Education and Career Forum

I want to get the details of the Baroda Vidya scheme of the education loan facilitate by Bank of Baroda. I went to bank for this purpose but couldn’t understand about these things. Kindly tell me.

Baroda Vidya Scheme under Bank of Baroda Education Loan is a unique student loan scheme provided to parents for students pursuing school education.
The features of Baroda Vidya Education Loans are as follows:

Baroda Vidya education loan is available for studies from Nursery to Senior Secondary School.

There is no processing fees or documentation charges

There is no margin or security required to get the loan.

The loan covers a wide range of expenses which includes college tuition fees, fees for Laboratory/library/examination, hostel charges, equipment/uniform purchase, cost of laptop/PC and various refundable deposits.

The maximum loan amount is Rs. 4 lakh with no collateral or guarantor requirement.

There is a 0.50% concession on regular interest rate for girl students.

The loan sub-limit of each year is payable in 12 EMIs starting from 12 months after the first disbursement of each year’s loan component.

Eligibility to avail Baroda Vidya education loan is as follows:-

The students must be a Indian Nationals.

The students must have secured admission in a school, high school or junior college for Nursery to 12th Standard

The parents must be residing in the current place for a minimum of 3 years except in case of a transferable job.

In case of loan for purchase of computers, the computer should be hypothecated to the bank.