Bank of Baroda Abroad Education Loan

The offered amount under Bank of Baroda education loans for studying abroad ranges from Rs 60 lacs to Rs 150 lacs at a rate of interest ranging from 10.20% to 10.85%. It primarily focuses on providing loans for career-building courses such as MS, MBA, and MCA. 

The processing fee charged by the Bank of Baroda is refundable at the time of the first disbursement.

A non-refundable amount of Rs. 8500/- is charged towards the lawyer and the evaluator fee. 

Here at WeMakeScholars, we provide all our services free of cost! As we are an organization that is funded by the government of India under the Digital India scheme we do not charge the students any processing fee.

By developing a tailored document checklist that considers your individual profile and your specific loan requirements, we can help you avoid sanction-related issues or delays and save time.

It is not mandatory to take loan insurance in the Bank of Baroda ranges from 1-2% of the entire loan amount. 

Loan insurance can prove to be very useful in case of disability or death of the applicant. When you take loan insurance the burden of repaying the loan doesn’t fall on the co-signer instead the insurance company pays the remaining loan. 

For example, if a loan margin of 10% is calculated on a loan amount of 45 Lakhs, then the amount payable by the student to the bank would be 4.5 Lakhs. 

We realize that loan margins can have a great impact on the cost of borrowing, and our aim is to assist students in securing the best possible loan terms and interest rates.

When using these interest subsidy programs, the government accounts for or pays for the interest accrued during the moratorium period. The period of the moratorium in BOB lasts for the course period plus a month

Padho Pardesh

-The student must belong to a minority religion. (Christian, Buddhist, Zoroastrian, Sikh, Muslim, or Jain) and have a gross family income of fewer than 6 Lakhs.

Note: The scheme has been discontinued, but the student beneficiaries before the 31st of March 2022 will continue to receive interest subsidy in the moratorium period. 

The Dr. Ambedkar Central Sector Scheme

-To be eligible, the student must belong to the EBC or OBC category and have a gross yearly family income of less than Rs. 8 lakhs.

Bank of Baroda offline education loan application process

Step 1: Go to your closest branch of the Bank of Baroda

Step 2: Your eligibility for the loan is checked. 

Step 3: You will be asked to submit all the documents required for sanctioning the loan.

Step 4: Your loan amount will be disbursed into your account after document verification.

Bank of Baroda online application process of BOB through WeMakeScholars

Step 1: The common application form available on the WeMakeScholars website is to be filled out.

Step 2: To determine if you qualify for higher education loan, a financial officer within our organization will get in touch with you. Give all the information you need.

Step 3: Our financial officers will provide a detailed comparison of all the available lenders for you to choose from.

Step 4: Further a document checklist will be provided to you. Submit the requested documents to the bank or upload them to the WeMakeScholars document portal which is secured.

Step 5: From the minute you submit your documents, your file will be logged in. Meaning, you will get to know about the result of your loan application within 15-20 days in the case of government banks.

Step 6: After the sanction, you can get your sanction letter and sign the loan agreement.

Issues while approaching the lender directly

- Banks take way longer than they need to when you process your loan directly through them. 

- The application process is not clearly explained by the lenders and the students often are left feeling confused about the whole process. 

- Required documents checklist is not provided by the banks in one go 

- There is no proper post-disbursement issue-resolving mechanism when lenders have approached directly

To better understand the process of obtaining a secured loan from Bank of Baroda (BOB) you can watch this video where our co-founder Damini Mahajan clearly explains about the entire process of collateral evaluation done for an education loan.

Round-clock accessibility - For your convenience, you can ask your financial officer to find out the status of your student loan from 9 AM to 9 PM.
Digital empowerment – In the age of digitization, WeMakeScholars gives you the freedom in applying for an education loan, handle, and monitor your loan all from the comfort of your own home.

Direct communication with lenders - If necessary, you can contact the lenders' team directly using the contact details of the executives managing your case.

Negotiation on your behalf - WMS team can negotiate with the bank on your behalf in order to get the best ROI. We also make sure that you pay a reasonable price for the entire procedure, which includes the cost of the lawyer, among other costs.

Best assistance/customer service: The WeMakeScholars staff offers 24/7 comprehensive customer assistance for any questions you may have.

We significantly shorten the time it takes from application to sanction. Fill out the common application form or request a callback to begin the loan procedure.

Why transfer your loan to the Bank Of Baroda?

• When you transfer an existing loan, the interest rates on both the new loan you're about to take out and your old loan will be reduced.
• BOB has a greater reach and accessibility than most banks as it is one of the biggest public banks
• As WeMakeScholars is the largest partner of Bank Of Baroda the entire process of loan transfer becomes very easy and quick.
• You can easily get your loan transferred without having to leave the comfort of your home 

How to transfer your loan to the Bank Of Baroda?

• Visit our website and request a callback from our team of financial officers here at WeMakeScholars 
• Inform the financial officer about your decision to get your loan transferred, after receiving a callback.
• Collect all the necessary documents required as per the list provided to you by your financial officer
• Submit the documents to the Bank Of Baroda to get your loan transferred 

We aim to offer expert guidance on loan transfer steps and can answer any questions that students may have about the entire loan transfer process.

The main factors used in calculating your student loan's EMI are as follows:

1. Total loan amount
2. Compound and simple interest
3. Semester-wide breakdown
4. Moratorium period

To accurately calculate your EMI, go to the WMS Education Loan EMI Calculator. Managing finances can be an overwhelming experience, and at WeMakeScholars, we understand this. That's why we provide our users with useful resources like the Education Loan EMI Calculator to streamline the process. This online tool helps you calculate your monthly education loan repayment amount based on your loan amount, interest rate, and repayment tenure.

The moratorium period in Bank of Baroda lasts for the duration of the course plus an additional six months. The total repayment duration in the Bank of Baroda can last up to 15 years.

For example,

If a student takes out a loan of 45 Lakhs at an interest rate of 10% p.a. and repayment tenure of 10 years, their amortization schedule will look like this.              

WeMakeScholars is committed to providing students with thorough and dependable services, and our post-sanction help is just one of the ways in which we endeavor to make the loan application process easier.