BANK OF BARODA EDUCATIONAL LOAN

ELIGIBILITY 

Should be an Indian national Secured admission to professional/technical courses through entrance test/selection process. Secured admission to foreign university/ institution. No minimum qualifying marks.

BENEFITS 

Very competitive rate of interest. Affordable terms and conditions. 1% concession in interest if interest is paid during moratorium period.

FEATURES

Simple interest is charged at quarterly rests during repayment holiday/moratorium period. 1% interest concession is provided, if interest is serviced during the study period, provided where repayment holiday is specified for interest repayment under this scheme. No processing / upfront charges. No margin/security for loans upto Rs.4/- lacs.

DOCUMENTATION,PROCEDURES & FORMS

D.P. note. Letter of co-obligation to be singed by borrowers/ parents/guardian/relative or friends. Other related documents securities  offered. (if applicable) Stamped declaration/ an affidavit confirming that no loans are availed from other banks.

RATES & FEES 

Upto Rs.4.00 lacs       : TPLR
Above Rs.4.00 lacs     : TPLR + 1%
Simple interest to be charged at quarterly rest during the repayment holiday / Moratorium period.
Penal interest @ 2% on overdue amount in the loan exceeding Rs.2 lacs.
1% interest concession be provided for loanees if the interest is serviced during the study period when repayment holiday is specified for interest / repayment under the scheme.

COURSES  ELIGIBLE :

a.  Studies in India :
School education including plus 2 stage.

Graduation courses	:	All graduation courses.
Post Graduation courses	:	Masters & Ph.d.
Professional courses	:	Engineering , Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, Ayurved, Homeopathy, Physiotherapy.

Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated to university.
Courses like ICWA, CA, CFA, CS.
Courses conducted by IIM, IIT, IISc, XLRI, NIFT.
Courses offered in India by reputed foreign universities.
Evening courses of  institutes  approved by State/Central Govt./UGC/ Universities.
Other courses leading to diploma / degree etc. conducted by colleges / universities approved by UGC / Govt. / AICTE / AIBMS / ICMR / ICAR.
Courses offered by National Institutes and other reputed private institutions.

b.  Studies abroad :

Graduation	:	For job oriented professional/technical courses offered by reputed universities.
Post graduation	:	MCA, MBA, MS.

Courses conducted by CIMA - London, CPA in USA.

Expenses considered for loan :

Fee payable to college / school / hostel. Examination / Library / Laboratory fee. Purchase of books / equipments / instruments / uniforms.
Caution deposit / building fund / refundable deposit supported by Institution bills / receipts.
Travel expenses / passage money for studies abroad.
Purchase of computers - essential for completion of the course.
Any other expense required to complete the course - like study tours, project work, thesis, etc.

QUANTUM OF FINANCE : Need based finance subject to repaying capacity of the parents / students with margin upto the following ceilings.
Studies in India      -   Maximum Rs.  7.50 lacs
Studies abroad      -   Maximum Rs.15.00 lacs 

MARGIN :        

Upto Rs.4.00 lacs	:	Nil
Above Rs.4.00 lacs	:	Studies in India	:	5%
	:	StudiesAbroad	:	15%

                                          
Scholarship / assistantship to be included in margin.
Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis.

SECURITY :

Upto   Rs.4.00 lacs    :  No security.
Above Rs.4.00 lacs : Collateral security equal to 100% of the loan amount or co-obligation of parent/ guardian/third party along with the assignment of future income of the student for payment of instalments.

Note :-
The document should be executed by both the student and the parent / guardian.
The security can be in the form of land / building / Govt. securities / Public Sector Bonds / Units of UTI, NSC, KVP, LIC policy, gold, shares / debentures, bank deposit in the name of student / parent / guardian or any other third party with suitable margin. 
Wherever the land / building is already mortgaged, the unencumbered portion can be taken as security on second charge basis provided it covers the required loan amount.
In case the loan is given for purchase of computer the same to be hypothecated to the Bank.

REPAYMENT :
Repayment holiday/ moratorium  : Course preiod + 1 years
                                                            or
                                              6 months after getting job, whichever is earlier.
COMPLAINT & GRIEVANCE CENTER 

Respective Regional/Zonal offices.