Bank Of Baroda

NAME TYPE WEBSITE
Bank Of Baroda Government http://www.bankofbaroda.co.in/

YES     1) Baroda Gyan

 2) Baroda Education Loan for Vocational Education & Training

  • Baroda Gyan:

1) Applicant must be an Indian national, residing in India.

2) Should have secured admission into any of the courses listed under the section ‘Course Eligibility’ below.

3) This Bank of Baroda Education Loan scheme applies to merit students (eligible for a seat under the merit quota) but choose to pursue a course under the management quota.

4) Management quota seats considered under the Bank of Baroda education loan scheme, fees as applicable to these payment seats (authorized by State Government/Regulatory body approved by the Government) will be taken, subject to the viability of repayment.

  • Baroda Education Loan for Vocational Education & Training:

1) The applicant must be an Indian national.

2) He/she must have secured admission in a vocational course that is duly approved by Government Ministry/Department/Organization or a similar undertaking that is approved and supported by the National Skill Development Corporation or State Skill Mission/Corporation.

3) The final certification/diploma/degree etc. must be completely recognized by the Government or by any organization that is certified by the Government.

4) The applicant must not be a minor. However, if such is the case, then the bank will ensure that the concerned documents are executed by the applicant’s parents and a letter of ratification will be collected from the applicant when he/she attains maturity. There is no maximum age limit to apply for this loan.

 

  • Baroda Gyan:
  1. All Graduation, Post-Graduation and Doctorate courses.
  2. All courses conducted by IIT, IIM, IISc, XLRI, NIFT etc.
  3. All professional courses, conducted by recognized institutions.
  4. Courses such as C.A, ICWA, CFA, CS, etc.
  5. Computer certificate courses from reputed institutes with alignments to recognized Universities.
  6. Degree/Diploma from colleges/universities/National Institutes/private institutions/evening courses that are approved by a recognized Government body such as UGC/AICTE/ AIBMS/ ICMR etc.
  7. Degree/Diploma in Aeronautical, pilot training etc. (approved by Director General of Civil Aviation/shipping).
  8. Educational courses offered in India by prominent foreign Universities.
  • Baroda Education Loan for Vocational Education & Training:
  1. Vocational/Skill development courses that stretch from 2 months to 3 1/2 years.
  2. The selected course must be duly supported and recognized by the Government of India (in its direct capacity), or any organization that is recognized by the Government and/or authorized to act on its behalf. Such organizations include the National/State Skill Development Corporation(s).
  3. The final certification/degree/diploma accorded, must be fully recognized by the Government or any organization that has its official authorization.
  4. Vocational courses that have good employability, including but not limited to courses offered by State Level Bankers committee (SLBC), State level Co-ordination Committee (SLCC), etc.
  5. Courses/training programs approved by the National Skill Certification and Monetary Reward Scheme.
  • Baroda Gyan:

           Rs. 10 lakhs

  • Baroda Education Loan for Vocational Education & Training:
  1. Course duration upto 3 months : Rs.20,000
  2. Course duration from 3- 6 months : Rs.50,000
  3. Course duration from 6 months- 1 year : Rs.75,000
  4. Course duration exceeds 1 year : Rs.1,50,000
  • Baroda Gyan:
  1. Loans upto Rs.4 lakhs : Base Rate + 2.50%
  2. Loans from Rs.4 lakhs to Rs.7.50 lakhs : Base Rate + 2.50%
  3. Loans above Rs.7.50 lakhs : Base Rate + 1.75%
  4. Baroda Education Loan for Vocational Education & Training : Base Rate + 2.00%
  • Baroda Education Loan for Vocational Education & Training:
  1. Loans upto Rs.4 lakhs : Base Rate + 2.50%
  2. Loans from Rs.4 lakhs to Rs.7.50 lakhs : Base Rate + 2.50%
  3. Loans above Rs.7.50 lakhs : Base Rate + 1.75%
  4. Baroda Education Loan for Vocational Education & Training : Base Rate + 2.00%
  • Baroda Gyan:
  1. Loan amount upto Rs.7.50 lakhs : Repayment in max 120 installments
  2. Loan amount above Rs.7.50 lakhs : Repayment in max 180 installments
  3. Moratorium Period
  4. The repayment holiday applies from, Course Period + 1 year or 6 months after getting the job (whichever comes first).
  • Baroda Education Loan for Vocational Education & Training:
  1. Repayment Tenure
  2. Loan amount upto Rs.50,000 : Repayment in max 2 years
  3. Loan amount from Rs.50,000- Rs.1 lakh : Repayment in max 2- 5 years
  4. Loan amount above Rs.1 lakh : Repayment in max 3- 7 years
  5. Prepayment
  6. Borrower can prepay the loan at any time without any penalties.
  7. Moratorium Period
  8. The repayment holiday applies as thus- When course period is maximum 1 year = 6 months from the completion of the course. When course period exceeds 1 year = 12 months from the completion of the course.
  • Baroda Gyan:

           NIL

  • Baroda Education Loan for Vocational Education & Training:

           NIL

  • Baroda Gyan:
  1. Loans upto Rs.4 lakhs : None
  2. Loans above Rs.4 lakhs : 5.00%

          Note:- Margin is applicable on pro-rata basis on yearly basis as and when                            disbursements are availed.

  • Baroda Education Loan for Vocational Education & Training:

           NIL

  • Baroda Gyan:
  1. Loan amount upto Rs.4 lakhs : None
  2. Loan amount from Rs.4 lakhs to Rs.7.5 lakhs: Third party guarantee and assignment of future salaries towards loan repayment.
  3. Loan amount above Rs.7.5 lakhs: Tangible collateral as security that is equivalent to 100% of the loan amount. Plus, assignment of future salaries towards loan repayment.
  • Baroda Education Loan for Vocational Education & Training:

           NIL

  • Baroda Education Loan for Vocational Education & Training:

The applicant can opt for the Group Credit Life Insurance Cover. The insurance premiums will be financed by the bank, and eventually recovered along with the loan EMIs.

  • Baroda Gyan:
  1. Loans to girl students gets an applicable 0.50% concession.
  2. Simple interest will be charged through the moratorium period with monthly rests.
  3. If loan amount exceeds Rs.2 lakhs, penal interest at the rate of 2% applies on the overdue amount.
  4. Added concession of 1.00% applies to students who are pursuing their studies in premier institutions like IIT, IIM, IIFT, AIIMS, ISB, NIT, XLRI, MDI, IISc, SPJIM etc.
  • Baroda Education Loan for Vocational Education & Training:
  1. Loans to girl students gets an applicable 0.50% concession. For Vocational Education & Training, the concession will be 1.00%.
  2. Simple interest will be charged through the moratorium period with monthly rests.
  3. If loan amount exceeds Rs.2 lakhs, penal interest at the rate of 2% applies on the overdue amount.
  4. Added concession of 1.00% applies to students who are pursuing their studies in premier institutions like IIT, IIM, IIFT, AIIMS, ISB, NIT, XLRI, MDI, IISc, SPJIM etc.

 

Baroda Education Loan for Vocational Education & Training:

1) Formulated by Government of India, Ministry of Human Resources Development and Department of Higher Education, to help economically backward students to pursue technical/professional courses in India.

2) Provides interest subsidy through the moratorium period, on Bank of Baroda Education Loan.

3) Subsidy amount tops up at Rs.10 lakhs. The course fee however, may exceed this limit.

4) The interest will be borne by the student post the moratorium period.

5) The student’s parental family income must not exceed Rs.4.5 lakhs/annum, rendering him a part of the Economically Weaker Section of the society. This fact must be confirmed via an income certificate that is issued by the State Government/ Organization appointed by the State Government.

6) Subsidy only applies if the student is enrolled for a course that is properly recognized by all concerned certification bodies/ Government organizations.

7) Subsidy applies to a student only once (first undergraduate course or post graduate degrees/diplomas that are conducted in India). Also, subsidy is applicable on integrated courses (graduation + post-graduation).

8) Subsidy will be terminated if the student discontinues or gets expelled from the concerned course.

9) In order to avail this Bank of Baroda education loan subsidy, an agreement must be signed by the student borrower and the Bank.

  • Baroda Gyan:
  1. Fees that must be paid to school or college.
  2. Fees applicable for Examination, Library, Laboratories, Hostel etc.
  3. The purchase of uniforms, books, equipment and instruments.
  4. Personal Computers/Laptops, if the course requires the same for successful completion.
  5. Additional payments like Building fund, Caution deposit, Refundable deposit etc. These however, need to be backed up by proper bills or receipts.
  6. Additional expenses that are deemed important for course completion, including and not limited to projects, study tours, thesis etc.
  • Baroda Education Loan for Vocational Education & Training:
  1. Fees with regards to Examination, Library, Laboratories.
  2. The applicable Tuition and Course fee.
  3. Costs incurred in purchase of books, equipment and instruments.
  4. Additional expenses including Caution Deposit.
  5. Any other expenses that is considered crucial for the completion of the course.

 

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