Bank Of Baroda Education Loan Eligibility
Graduation, Post-graduation including technical / professional courses with employment potential conducted by colleges / Universities approved by UGC / Govt./AICTE/Department of Electronics / IMC, autonomous institutions like IIT,IIM etc. are the eligible courses in India and Job oriented, technical / professional courses- (graduation / post-graduation) are the eligible courses to study abroad in BOI Education Loan.
Rate of interest
Loans up to Rs.4 lakhs : Base Rate + 2.50%
Loans from Rs.4 lakhs to Rs.7.50 lakhs : Base Rate + 2.50%
Loans above Rs.7.50 lakhs : Base Rate + 1.75%
Baroda Education Loan for Vocational Education & Training : Base Rate + 2.00%
Documentation
| Objective | Salaried | Others |
| Proof of identity | Voter ID card Driving license Passport Pan card, or Any Govt. department ID card | Passport Voter ID card Pan card Aadhar Card |
| Proof of income |
Latest salary slip from the organisation you are currently working showing all the deductions, or Form 16 along with latter salary certificate |
IT return of past 2 years and computation of income for past two years certified by a CA |
| Proof of residence | Latest electricity bill / telephone bill / Latest bank account statement Latest statement of credit card or Existing house lease agreement |
Current bank account statement Credit card statement Latest telephone bill / mobile bill / electricity bill, or Actual house lease agreement |
| Passbook or bank account where salary is credited | Required for the last 6 months | Required for the Last 6 months |
| Insurer form | Not mandatory but optional | Not mandatory but optional |
| Other documents/educational documents |
Copy of fee slip Admission letter to the educational institutions Pass certificate School leaving certificate and matriculation certificate |
Copy of admission proof to the educational institution along with fees structure, and Fee slip / mark sheet / pass certificate / school leaving certificate / degree courses especially for those opting loan for courses |
Security
In case the loan is given for purchase of computer the same is to be hypothecated to the bank.
Repayment Period
Loan for each yearly sub limit is repayable in 12 equal monthly installments. First installment 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.