Baroda Digital Education Loan

• Wider coverage of Expenses:
  1. Fee payable to college/Institution/University/school/hostel.
  2. Examination / Library / Laboratory fee.
  3. Hostel fees / charges.
  4. Purchase of books / equipment / instruments / uniforms.
  5. Caution deposit, Building fund / refundable deposit supported by institution bills/ receipts.
  6. Insurance premium for student borrower.
  7. Any other expenses required to complete the course – like study tours, project works, thesis, etc.
  8. Please Note: Cost of external coaching/tuition is not to be considered
• For select Premier Institute requirement of Co Applicant is waived.
• Unified processing charges: NIL
• Moratorium Period: Course Period + 1 Year
• Flexible Repayment period
  1. For loans up to Rs.7.50 Lac : Moratorium Period + Maximum 120 instalments.
  2. For Loans above Rs. 7.50 Lac : Moratorium Period + Maximum 180 instalments

Baroda Digital Education Loan :

Indian Students who have secured admission in full time course of the premier institute (within India).

Age Criteria:

• Student: Not more than 40 Years, at the time of availing Loan
• Co-Applicant: Minimum-21 Years, Maximum (58 Years for Salaried & 65 Years for Non-Salaried)

• List of the institutions (List-AA, A, B & List-C)

Student

• Personal Identification Proof:
  1. PAN Number (mandatory)
  2. Aadhaar Number (mandatory)
• Admission Letter received from the institute by the student with the fee details (Mandatory)
• Mark sheet of last passed examination (Mandatory)
• Proof of payment done to the institute (if any).

Co-applicant (if applicable)

• Personal Identification Proof:
  1. PAN Number (mandatory)
  2. Aadhaar Number (mandatory)
• Digitally generated Bank A/c Statement for last -6- months (mandatory)
• For Non-Salaried persons (In addition to requirements stated in Point 1 & 2: Digitally generated Income Tax Return (ITR-3&4) for the last -2- years (mandatory)

Please Note: Digitally generated Bank Statements & ITR referred as - bank statement received in email or generated through Net Banking. ITR-3&4 downloaded from Income Tax Website in pdf/xml format.

Note

• Submission of physical documents are not mandated for Digital Education Loan Journey. However, in case of credit refer due to any reason additional documents/proofs can be obtained for underwriting.
• Digitally generated Bank Statements & ITR referred as - bank statement received in email or generated through Net Banking. ITR-3&4 downloaded from Income Tax Website in pdf/xml format.

• Click here for list of Pre-Approved Institutes (where co applicant is waived)
• Click here for list of Premier Institutes

Floating Rates:

Penal Charges:

• Penal charges for delayed payment of dues including Principal, interest, service charges etc:
  For Loan upto Rs.2,00,000/-: 1% p.a. on the amount of default.
  For Loan above Rs.2,00,000/-: 2% p.a. on the amount of default.
  
  NOTE: Penal charges will be applied solely to overdue payments (instalments and/or interest/service charges etc.), for the period they remain unpaid beyond their due date. Penal charges will be calculated based on the actual number of days of default but will be debited on a monthly basis.
• Penal Charges will be charged on the outstanding balance of credit facilities of borrower for the default period for following nature of non-compliance:
  1. Non-Submission of documents as per sanction terms.
  2. Non-compliance in security perfection as per sanction terms.
  3. Any other breaches/ non- compliance in material terms of sanction.

Other Terms & Conditions

• Mandatory insurance cover for full term of the loan, in the form of Group Credit Life insurance or Term Insurance (one-time premium), to be obtained from any IRDA approved insurance Company (including those, Bank has tie up arrangement) for all applicant borrowersunder this scheme.
• Simple interest to be charged at monthly rests during the repayment holiday / moratorium period.
• Servicing of interest during the moratorium period is optional for students. The accrued interest during the repayment holiday period to be added to the principal and repayment in Equated Monthly Instalment (EMI) to be fixed.