to 10.20%
  • List C (Children of defense personal): 9.90%
  • For list AA/ A universities-  9.15%
  • For list B universities- From 9.80% to 10.00%
  • For list C universities- From 10.00% to 10.20%
10.65%
Interest Rate Concession
  • 0.50% - For girls student
  • 0.50% - Medical courses (MBBS/BDS/MS/MD/MDS etc.)whereas, Ayurvedic and Homeopathic courses would remain excluded from this concession, except Yodha Scheme
NIL NIL 0.50% concession on ROI for girl students
Loan Margin
  • Up to 4 Lakhs: NIL 
  • Above 4 Lakhs: 5%
  • Up to 4 Lakhs: NIL 
  • From 4 to 7.5 Lakhs: 5%
  • Above 7.5 Lakhs: NIL 
  • Up to Rs. 4 lakhs:  Nil
  • Above Rs. 4 lakhs: 5%
Zero
Processing Fees
  • Up to Rs.7.50 Lakh : NIL
  • Above Rs.7.50 Lakh: 1% of the required loan amount (maximum Rs. 10,000)+Applicable GST
Zero Zero Zero
Moratorium Period

Course Duration + 6 months

Course duration + 1 year  Duration of the course + 3 Months 
  • Courses of duration upto 1 year - 6 months from the completion of the course
Repayment Duration

Up to 15 years after completion of moratorium period 

10 to 15 years 10 to 15 years
  • Loans up to Rs. 50,000: Up to 3 years
  • Loans between Rs. 50,000 to Rs. 1 lakh: Up to 5 years
  • Loans above Rs 1 lakh: up to 7 Years

NOTE- If you're looking for information on Acceptable Collateral, Collateral Margin, Collateral Value, Acceptable Co-Applicants, and Repayment Policies for these schemes, simply scroll up to find the section titled 'Bank of Baroda Education Loan Scheme For Study Abroad' There, you'll find all the details you need, as these parameters remain consistent for both studying abroad and within India.

Eligible Courses under Baroda Gyan:

  • Bachelor's degrees: BA, B.Com, B.Sc., etc.
  • Postgraduate studies: Masters, PhD.
  • Technical fields: Engineering, medicine, agriculture, veterinary, law, dental, management, architecture, computer science, etc.
  • Management-related courses: Hotel management, hospitality management, event management, mass communication, offered by reputable institutions with guaranteed employment prospects.
  • Certificate courses from accredited institutions: ICWA, CA, CFA.
  • Courses from prestigious Indian institutions abroad: IIM, IIT, IISc, XLRI.
  • Standardized programs: Aeronautical, pilot training, shipping, approved by the Director General of Civil Aviation/Shipping.
  • Courses offered by renowned universities worldwide.
  • Evening courses from approved institutions.
  • Diploma, degree, and certificate programs from universities and colleges approved by UGC, AICTE, ICMR, or state governments.
  • Teacher training, nursing, and B.Ed. courses eligible for education loans, provided the institutions are approved by the Central or State Government and lead to a degree or diploma, not a certificate.
  • Institution-specific courses: Baroda Corporate Centre may approve other institutions and courses based on future prospects and recognition by user institutions.

Eligible Courses under Baroda digital education loan Scheme:

Standard educational programs offered by prestigious institutions on a full-time basis:
List of the institutions (List-AA, A, B & List-C)

Eligible Courses under Baroda Education Loan for EDP being offered by Premier Institutions in India

In India, renowned institutions offer executive development programs through various formats, including part-time, weekend, online, and hybrid options. These programs are listed under List AA, A, and B, and they also incorporate technology platforms such as Hughes Global Education and Times Pro all these courses are eligible under this scheme.

Eligible Courses under Skill Loan Scheme

Individuals eligible for a Skill Loan may enroll in courses offered by:

  • Industrial Training Institutes (ITIs)
  • Polytechnics
  • Schools recognized by central or state education boards
  • Colleges affiliated with recognized universities
  • Training partners affiliated with National Skill Development Corporation (NSDC), Sector Skill Councils, State Skill Missions, State Skill Corporations

These courses, aligned with the National Skill Qualification Framework (NSQF), may be vocational or skill development programs with a duration ranging from 2 months to 3 years, and are supported by ministries, departments, organizations, or companies associated with NSDC or state-level entities.

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Student Eligibility

Student’s Eligibility Criteria for Bank of Baroda Education loan:

To be eligible for a Bank of Baroda Education Loan, students must meet the following criteria:

  • Resident Indian citizens with a minimum age of 18 years.
  • Secured admission in a recognized institute or university for a professional, graduate, postgraduate, or doctoral course.
  • For EDP studies in India or abroad, students must be employed during the course of study.
  • For studies abroad, students must have secured admission in a premier institute or a recognized university.
  • Collateral is necessary for loan amounts greater than INR 7.5 lakhs.
Take the guesswork out of your future and finances - check your loan eligibility with us today.
Education Loan

Expenses Covered Under Bank of Baroda Education Loan:

The expenses covered in BOB’s education loan are pretty much the same for all schemes, whether you're studying abroad or in India. When figuring out how much you need for your studies, it's common for students to wonder what expenses they can include in their loan. To help you out, below is the complete list of expenses covered. It'll make it easier for you to decide on your total loan amount.

Payment to educational institutions:

  • Tuition fees to colleges, institutions, universities
  • Charges for hostel and mess facilities

Academic expenses:

  • Examination fees
  • Library and laboratory charges
  • Purchase of books, equipment, instruments, and uniforms

Technological requirements:

  • Acquisition of personal computers or laptops if necessary for coursework

Deposits and funds:

  • Caution deposits
  • Building funds
  • Refundable deposits supported by institution bills/receipts, not exceeding 10% of total tuition fees

Essential course-related expenses:

  • Purchase of computers integral to completing the program
  • Insurance premiums for student borrowers
  • Additional course-related expenditures such as study tours, project works, theses, etc.

Travel expenses:

  • Passage money for round trips

Management Quota Fees:

  • Fees as per State Government or government-approved regulatory body for management quota seats

Exclusions:

  • External coaching or tuition costs are not to be included.
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Document

Documents Required For The Bank Of Baroda Higher Education Loan

Before you apply for the loan, make sure to have these documents mentioned below ready. These are some important ones needed for the loan. There are also other documents required for the education loan process. Check our complete list of documents for an education loan to make sure you don't miss any document with our helpful checklist.

Applicants Co-applicants Other Documents
  • Completed Application Form provided by the bank or you can ask from our financial officer by requesting a callback.
  • Proof of Identity (Any one)
  • Proof of Residence / Address (Any one)
  • Academic Records: 10th Result & 12th Result, Graduation Result- Semester-wise (if applicable)
  • Entrance Exam Result through which admission is being taken (e.g. CAT, GMAT, GRE, TOEFL,IELTS etc.)
  •  Proof of admission: Offer Letter or Admission Letter from the Institution. Conditional admission letter may be considered in case of studies abroad.
  • Proof of Identity (Any one)
  • Proof of Residence / Address (Any one) 
  • 2 passport-size photographs
  • Income Proof for Salaried Co-applicant/ Guarantor: Salary Slip or Salary Certificate, Copy of Form 16 and IT Returns acknowledged by IT Dept., Bank account statement for last 6 months (of Salary Account)
  • Income Proof for Self-employed Co-applicant/ Guarantor: Business address proof (If applicable), IT Returns acknowledged by IT Dept., TDS Certificate (Form 16A, if applicable), Bank account statement for last 6 months
  • Statement of cost of study / Schedule of expenses
  • Collateral Documents: For secured loans, documents related to collateral such as property papers (land or house), Fixed Deposit receipts, or any other asset papers
  • Letter explaining the gap. Sample- on Rs. 100 stamp paper.
  • Receipt for any transactions made in advance.
Eliminate the stress of paperwork with our custom document list and breeze through to sanction
Pointer 1

Bank Of Baroda Education Loan Insurance

The loan insurance offered by Bank of Baroda ranges from 1-2%.

Loan insurance can turn out to be very helpful in unforeseen circumstances such as the disability or death of the applicant. Without the loan insurance, the co-applicant ends up bearing the entire burden of loan repayment. To avoid that loan insurance must be opted for. 

 

Document

How To Apply for an Education Loan From Bank Of Baroda

Offline education loan application process in Bank of Baroda
Step 1: Visit the branch nearest to you and fill in the Bank of Baroda education loan application form.

Step 2: Your profile will be evaluated and depending on that you will be asked to submit a list of documents.

Step 3: Submit all the documents you are asked for in the BOB branch closest to you

Step 4: After verification of documents the loan amount will be disbursed into your account.

Online education loan application process through WeMakeScholars

Step 1: Request a callback or Fill out the bank of baroda education loan form online.

Step 2: You will get a call from one of our financial officers to check your eligibility for the loan. Give them all the details you are asked for. 

Step 3: A comparison of all the loan lenders you are eligible for getting a loan from will be provided to you by your financial officer. 

Step 4: Collect those documents provided by your assigned financial officer and submit them directly to the bank or you can upload them to the WMS secure portal.

Step 5: After you’ve submitted all your documents your file will be logged in. You will get the sanction letter of your loan within a week in the case of private lenders and 15-20 days for public banks.

Step 6: You will sign the loan agreement after which you can collect your sanction letter.

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Experience a seamless study loan application process - apply through WMS and enjoy the benefits of our free services.
Loan/Money

Why And How To Transfer Your Education Loan To Bank Of Baroda

If you are not satisfied with your current bank interest rates, repayment policies, or any other terms and conditions, it is time for you to transfer your education loan to BOB. Let’s understand why and how to transfer:

  • On transferring your loan to Bank of Baroda you get an ROI that is lesser than what you are currently paying.
  • Greater Reach and Accessibility
  • Flexible Repayment Options
  • Supportive Customer Service

But how to transfer your education loan to BOB?

It involves only three easy steps and it's done:

Step 1: Collect your outstanding loan amount proof from your current lender.

Step 2: Get in touch with your financial officer at WeMakeScholars, stating that you want to get your study loan transferred to Bank of Baroda.

Step 3: Submit your documents to the bank according to the documents checklist provided by your financial officer.

Idea/Solution/Tip

Benefits of Applying for Bank of Baroda Education Loan Through WeMakeScholars

Negotiation on your behalf: When you process your loan with us, we make sure to get you the best possible rate of interest available in the market (0.5% to 2% lower than the bank’s average).
Best and Free customer service/support: You can contact us anytime from 9 AM to 9 PM about any queries you have during the loan process. You can contact the WeMakeScholars team for any of the doubts you have, even during the repayment period and we provide all our services totally free of cost.
The cashback offered: You will be rewarded with a cashback on the first disbursement to a maximum of INR 3000, as we are supported by the Digital India campaign by applying for your abroad education study loan via WeMakeScholars.
Transparency: One of the main reasons to go with WeMakeScholars is for the transparency we provide to the students regarding the whole loan process. Each step of this procedure is clearly explained by our Financial officers. We make sure the students are clearly aware of and understand the whole process before we start processing their loans. 
Tax benefits: We make sure that you save maximum tax by taking advantage of Section 80E, 80C, etc of the Income tax department, along with the tax collected at source (TCS).

EMI Calculator

Bank Of Baroda Loan EMI Calculator and Repayment Process

The BOB Bank starts repayment process for education loans once the moratorium period ends. However, students can choose to pay simple interest on their loan during this period if they want. But the actual monthly payments, called EMIs, start only after the moratorium period.

While Bank of Baroda has its own EMI calculator, using the WeMakeScholars EMI calculator gives you a more detailed calculation. Let's see with an example:
If you take out a loan of 24 Lacs, with an interest rate of 8.5% and with a repayment tenure of 10 years, this would be your amortization schedule.

  • Monthly EMI: 34,317
  • Total payment: 41,18,067
  • Total payable interest: 17,18,067
Repayment cycle EMI Interest portion  Loan Outstanding Principal portion
End of 1st year 34317 18418 15899 2584254
End of 2nd year 34317 17012 17305 2384444
End of 3rd year 34317 15483 18834 2166972
End of 4th year 34317 13818 20499 1930278
End of 5th year 34317 12006 22311 1672662
End of 6th year 34317 10034 24283 1392275
End of 7th year 34317 7888 26430 1087105
End of 8th year 34317 5551 28766 754960
End of 9th year 34317 3009 31308 393457
End of 10th year 34317 241 34076 0

WeMakeScholars is committed to providing students with comprehensive and dependable services, and our post-sanction support is just one of the ways we strive to simplify the study loan application process.

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Get more value for your money with WMS - we offer automatic ROI reduction and negotiation to help you save on your student loan.
Fees

Education Loan Subsidy Schemes

The Indian government will pay the interest due during the moratorium, which is equal to the length of the course plus 12 months, under these programs.

Here are three education loan subsidy schemes in details:- 

Padho Pardesh Scheme:

  • The Padho Pardesh Scheme offers interest subsidies to minority students pursuing master’s, M.Phil, or Ph.D. degrees abroad.
  • Its objective is to award interest subsidies to meritorious students from economically weaker sections of notified minority communities.
  • The scheme aims to provide better opportunities for higher education abroad and enhance employability.

NOTE: The scheme was discontinued by the authorities from 1st April 2022, but beneficiaries who applied until 31st March 2022 will continue to enjoy the interest subsidy benefits.

Central Government Interest Subsidy Scheme (CSIS):

  • CSIS provides interest subsidies during the moratorium period of education loans.
  • It targets students from economically weaker sections (EWS) and other backward classes (OBC) pursuing technical/professional courses in India.
  • The scheme’s goal is to assist economically disadvantaged students in pursuing higher education and enhancing employability.

Dr. Ambedkar Interest Subsidy Scheme for OBC and EWS Students:

  • This scheme provides interest subsidies on education loans for overseas studies.
  • Eligible courses include approved studies abroad at the Masters, M.Phil., and Ph.D. levels.
Read More

FAQs:

  • What is the tax benefits on Education loan from Bank of Baroda


  • Can my brother be my co-applicant if my parents have passed away?


  • Does BOB provide education loans for MBBS?


  • Is there an age limit to getting an education loan in BOB?


  • Can I get a loan under the Baroda scholar scheme without collateral/property?


  • How long does it take BOB to process a loan?


NEWS

Bank of Baroda's market capitalization surpasses Rs 1,00,000 Crore

Bank of Baroda (BOB) witnessed a 3.13% surge in its stock price, reaching Rs 194 on the BSE. Among PSU banks, State Bank of India (SBI) is the only other institution with a market capitalization of Rs 1 lakh crore or higher, while private lenders such as HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Axis Bank, and IndusInd Bank have market capitalizations ranging up to Rs 9 lakh crore.

The bank is regarded as one of the leading PSU banks, boasting a global loan book of Rs 9.7 lakh crore and displaying better operational metrics among its peers. Bank of Baroda has an extensive nationwide presence with 8,200 branches and a notable international presence through its joint ventures and subsidiaries, which contribute to 18% of its total business.

Last update - 20/06/2023

Bank of Baroda Unveils Special Festive Rates: Education Loans at Just 8.55% P.A. with No Collateral

Bank of Baroda (BoB) has launched its "BOB Ke Sang Tyohaar Ki Umang" festive campaign until December 31, 2023. This campaign offers attractive interest rates on various loans, with a focus on education loans. 


BoB is offering education loans starting at a competitive rate of 8.55% p.a. This rate includes a discount of up to 60 basis points. The move to provide reduced interest rates and waive the need for collateral underscores BoB's commitment to supporting education and easing the financial burden on students pursuing higher studies.

Home loans start at 8.40% p.a. with waived processing fees, car loans begin at 8.70% p.a., and personal loans from 10.10% p.a. with an 80 basis point discount and no processing fees. BoB now offers fixed and floating interest rates for personal and car loans.

BoB introduces four new savings accounts, including a zero-balance account for students and a lifetime no minimum balance account. There's also the BOB SDP (Systematic Deposit Plan), a recurring deposit scheme with festive benefits.

Debit and credit cardholders can enjoy exclusive discounts and offers on electronics, travel, food, fashion, and more through BoB's partnerships with leading brands.

Last Updated - 15/09/2023

BOB's Bro Savings Account: A Beneficial Option for Indian Students, No Minimum Balance Requirement, and Additional Benefits

Bank of Baroda (BOB), a leading public sector bank in India, introduced the BOB Bro Savings Account in December 2023 for students aged 16 to 25, whether studying domestically or abroad. To address the financial concerns of young adults amidst rising charges for regular savings accounts, BOB strategically offers this account with no minimum balance requirement, providing Indian students and young adults with a favorable banking experience as they start their careers.

With increasing financial awareness among Indians and government initiatives like Jan Dhan Yojana, PM Kisan Samman Nidhi, and others, there has been a surge in bank account openings. Bank of Baroda's Bro Savings Account scheme aligns with this trend, targeting college students and graduates with tailored benefits and features to meet their specific banking needs.

Last Updated On - 25/01/2024

Bank of Baroda Raises MCLR Rates Across Various Tenors

Bank of Baroda has announced an increase in its Marginal Cost of Funds Based Lending Rate (MCLR) rates, impacting borrowers across different loan categories.

The overnight MCLR rate has seen a significant hike, rising from 8 percent to 8.5 percent. Conversely, there has been no alteration in the one-month MCLR rate, which remains steady at 8.30 percent. Similarly, the 3-month MCLR rate remains unchanged at 8.4 percent.

For the six-month tenor, the Bank of Baroda has raised the MCLR rate by 5 basis points, elevating it from 8.55 percent to 8.60 percent. Additionally, the MCLR rates for the one year have been revised upward from 8.75 percent to 8.80 percent.

These adjustments reflect the bank's response to prevailing market dynamics and regulatory considerations. Borrowers are advised to assess the impact of these changes on their loan obligations. 

Our Education Loan team will help you with any questions

2 Comments

  1. Arjun K R

    I want to pursue a master's in Italy, for which I need to take an educational loan. The Italian embassy informed me that, instead of a loan sanction certificate, I need to show a minimum amount, almost like 12 lakh +, in my bank account as the credited amount to avoid visa rejection. Can I approach Bank of Baroda for this? Additionally, I want to mention that my dad is a daily wage worker. Can I add him as a co-applicant even though he doesn't have a salary certificate? We have a house and property worth 25 lakh more. If we provide these as collateral, will I be eligible for the loan?
    06 Apr, 2024 at 12:48 PM REPLY
    1. Harish Dammannagari   Scholarship Expert

      Hello Arjun,

      I understand your situation, and getting a secured loan seems like a viable option. Your financial officer, Charles Michael, has been assigned to handle your file. He is well-equipped to assist you throughout the loan process. Feel free to reach out to him if you encounter any issues or have questions.

      18 Apr, 2024 at 12:08 PM REPLY
Ajay Kumar
WeMakeScholars- supported by IT Ministry, Govt. of India.
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