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.
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|
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.
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.
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:
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.
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.
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:
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:
List of additional documents required in case of flat or shop located in an Apartment:
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:
In short, ELAN Loans will provide end-to-end assistance for your overseas education loan.
Get in touch with us today.