Bank of Baroda Education Loan is one of the premier Indian state-run financial services institutions which was established in the year 1908, serving across 21 countries. With almost 9445 branches in India and 100 branches abroad, the bank has been the second-largest bank in India in terms of assets. Under the range of its loan product, the institute provides numerous offers that have been customized to finance different levels of students’ academic needs starting from the basic school education (nursery to 10+2) to undergraduate and postgraduate degrees. If you are looking to seek financial assistance from BOB, check these benefits of the institute which will make your decision more prominent and help you ensure that you are making the right choice.
Interest Rate:
As compared to other banks and financial institutions, Bank of Baroda education loan provides a competitive interest rate of 9.40 percent on education loans. It also provides a concession of 0.5 percent to female candidates, which can be a significant reduction for people applying for heavy loan amounts. Also, The interest paid on the education loan to the bank is tax waived under section 80E, making the candidates save extravagant amounts on tax.
Loan Amount
Bank of Baroda overseas education loan offers a desirable loan amount of up to 80,00,000 to aspiring students for a preferred list of Universities. Generally, this amount covers the cost of expenses at any top university in the world. Also, the processing is made quite easy by completing a few steps online and submitting the desired documents. The loan can be sanctioned within a week if all the right documents are submitted on time.
Margin Money
If the student is admitted to any of the preferred colleges listed in the preferential list universities, they can get 100 percent funding with no margin money. But, for students who get admission in other colleges will have to pay 10% compulsory margin amount. The bank will also charge a processing fee of 10,000 rupees plus GST for a loan up to 80,00000 which is refundable on availing the first disbursement.
Flexible Repayment
The bank provides a repayment period of 15 years after the completion of the course which is a decent time for easy repayment for the students. The moratorium period of BOB education loan includes course time plus one additional year, giving enough time to students to search for a job and start repaying the loan in installments.
Refundable Processing Fees
The bank is one of the few lenders to provide a refundable processing fee. Bank of Baroda Overseas Education loans
processing fees is INR 10,000 plus GST. In case your loan gets approved and you take the first disbursal the amount is refunded back to you. So this is a win/win situation for the applicant.
The benefit of 80E and Girl Child
The Bank of Baroda overseas study loan does provide a 0.50% rebate for the girl child for Overseas education loan. The bank of Baroda overseas loan entitles you to have 80-E Tax benefit for your consignor. This reduces the effective interest rate by around 1% to 2%. You can as well look to avail the Pado pardesh scheme wherein you would get interest discount in case you are from the Minority community.
Processing Time
Bank of Baroda overseas study loan has digitally integrated with Edu Loans providing reduced processing time. The Bank in selected cities provides home pick up of Documents. In most cities, the Applicant directly meets the loan officer in the dedicated Specialised Mortgage Store wherein the resolvement of Documents and queries can happen instantaneously. Bank of Baroda Overseas education loan is the most aggressive among the Public sector banks.
Bottom Line!
Bank of Baroda, for years, has made sure that the students in India get a quality education, which is one of the important gears in the wheel of life. To meet the heavy expenses of this proposition and help students attain a good academic background, the bank has provided a number of customizable loan options that can help students seek financial help at affordable interest rates. To take advantage of these opportunities, make sure you submit the right documents needed to process the loan and fill out your application form carefully.
If you need a hand to help you with the loan process, go no more further than Edu Loans. We make sure that you have a full-proof file loaded with all the necessary documents that can make your loan application process an easy task. Visit us at www.eduloans.org or call us through our contact us page. We will be happy to assist you.