11.15%
0%
10 % of Loan amount
Established in 1908, Bank of Baroda provides various international and domestic banking services to retail and corporate customers. Education loan from the Bank of Baroda (BOB) has been financing the dreams of thousands of students looking to study both in India and abroad for many years now.
Baroda Scholar is their flagship education loan scheme that provides financial assistance to students wishing to pursue regular courses or executive development programs in overseas universities. Bank of Baroda also provides a 0.5% subsidy in interest rates to girl students. Apart from that, as a scheduled commercial bank, Bank of Baroda provides various interest subsidy schemes such as Central Scheme of Interest Subsidy (CSIS) for Economically Weaker sections, Dr. Ambedkar Central Sector Scheme of Interest Subsidy for abroad studies for Other Backward Classes and Economically Backward classes & Padho Pardesh interest subsidy Scheme for minority communities.
| S.No. | Features | Details |
|---|---|---|
| 1. | Maximum Loan Amount | Listed Universities: Rs.80 lakh Unlisted Universities: Rs.60 lakh |
| 2. | Collateral/ Security | Loan amount must be <= 100% of collateral value. |
| 3. | BOB Education Loan Rate of Interest | Listed Universities: 10.4% for boys, 9.9% for girls, Unlisted Universities: 10.75% for boys, 10.25% for girls. Interest rates are linked to MCLR. For current rate, check here. |
| 4. | Processing Fee | Rs.10,000 + GST (Rs.10,000 refundable); Additional property valuation charge of Rs. 8,500, in case of Real Estate collateral |
| 5. | Margin Money | Listed Universities: NIL Unlisted Universities: Up to Rs.4 lakh - NIL, Above Rs.4 lakh - 10% |
| 6. | Loan Tenure | Up to Rs.7.5 lakh: Moratorium period + 10 years Above Rs.7.5 lakh: Moratorium period + 15 years |
| 7. | Moratorium Period | 12 months after the completion of the course |
| 8. | Institutions Covered | The “Select Universities” are listed |
| 9. | Prepayment Penalty | No |
Early approval of loan before i20 or visa.
Covers both tuition and living expenses, including off campus living expenses.
Tax benefit u/s 80(E).
No need to pay interest during the course tenure.
Pre-visa disbursal as per the norms of visa offices.
Free Debit Card.
The loan is for students going abroad for Professional/Technical courses.
0.50% concession in the interest rates for the girl student.
Simple interest to be charged at monthly rests during the repayment holiday / moratorium period.
| S.No. | Features | Details |
|---|---|---|
| 1. | Maximum Loan Amount | Rs.80 Lakhs for Medical and Aviation Education courses and Rs. 60 Lakhs for other courses |
| 2. | Collateral /security | Loan amount must be <= 100% of collateral value |
| 3. | BOB Education Loan Rate of Interest | 8.85% for boys and 8.35% for girl students. Interest rates are linked to MCLR. For current rate, |
| 4. | Processing Fee | Rs.10,000 + GST (Rs.10,000 refundable); Additional property valuation charge of Rs. 7,500, in case of Real Estate collateral |
| 5. | Margin Money | No Margin upto Rs.4 lakhs, Above Rs. 4 lakhs:5% |
| 6. | Loan Tenure |
Up to Rs.7.5 lakh: Moratorium period + 10 years Above Rs.7.5 lakh: Moratorium period + 15 years |
| 7. | Moratorium Period | Course period + 12 months |
| 8. | Institutions Covered | For approved courses (Graduation, Post-Graduation, Professional and other courses) by UGC/Govt./AICTE through Entrance test/Merit Based selection process |
| 9. | Prepayment Penalty | No |
Tax benefit u/s 80(E).
Covers both tuition and living expenses, including off campus living expenses.
Free Debit Card.
0.50% concession in the interest rates for the girl student.
No need to pay interest during the course tenure.
No pre-payment penalty.
A non-refundable Lump sum amount of Rs 7500 to be paid as property evaluation charges.
| S.No. | Features | Details |
|---|---|---|
| 1. | Maximum Loan Amount |
List AA Secured:Rs.80 Lakhs, Unsecured:Rs.40 Lakhs List A Secured: Rs.80 Lakhs, Unsecured: Rs. 20 Lakhs List B & C Secured:Rs.80 Lakhs, Unsecured:Rs. 7.50 Lakhs |
| 2. | Collateral /security | Loan amount must be <= 100% of collateral value |
| 3. | BOB Education Loan Rate of Interest |
List AA: 6.85% for both Boys and Girls List A: 6.85% for both Boys and Girls List B: Upto Rs.7.50 Lakhs 7.95% and Above Rs.7.50 Lakhs 7.70% for both Boys and Girls List C Upto Rs.7.50 Lakhs 8.70% and Above Rs.7.50 Lakhs 8.45% for both Boys and Girls |
| 4. | Processing Fee | Rs.10,000 + GST (Rs.10,000 refundable); Additional property valuation charge of Rs. 7,500, in case of Real Estate collateral |
| 5. | Margin Money | No Margin upto Rs.4 lakhs, Above Rs.4 lakhs:5% |
| 6. | Loan Tenure |
Up to Rs.7.5 lakh: Moratorium period + 10 years Above Rs.7.5 lakh: Moratorium period + 15 years |
| 7. | Moratorium Period | Course period + 12 months |
| 8. | Institutions Covered | The “Select Universities” are listed |
| 9. | Prepayment Penalty | No |
| S.No. | Features | Details |
|---|---|---|
| 1. | Maximum Loan Amount | Rs. 80 lakhs |
| 2. | Collateral /security | Loan amount must be <= 100% of collateral value |
| 3. | BOB Education Loan Rate of Interest | Male - 8.95%, Female - 8.45% |
| 4. | Processing Fee | Rs.10,000 + GST (Rs.10,000 refundable); Additional property valuation charge of Rs. 7,500, in case of Real Estate collateral |
| 5. | Margin Money | No Margin upto Rs.4 lakhs, Above Rs.4 lakhs:5% |
| 6. | Loan Tenure |
Up to Rs.7.5 lakh: Moratorium period + 10 years Above Rs.7.5 lakh: Moratorium period + 15 years |
| 7. | Moratorium Period | Course period + 3 months |
| 8. | Institutions Covered | Secured admission in The Executive Development Programmes in the listed Abroad Universities |
| 9. | Prepayment Penalty | No |
The first step is to check your loan eligibility with 24x7 Loan Services which will require you to fill out some details like personal details, target university, loan amount, and more.
After checking your loan eligibility, an education loan counselor (ELC) from 24x7 Loan Services will contact you and provide a personalized document checklist. You'll need to arrange the documents while the ELC pushes your details to Axis Bank.
Once you arrange all documents, an Axis Bank relationship officer (RO) will collect and verify them. Missing documents will be notified by 24x7 Loan Services's ELC and Axis Bank's RO within 1 day.
After all the verification is done, a loan approval mail (with loan amount and other details) is sent to the applicant that needs to be signed so that the same can be sanctioned.
| Feature | With 24x7 Loan Services | Without 24x7 Loan Services |
|---|---|---|
| Document pickup service from home | Yes (7 RO cities) | No |
| Personalized document checklist according to profile & area | Yes | No |
| Branch visits | 1-2 | 7-8 |
| Pre-visa disbursements | Easy | Difficult |
Below, we describe typical bottlenecks that you should watch out for, along with ways in which we work around such bottlenecks to fast-track your education loan application.
All the documents are to be submitted before the starting of the sanctioning process. Additional documents may be required. Some SBI branches may not be very education loan friendly! From our experience of processing 1000s of education loans at SBI, we help identify the most experienced and friendly branch for you. We then liaise with the branch officials to present and discuss your case on your behalf. We present a customized checklist at the start so that you have to submit documents only once.
The legal papers of your property and the property itself get verified by SBI empanelled advocates. The Turnaround Time (TAT) of the bank and the advocates is high and unpredictable. Also, many a time they don’t try hard enough to look for alternative documents and approaches if they find an issue with the documents or the property. 24x7 Loan Services has helped 1000s of students through such tough situations, and we can surely help you!
Civil Engineers, empanelled by the SBI, evaluate the property by first visiting it, then measuring it, checking its location and age, and evaluating its Distress Sale Price, Fair Price, and Market Price. The Turnaround Time (TAT) of the Civil Engineer can be quite high and unpredictable. Through systematic follow-up, we get this step completed within 3 working days.
Removing obstacles to secure your education loan
A student with an admit offer from The University of Sydney required a with-collateral education loan of Rs. 40 lakhs. Initially, the student approached the State Bank of India directly but got a negative response from the Branch as his property’s sale deed was not in order. He then applied with us. At 24x7 Loan Services, we pre-screen education loan applications to identify key issues and find out the best possible solution available. Post an in-depth discussion with our legal consultant, we found a solution: a correction/conveyance deed. 24x7 Loan Services’s on-ground team got that deed executed and also got it registered with the sub- Registrar – that too in only 5 days, with minimal effort from the student. Post this, we formally applied with SBI and got approval for Rs. 40.56 lakhs in only 3 days.
In another case, another applicant got an admit from San Diego State University and was looking for a with-collateral education loan of Rs. 20 lakhs. The issue with this case was that the property (Collateral) was in the name of the applicant’s father who had passed away recently and was not transferred to the applicant’s mother. Also, the student had a deadline for submitting financial documents. The student’s case was rejected on the property ownership grounds. He then contacted 24x7 Loan Services after reading one of our blogs on education loans which he came across while searching for solutions online. After pre-screening the case thoroughly, our representatives approached the Local Head Office of the bank to speak with the Assistant General Manager and helped in getting the ownership of the property transferred. Our team assisted the student throughout the process, helped his family with the hassle of bureaucracy, got the property transferred, and got the loan sanctioned on time, that too meeting the deadline.
In this case, the student was already in her 2nd year of bachelor program at the University of Queensland. Her parents’ savings were utilized to fund her 1st year of the program. The student wanted to apply for loan to finance her remaining course. The student and her parents both were residing in Australia. She applied for around Rs. 50L loan with collateral. The property was in Kerala, India. But the loan application was rejected on the ground that property owners were residing in Australia. After the initial rejection, she approached 24x7 Loan Services for solutions. She came to know about 24x7 Loan Services through her friend in India who attended a seminar conducted by 24x7 Loan Services in Chennai. Our representatives approached the concerned authorities of SBI. We took out the rule book and provided the solution. The parents were called. They flew over to India. We helped them in completing the sanction process and disbursement as well on the same day in SBI. The bank approved a loan of Rs. 50L with Rs. 11L amount disbursed on the same day to the applicant.
You can check the status of your SBI education loan application on your 24x7 Loan Services account dashboard.
The SBI education loan EMI can be checked using the 24x7 Loan Services EMI calculator. All you need to do is to enter a few details like loan amount, loan tenure, and interest rate.
Students who avail of the SBI Rinn Raksha policy, or any other existing life policy receive a 0.5% interest rate concession. There is a further 0.5% concession for girl students.
There is no penalty on prepayment of an education loan after 6 months of loan disbursal.
Yes. The SBI education loan amount covers living and accommodation expenses.
There are two interest rate subsidy schemes launched by the government - Dr. Ambedkar Central Sector Scheme, and Central Scheme of Interest Subsidy for education loans. You can read about them here.
