Bank of Baroda Education Loan for Studies Abroad

If you ask any Indian where they trust to keep their life savings, most of them will instantly say — ‘The Banks.’ Over the years, banks have played a huge role in shaping India’s financial journey, especially during the big push of Liberalization, Privatization, and Globalization back in 1991. Whether it is taking a loan or handling money matters, banks have always been there. And when we talk about trust, it is the nationalized banks that win hearts — people see them as their strongest support system.

Now, this trust also shows up when Indian students plan to study abroad. The first place they usually turn to for an education loan is the Nationalized banks. Out of the twelve nationalized banks in India, today we will get to know everything about India’s one of the most well-known, the Bank of Baroda education loan for abroad studies. So, let us begin with a quick intro.

About Bank of Baroda Education Loan for Abroad Studies

Established in the year 1908, the Bank of Baroda has been providing financial assistance for more than 100 years now. With its wide network of more than 9,500 branches across India and abroad, Bank of Baroda has already financed the dreams of thousands of Indian students to study abroad. It is so popular among Indian students that they had to come up with multiple education loan schemes, just to make sure people from each and every background and corner of India have the opportunity to study abroad.

List of Bank of Baroda’s Overseas Education Loan Schemes

At Bank of Baroda, students can explore two popular schemes depending on their preference — one with collateral and one is non-collateral education loan. Let us know what those are and who is eligible to apply.

As Indian students, we all know that most of us don’t get the opportunity to go abroad for higher studies as working professionals or for part-time studies. We Indians are big believers in return on investment; So, when we go, we want to go all in. 

That is why, among these two options, most students choose the Baroda Scholar Scheme. So let us go ahead with the article and learn about the most popular Bank of Baroda Education Loan Scheme – Baroda Scholar. 

Bank of Baroda Education Loan - Baroda Scholar Scheme

Baroda Scholar Scheme provides overseas education loan services for higher education programs at Master’s, Bachelor's, and PhD levels. Bank of Baroda has divided various courses into four different categories, and the universities are classified into two categories, i.e., prime universities and non-prime universities. Prime universities are those universities that are listed as premier universities with the Bank of Baroda, while the non-prime universities are those that are not listed with the bank. 

Let us see the total number of prime universities falling in those four different categories.

Universities falling under the Bank of Baroda's prime university list offer various advantages in terms of interest rate, loan amount, processing fees, loan margin, etc., when compared to non-prime listed universities.

Difference Between Listed & Non-Listed Universities - Bank of Baroda Overseas Education Loan

Let us read the key points for BOB prime and non-prime universities.

Now that you are well-informed about the key points for prime and non-prime universities, let us know the expenses that are covered Bank of Baroda education loan.

Expenses Covered Under Bank of Baroda Overseas Education Loan

From tuition fees to even students’ air ticket fare, the following expenses are covered by the Baroda Scholar Overseas Education Loan Scheme.

• Tuition Fees (including mess and housing charges).

• Other university-related expenses such as exam fees, library fees, lab fees, etc.

• Study-related expenses such as books, laptop, and lab equipment, etc.

• Health Insurance cost.

• Air travel (To and From).

• Expenses related to study tours, thesis, project work, etc.

Almost all the expenses are covered in the Baroda Scholar Scheme or with a co-applicant. The scheme also offers multiple benefits to both the applicant and the co-applicant.

Benefits of Bank of Baroda Scholar Education Loan

There is a common belief among many Indian students that banks only care about making profits from loans. But that is not really true, especially when we talk about nationalized banks. Because these banks work with a ‘Nation First’ mindset. They understand that education is something that uplifts entire communities and strengthens the country. That is why they go the extra mile to offer special benefits — so that students from all backgrounds, whether rich or poor, get a fair shot at fulfilling their dream of studying abroad.

So, what exactly are these benefits that make nationalized banks like the Bank of Baroda a student-friendly option? Let us find out in the next part of this article.

• Full funding for Premier Institutions.

• Concessions for students admitted to Prime Universities.

• Reduced Interest Rates for Defence Families.

• Tax Benefits for Co-applicants under Section 80E of the Income Tax Act.

• Flexible Eligibility Criteria for families with Low annual Income.

• Maximum tenure of up to 15 years.

• 0.20% Interest rate Concession for Female Students.

• 100% Loan on property realization value

Looks like the loan amount, interest rates, concessions, and other benefits under the Bank of Baroda education loan for abroad studies have already caught your attention — and why not? It really does sound like a solid option! So now, let us take the next step and walk you through the step-by-step process of the Baroda Scholar Scheme to help you get started the right way.

Step-by-Step Process for Baroda Scholar Scheme Through Élan Overseas Education Loans

Below given are the steps to process your Bank of Baroda overseas education loan with Élan Overseas Education Loans:

Bank of Baroda Education Loan - Backed by Property, Protected by Insurance

In Step 2, you saw the word ‘property’ — that is the collateral, acting like a safety net for the bank if you apply for a collateral loan. But guess what? It safeguards you too by bringing benefits like lower interest rates, higher loan amounts, and quicker processing. Students just need to mortgage the property and pay a small 0.2% stamp duty. 

Plus, to protect your family from any future burden, a loan insurance policy is there as well, which covers the full loan amount and steps in to repay if something unfortunate happens. Together, collateral and insurance make sure both you and the bank stay worry-free.

Now, we all know that getting these benefits doesn’t come without proper documentation. But hey, as told earlier - Stay Stress-free! Because in this article, we are also sharing with you the full documents lists in advance. So, no more last-minute sprints to photocopy shops or digging through drawers for missing papers.

Required Documents for Bank of Baroda Education Loan – Baroda Scholar

Here is the list of original documents that need to be submitted to the Bank of Baroda along with one set of photo-copied of documents:

• Offer Letter stating tuition fees

• Academic Transcripts (After Class 10th)

• Employment documents (if applicable).

• KYC documents (Both the applicant and the co-applicant).

• Co-applicant’s Proof of Residence (Electricity Bill, etc).

• Six Months Bank Statement (Both the applicant and the co-applicant).

• Income Tax Returns of the last 2 years, along with supporting documents.

All these documents are applicable for both loans, with or without collateral. But if you specifically apply with a co-applicant and also provide collateral, there should be some additional documents required for education loan abroad as asked by the Bank of Baroda.

Documents Required for Bank of Baroda Education Loan Against Collateral

To initiate the Baroda Scholar Scheme education loan process with collateral, one thing that should be sure from the applicant side is that the documents should be in the name of the present property owner, and the original title deed should not be laminated. Let us read below the list of documents required to be submitted:

• Property Title Deed and Registered Sale Agreement if any

• Original Registration Receipt for the Above Agreement

• Allotment letter by Municipal Corporation/ Authorized government authority like MHADA, CIDCO, HUDA, JDA, GIDC, etc. (if applicable)

• Encumbrance Certificate (EC) or Link document of the last 30 years

• Copy of Municipality-approved Layout and Building Plan

• Latest Property Tax Bill

• Latest Electricity Bill with the same address

• Building Permit Letter

• Mutation copy (Index – II, Khata ‘A’)

List of additional documents required in case of flat or shop located in an Apartment:

• Deed of Declaration/Apartment

• Allotment/Possession Letter

• Occupancy Certificate

• Society Registration Certificate

• NOC from Society

• Shares Certificate

• Power of Attorney (if applicable)

Now that we have covered every detail of the Baroda Scholar Scheme, we truly hope this article has saved you a good amount of research time. Also, we believe, you can probably tell just by reading this article on how well the team at Élan Overseas Education Loans knows about the whole overseas education industry. But there are still some things that can only come up once the Élan experts take a closer look. Because every student’s profile and requirements are different, right?

Since Élan is also a partner of the Bank of Baroda, the process becomes way more seamless. And the cherry on top? Whether it is an education loan without co applicant or with one, your loan gets sanctioned in no time!

FAQs

• What is the Baroda Scholar Scheme under the Bank of Baroda education loan for abroad studies?
  The Baroda Scholar Scheme is Bank of Baroda’s flagship overseas education loan product designed for students pursuing higher education (Bachelor’s, Master’s, or PhD) abroad. It offers collateral and non-collateral loan options with benefits like full funding for prime universities, low interest rates, and flexible repayment terms.

• What is the difference between Prime and Non-Prime Universities under the Bank of Baroda education loan?
  Prime universities are institutions listed by the Bank of Baroda for offering better loan benefits. Loans for Prime universities come with lower interest rates (BRLLR + 0.55%), higher loan limits (up to ?1.5 Cr), and better concessions. Non-prime universities carry slightly higher interest rates (BRLLR + 1.05%) and lower maximum loan limits (up to ?60 Lakhs).

• What expenses are covered under the Baroda Scholar Overseas Education Loan?
  The loan covers a wide range of expenses including tuition fees, accommodation, library and exam fees, purchase of study materials and laptops, health insurance, air travel, and even thesis or project-related costs. It is designed to provide complete financial support to students.

• What are the key benefits of applying for an overseas education loan with Bank of Baroda?
  Some notable benefits include full funding for premier institutions, reduced interest rates for female students and defence families, flexible eligibility for families with low income, tax benefits under Section 80E, and a longer repayment period of up to 15 years.

• What is the role of collateral and loan insurance in the Baroda Scholar Scheme?
  For collateral-based loans, students are required to mortgage property in the bank’s name, offering benefits such as lower interest rates and higher loan amounts. Additionally, a loan insurance policy—mandatory for all applicants—covers the entire loan amount in case of unforeseen events, ensuring no financial burden falls on the co-applicant.

• What documents are required to apply for a Bank of Baroda education loan for studies abroad?
  Applicants must submit academic records, offer letters, KYC documents for both applicant and co-applicant, proof of income, and six months’ bank statements. For collateral loans, property-related documents such as title deeds, tax bills, and society NOCs are also required.
  

• How long does it take to process the Bank of Baroda education loan through Élan Overseas Education Loans?
  With Élan Overseas Education Loans, students can expect faster processing—typically between 15 to 20 days, thanks to their partnership with Bank of Baroda and expertise in handling overseas education loan profiles.