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Bank of Baroda Education Loan for Studies Abroad

Are you looking for the best education loan provider for your overseas education? Well, Bank of Baroda Education Loan is a great option. Established in the year 1908, Bank of Baroda (BOB) has its network of over 9,288 branches both in India and abroad. BOB is financing the dreams of thousands of students for more than 100 years now.  

Many overseas education aspirants prefer government banks for availing education loan due to their flexible policies and various benefits. In this article we are going to discuss about various factors that makes Bank of Baroda a great option for financing overseas education. So, let’s begin. 

What are the BOB Education Loan Schemes?

Bank of Baroda offers 6 types of education loan schemes. Let us know what those are and who are eligible to apply.

BOB Education Loan Schemes
Who can apply?
Baroda Vidya
School students up to class XII
Baroda Gyan
Students willing to pursue Higher education at Indian universities
Baroda Scholar
Overseas education aspirants for Higher education in foreign universities for Bachelors, Masters and PHD level courses
Baroda Education Loan
For listed Premier Indian institutions
Baroda Skill Development Loan
For small skill development courses in India
BOB Executive Development Program
For working professional pursuing distance, part-time and online programs in both Indian and Foreign universities


Out of all the mentioned BOB education loan schemes, we are going to learn about Baroda Scholar as it is applicable for the students planning to pursue their higher education in foreign universities.

Read on to clear all your doubts related to Baroda Scholar scheme.  

Baroda Scholar Scheme provides loan services for higher education programs of bachelors, masters and PHD level. BOB 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 premier universities with 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 four different categories. 

Bank of Baroda University List
Total number of prime universities under BOB list
STEM Courses
262
Management Courses
171
Medical Courses
100
Humanities courses
41

Universities falling under Bank of Baroda prime university list, offers various advantages in terms of interest rate, loan amount, processing fees, loan margin etc. 

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

Key points of 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 in BOB education loan.

What are the expenses covered in Baroda Scholar Scheme?

  • Tuition fees of the university / college, examination fees, library, and lab fees
  • Expenses of on-campus and off-campus accommodation including mess expenses
  • Air Ticket Fare
  • Overseas Student Health Insurance 
  • Purchase of books, equipments, uniform
  • Purchase amount of laptop
  • Any other expenses required to complete the course like study tours and project work

Almost all the expenses are covered in Baroda Scholar Scheme. The scheme also offers multiple benefits to both applicant and the co-applicant. Let us see what those benefits are: 

What are the benefits of Baroda Scholar Scheme?

  • No loan amount limit for the universities coming under BOB prime listing. 
  • 100% funding for BOB prime listing universities. 
  • Students securing admission into prime listing universities gets concession of 0.65% on ROI. 
  • Co-applicant is eligible for tax deduction benefits under section 80E.
  • For collateral loan, income of the sponsorer is not considered if the value of collateral provided is sufficient to cover the required loan amount.
  • Loan can be processed even if the annual income of the parents is less.
  • The repayment tenure is of maximum 15 years.
  • Girl students are given 0.50% of concession on rate of interest.
  • High chances of getting the loan approved. 

Understand the step-by-step process of Baroda Scholar Scheme


What are the mortgage process charges involved in Baroda Scholar loan process?

After sanctioning of the education loan, students are required to initiate with the mortgage process for disbursement of the loan amount. They have to transfer the mortgaged property in the bank’s name till the repayment of education loan. Students are required to pay stamp duty fees of 0.2% on the sanctioned loan amount.

Why students should get Loan Insurance Policy?

A loan insurance policy is a security for the loan amount in the wake of an unfortunate situation without burdening the co-applicant. The insurance company pays off the loan on behalf of the applicant. The policy covers 100% of the sanctioned loan amount and it is mandatory for the students availing education loan. 

List of documents required for Baroda Scholar scheme:

Students must carry one set of xerox documents along with the original academic and KYC documents at the time of submission of the documents. 

Here’s the list of documents that needs to be submitted to the bank: 

  • Offer Letter stating tuition fees
  • Student academic documents (10th to graduation) 
  • Student employment documents if any
  • KYC documents to be submitted by applicants as well as co-applicants
  • Electric Bill as proof of residence in the name of co-applicant 
  • Student, co-applicant’s saving account bank statement of 6 months 
  • Income Tax Returns of last 2 years along with supporting documents 
  • Collateral property documents 

Documents required for the BOB Education loan against the property:

To initiate the BOB education loan process, the property documents should be in the name of present property owner and the original title deed should not be laminated. 

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)

How ELAN Loan will speed-up your education loan application?

An education loan is a lengthy, yet time-consuming process and it is always advisable to seek help of the loan experts to avoid any on-time complications. 

Here is how we will assist you: 

  • ELAN Loan has partnered with the Bank of Baroda that make the whole education loan process a lot easier.
  • Our loan experts will check the documents thoroughly and submit those to the Bank of Baroda office for processing of your loan application. 
  • The education loan experts at ELAN will guide students accordingly if there will be any loopholes in the education loan application. 
  • Our team will continuously follow-up with the bank that will eventually speed-up the loan application process resulting in getting it sanctioned in 14-21 days.

In short, ELAN Loans will provide end-to-end assistance for your overseas education loan

Get in touch with us today. 

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