Bank of Baroda Education Loan for Vocational Education & Training

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Baroda Education Loan for Vocational Education and Training Scheme is provided to students of premier institutions for their higher studies in India

Eligibility :

Student

The prospective borrower should be an Indian National and have secured admission in a course approved /supported by a Ministry/ Deptt/ Organization of the Govt or a Company /Society/ Organization supported by National Skill development Corporation or State Skill Missions /State Skill Corporation leading to a certificate /diploma /degree etc. by Govt. Organization or an Organization recognized /authorized by Govt to do so.

Courses

Vocational /Skill development courses of duration from 2 months to 3 years run or supported by a Ministry /Deptt/ Organization of the Govt. or a company /society/ organization supported by National Skill Development Corporation or State Skill Missions /State Skill Corporations, preferably leading to a certificate /diploma /degree etc. issued by a Government Organization or an organization recognized /authorized by the Govt. to do so. State Level Bankers committee (SLBC) / State level Co-ordination Committee (SLCC) may add other skill development courses /programmes, having good employability.

Approved courses/training programs as per The National Skill Certification and Monetary Reward Scheme

Loan Details

Quantum

Maximum amount of loan: Rs.150000/-

Need based finance to meet expenses will be considered subject to following :

For courses of duration upto 3 Months - Rs.20000/-
For courses of duration >3 months and upto 6 months - Rs.50000/-
For Courses of duration >6 months to 1 year - Rs.75000/-
For courses of duration above 1 year - Rs.150000/-

The Student should not be minor and in case he is a minor, documents shall be executed by the parents and bank will obtain a letter of ratification from him/her upon attaining majority. There is no bar on maximum age of the borrower

Coverage of Expenses

Tuition fee/ Course fee
Examination /Library/ Laboratory fee
Caution Deposit
Cost of Books/ Equipments and Instruments
Any other reasonable expenditure found necessary for completion of the course.

Margin :
There will not be stipulation of any margin under the product i.e. Margin will be Nil

Security :

No Collateral or third party guarantee will be obtained, however, the parent will execute loan document along with the student borrower as joint borrower.

Rate of Interest

Rate of Interest shall be Base rate plus 2% i.e. 11.65% at present and simple interest shall be charged till the start of repayment. Servicing of interest during Study Period and Moratorium Period shall be at the option of the borrower. In case, interest is serviced during the study period and Moratorium period , Concession of 1% in interest rate for entire tenure of loan shall be provided.

For girl students, an incentive in the form of 1% Interest Concession shall be provided as being provided under our Education Loan Product.

Repayment

Repayment of loan will commence after a period of 6 months from the completion of course of maximum 1 year duration. Whereas for courses of duration of more than 1 year, Repayment will commence after a period of 12 months from the completion of course.

Maximum Repayment period will be as under:

Loans upto Rs 50,000 : Upto 2 Years
Loans between Rs 50,000 to Rs 1 lac : 2 to 5 Years
Loans above Rs 1 lac : 3 to 7 Years

Insurance : Group credit Life Insurance Cover will be available at the option and cost of the borrower. Cost of Insurance Premium may be financed by Bankby adding the same in the project cost and shall be recovered along with EMIs of the loan.

The Borrower can repay the loan any time after commencement of repayment WITHOUT having to pay any prepayment charges.

Contact Details

Head Offices
Suraj Plaza-1, Sayaji Ganj, Baroda-390005
Phone : (0265) 236 1852 (10lines)
Fax : (0265) 236 2395, 236 1824, 236 1806
Baroda House, P.B. No.506, Mandavi, Baroda-396006
Phone : (0265) 256 3932
Fax : (0265) 256 2445

Corporate Centre
Baroda Corporate Centre,
Plot No - C-26, G - Block, Bandra - Kurla Complex, Bandra (East), Mumbai-400051
Phone :(022) 6698 5000- 04
Fax :(022) 2652 350

Website : visit

Click here for the nearest bank branches

Note : Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.

Tags

Vocational Education Loan , Skill Loan , Bank of Baroda Education Loans , Loan for vocational course , Skill Loan Schemes

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