Bank of Baroda Gyan Education Loan scheme is designed for students pursuing
Graduation, Post - Graduation, Professional and other courses in India.
Eligibility :
Student
Should be Resident Indian.
Secured admission to either of above courses
A meritorious student (who qualifies for a seat under merit quota) will
also be eligible for loan under this scheme even if the student chooses to
pursue a course under Management Quota.
Additional concession of 1.00% to the students who have sought admission
in premier institutions viz. IIMs, IITs, IIFT, AIIMS, AFMC , ISB, NITs, XLRI,
MDI, SPJIMR, IISC, SPJIM
Courses
All Graduation courses.
All Post Graduation courses and Doctorate courses.
Professional Courses viz. Engineering, Medical, Agriculture, Veterinary,
Law, Dental, Management, Computer, Ayurved, Homeopathy, Physiotherapy, Hotel
Management, Hospital Management, Interior Designing, Architecture, Event Management,
Mass Communication, Fashion Technology, etc.
Computer certificate courses of reputed institutes accredited to Dept.
of Electronics or institutes affiliated to Universities.
Courses like C.A, ICWA, CFA, CS, etc.
Courses conducted by IIM, IIT, IISc, XLRI. NIFT etc.
Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping
etc., approved by Director General of Civil Aviation/shipping.
Courses offered in India by reputed foreign Universities.
Evening courses of institutes approved by State/ Central/ Govt./ UGC/ AICTE/
AIBMS/ ICMR/ ICAR.
Courses offered by National Institutes and other reputed private institutions.
The College/ Institute must have been approved by the State/Central Govt./
UGC/ AICTE, etc.
Loan Details
Quantum
Maximum Loan Amount : Rs.10.00 Lacs.
Coverage of expenses
Fee payable to college / school.
Examination / Library / Laboratory Fee.
Fee and other charges payable to hostel.
Purchase of books / equipments / instruments / uniforms.
Personal Computers / Laptops wherever required.
Caution deposit / building fund / refundable deposit supported by institution
bills / receipts.
Any other expenses required to complete the course - like study tours, project
works, thesis, etc.
Margin : Margin is to be contributed on pro rata basis on year to year basis as and
when disbursements are availed.
Upto Rs. 4.00 lacs :- Nil
Above Rs. 4.00 lacs :- 5%
Security :
Upto Rs.4 lacs : No security
Above Rs. 4 lacs and upto Rs.7.5 lacs : Collateral in the form of a suitable
third party guarantee along with assignment of future income.
Above Rs.7.5 lacs: Tangible collateral security equal to 100% of the loan
amount along with assignment of future income.
No processing & documentation charges. Drafts required in favour of the
school or student will be issued free.
Rate of Interest
Simple interest to be charged at monthly rests during the repayment holiday/moratorium
period.
For interest rate check out this link, Axis
Bank Interest Rate
Penal interest @ 2% p.a. on overdue amount, if the loan amount exceeds Rs.4.00
lacs.
0.50% Concession in rate of interest to loans for girl student.
For loans above 4 lacs, interest rate will be 2 % above base rate for ISB,
Hyderabad Students which is 2 % less than that for students of other institutes
Repayment
Repayment holiday/ moratorium period is course period + 1 year, or 6 months
after getting job, whichever is earlier.
Repayable in 120 maximum Installments for loan amount upto Rs 7.50 lacs
Repayable in 180 maximum Installments for loan amount above Rs 7.50 lacs
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.
