Reading Time: 5 minutes | Published: December 6, 2024
Pursuing higher education is a dream come true moment for many Indian students. Globalization has opened doors widening the opportunities for students across the globe. International institutions offering top-tier education promise a better future for aspiring candidates.
However, the cost of studying abroad, including tuition fees, accommodation, and living expenses, can be a significant barrier for many families. Education loans play a crucial role in this situation. Bank of Baroda education loan for abroad provides education loans for students who wish to study abroad. The bank offers competitive interest rates, flexible repayment options, and comprehensive coverage to help students achieve their educational goals.
This comprehensive guide explores the key features of the Bank of Baroda's education loan for abroad studies, interest rates, eligibility criteria, application process, and more.
Acting as a helping hand, the Bank of Baroda is offering tailored education loans for individuals who secured admissions to international institutions. Bank of Baroda offers different kinds of education loans like Baroda Scholar for abroad studies, Baroda Vidya, Baroda Gyan, etc.
Bank of Baroda education loan abroad interest rate varies depending on your institution and your loan amount. It is important to choose an optimal loan amount and shorter repayment tenure to minimize interest rates.
| Loan Category | Loan Type | Interest Rate |
|---|---|---|
| Baroda Scholar - Premier Institutions | Interest Rate for Abroad | 9.70% |
| Baroda Scholar - Non-Premier Institutions | Up to 7.50 Lakh | 11.15% |
| Baroda Scholar - Non-Premier Institutions | Above 7.50 Lakh | 10.20% |
| Special Rate | Children of defense personnel | 10.20% |
Note: The table above shows the interest rates for different loan categories and amounts as offered by Bank of Baroda.
Repayment Holiday (Moratorium Period):
Maximum Repayment Duration:
Installment Structure:
Bank of Baroda offers education loans for a wide range of undergraduate, postgraduate, and doctoral programs across various fields such as engineering, medicine, law, business management, and social sciences. Whether you are planning to pursue a degree in the United States, Canada, Australia, or any other country, the Bank of Baroda provides financial support for most global destinations.
The following expenses are covered under the Bank of Baroda education loan for abroad:
Several documents are required to ensure your credibility and as proof of your identity. Your academic and personal documents play a crucial role in getting your loan approved. Ensure you arrange all the necessary documents to avoid rejection.
The application process for a Bank of Baroda education loan abroad can be initiated online or offline. Applying offline is quite simple as you are assisted by the designated officer to solve all your doubts and ensure a seamless journey.
Applying online can be confusing for students, so here is a step-by-step process:
Step 1: Access the Bank of Baroda official Website
Step 2: Navigate to the Education Loan section under the Loans Tab on top
Step 3: Click on the 'apply now' option
Step 4: The Vidya Lakshmi portal will appear on your screen
Step 5: Click on 'Apply Now'
Step 6: Provide the required details and complete your registration process
Step 7: Your request will be processed and you'll receive a call from the representative
Applying offline is quite simple as you are assisted by the designated officer to solve all your doubts and ensure a seamless journey.
Bank of Baroda offers an exceptional education loan scheme for students looking to study abroad. With competitive interest rates, flexible repayment options, and comprehensive coverage, it provides a reliable financial solution for students aiming to pursue higher education in foreign universities. By meeting the eligibility criteria, submitting the required documents, and following the application process, students can easily secure the financial support they need.
Yes. Bank of Baroda education loan for Abroad covers 100% of your abroad expenses.
Bank of Baroda education loan for abroad interest rate ranges from 9.15% to 10.20%.
Insurance coverage will be mandatory for loan amounts exceeding Rs. 7.50 Lakh. The bank may finance the cost of the insurance premium by adding it to the project cost, and the premium will be recovered along with the EMIs of the loan.
Your lender can send you and your guarantor a legal notice asking you to repay the loan, in case there is no proper response the bank may initiate legal proceedings against you.
Eligibility for an education loan will be made available to students on their official website. Generally, banks ask for your nationality, proof of residence, academic documents, etc. Contacting the help desk in case of any confusion can help you clarify your doubts.
Source: NxtWave (CCBP.in) | Contact: [email protected] | WhatsApp: +919390111761