Baroda Vidya - Loan for Nursery to Senior Secondary School
Eligibility for Education Loan
Must be an Indian National
Secured admission to a recognized school/High school(including CBSE/ICSE/State board) for Nursery to V std (or) VI to VIII std (or) IX to XII std.
Margin
Rs.4,00,000/-
Repayment
Loan for each yearly sub limit is repayable in 12 equal monthly instalments. First instalment to be due 12 months after first disbursement of each year's loan component.
The parents must be residing in the place for a minimum period of -3- years, except in the case of transferable job.
Rate of Interest
1% concession in rate of interest to loans for girl students.
Interest to be serviced as and when applied during moratorium period.
Penal Interest @ 2% on overdue amount if the loan amount exceeds Rs. 2/- lacs.
Baroda Gyan - Loan for Graduation, Post Graduation in India
Eligibility for Education Loan
Must be an Indian National
Secured admission to the eligible courses
Courses Eligible for Education Loan
Graduation Courses, Post Graduation Courses, Doctorate Courses and courses like C.A, ICWA, CFA, CS, etc.
Computer certificate courses of reputed institutes affiliated to universities and courses conducted by IIM, IIT, IISc, XLRI. NIFT etc.
Regular Degree/Diploma courses approved by Director General of Civil Aviation/shipping and UGC/State/Central Govt./ AICTE/ AIBMS/ ICMR etc.
Evening courses of institutes approved by State/Central/Govt./UGC/AICTE/AIBMS/ICMR/ICAR.
Margin
Upto Rs.4,00,000/- -- NIL
Above Rs.4,00,000/- -- 5%
Holiday Period
Course period + 1 year or 6 months after getting job, whichever is earlier.
Repayment
The loan is repayable in 5-7 years after the above period.
Security
Upto Rs.4.00 lacs - NIL
Above Rs. 4.00 Lacs and up to Rs. 7.5 lacs: Collateral in the form of a suitable third
party guarantee alognwith 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
Baroda Scholar - Loan for Abroad studies
Eligibility for Education Loan
Must be an Indian National
Secured admission to the eligible courses
Courses Eligible for Education Loan
Graduation Courses, Post Graduation Courses, Doctorate Courses and technical courses approved by reputed universities.
Regular Degree/ Diploma courses like Aeronautical, pilot training, shipping etc. The Institute should be recognized by the competent local aviation / shipping authority and Director General of Civil Aviation/shipping in India.
Margin
Upto Rs. 20.00 Lacs. -- 15%
Holiday Period
Course period + 1 year or 6 months after getting job, whichever is earlier.
Repayment
The loan is repayable in 5-7 years after the above period.
Security
Upto Rs.4.00 lacs - NIL
Above Rs. 4.00 Lacs and up to 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
Rate of Interest for Studies in India and in Abroad
Simple interest during repayment holiday/moratorium period.
1% interest concession, if interest debited during the repayment holiday is serviced.
1% Concession in rate of interest to loans for girl student.
Penal interest @ 2% p.a. on overdue amount if loan exceeds Rs.4/- lacs.
