Baroda Education Loan for EDP being offered by Premier Institutions in India
Aspiring students, who have secured an admission in a university and are employed can avail themselves an education loan offered by premier institutions in India. The loan amount goes up to Rs. 80 lakhs, so apply today
Benefits
- No Processing Charges
- No margin on loans up to Rs. 4 lakhs
- Free debit card
- Interest rates starts from 8.15%*
Features
This study loan is offered to resident Indians who must have secured admission in the institute and should be employed during the course of study
Eligibility
Courses Eligible
Executive Development Programmes (part time/weekend/online/programmes) being offered by premier institutions as listed under List AA, A, B & C of premier institutions in India (including the programmes offered using the technology platform of Hughes Global Education, Times Pro, etc.)
Student Eligibility
- Should be Resident Indian.
- Secured admission in professional/technical courses in India conducted by premier institutions as listed in list AA, A, B & C.
- Should be gainfully employed and would continue to be in gainful employment during study.
List of Premium Institutions (India)
Interest rates & charges
Floating Rates:
Product | Category | Repo Rate + Spread | Effective Rate of Interest |
Baroda Education Loan to Students of Premier Institutions (For Studies in India) | |||
AA | BRLLR – 1.00% | 8.15% | |
A | BRLLR – 0.70% | 8.45% | |
B | BRLLR + 0.60% | 9.75% | |
C | BRLLR+ 0.80% | 9.95% |
Rate of Interest for Children of defence personal Under Baroda Yoddha EDP education Loan (For Studies in India) Scheme is same as Baroda Executive Development Premier Institutions (For Studies in India).
Fixed Rates:
Product | Category | Repo Rate + Spread | Effective Rate of Interest |
Baroda Education Loan to Students of Premier Institutions (For Studies in India) | AA | BRLLR + 1.00% | 10.15% |
A | BRLLR + 1.30% | 10.45% | |
B | |||
Upto Rs.7.50 Lakh | Base rate +2.00% | 11.40% | |
Above Rs 7.50 lakh | BRLLR + 2.60% | 11.75% | |
C | |||
Upto Rs.7.50 Lakh | Base Rate + 2.00% | 11.40% | |
Above Rs 7.50 lakh | BRLLR + 2.80% | 11.95% |
Rate of Interest for Children of defence personal Under Baroda Yoddha EDP education Loan (For Studies in India) Scheme is same as Baroda Executive Development Premier Institutions (For Studies in India).
- No special concession for female students under this scheme.
- Servicing of interest during the moratorium period will be compulsory.
Documents Required
• KYC of applicant and co-applicants
• Academic Records
• Proof of admission
• Entrance Exam Result(if applicable)
• Statement of cost of study/ Schedule of expenses
• Income Proof
• Employment Proof
• Bank account statement for last 6 months etc
• Property Documents (if applicable)
Important Terms and Conditions (MITC)
Target group
Students pursuing executive development programmes (part time/weekend/online/programmes) being offered by premier institutions as listed under list AA, A, B & C of premier institutions in India (including the programmes offered using the technology platform of Hughes Global Education, Times Pro etc., professional and other courses in India).
Quantum of finance
Maximum Rs. 20 lakhs
Margin
Up to Rs. 4 lakhs: Nil
Above Rs. 4 lakhs: 5%
Repayment Holiday/ Moratorium Period
Course period + 3 months.
Coverage of expenses for
- Fee payable to college/institution/university/school/hostel.
- Examination/library/laboratory fee.
- Purchase of books/equipment/instruments/uniforms.
- Caution deposit, building fund/refundable deposit supported by institution bills/ receipts, subject to condition that the amount does not exceed 10% of the total tuition fees for the entire course.
- Purchase of personal computer/laptop – essential for completion of the course.
- Insurance premium for student/borrower, if any opted by the student. Presently the bank has a tie up arrangement with M/s. India First Life Insurance Co and M/s. Kotak Life Insurance co for Group Credit Life insurance cover to education loan borrowers.
- Any other expenses required to complete the course like study tours, project works, thesis, etc.
- Except the living expenses, hostel charges, mess charges, other living expenses and cost of external coaching/tuition.
Note: The details of expenses for the entire course period to be obtained from college/institution.
Repayment Period
- The loan is repayable in maximum 10-15 years after the completion of the moratorium period as mentioned above.
- For loans up to Rs. 7.5 lakhs : Moratorium Period + Maximum 120 instalments
- For Loans above Rs. 7.5 lakhs : Moratorium Period + Maximum 180 instalments
Unified Processing charges
NIL for all cases
A non-refundable lump sum amount Rs.7,500 per property (towards advocate and valuer charges) to be taken upfront in case of all education loan accounts, wherever property is mortgaged.
Security
Collateral free Loan up to Rs. 15 lakhs
100 % Collateral Security for Loan above Rs. 15 lakhs for full value of loan
Disbursement
Directly to school/Institution/year wise, in stages as per the requirement/demand.
Directly to the book seller/shop for purchase of books, instruments, equipment.
Financing Branch
Branch in the vicinity of the institute.
OR
Branch which is in close proximity to the permanent residence of parent/at the place of posting/service of the parent branch.
# In case where the programmes are being offered by these premier institutions in collaboration with the technology partners like Huges, Times Pro etc., the centres of such technology partners may be treated at par with the institutions and a branch in the vicinity of the centre of such technology partners can also sanction.
Interest Servicing
Servicing of interest during the moratorium period will be compulsory