Baroda Education Loans for EDP being offered by Premier Institutions Abroad

A study loan given for executive development programmes abroad. The student must have secured admission in the university and be employed while applying & during the course of study.

Courses Eligible

Executive Development Programmes (part time/online programmes/distance learning) being offered by premier institutions abroad, as listed under list of premier institutions (including the programmes offered using the technology platform of Times Pro/Hughes Global Education or any other partners).

Student Eligibility

• Should be resident Indian.
• Secured admission in The Executive Development Programmes (part time/online programmes/distant Learning programmes) being offered by premier institutions abroad.
• Should be gainfully employed and would continue to be in gainful employment during study.

Service Charges (Excluding GST) w.e.f. 20/06/2019:

• Study in India - Nil
• Study abroad - 1.00% of loan amount(maximum Rs. 10,000) to be recovered upfront which will be refundable on availment (first disbursement) of loan.
• Education loan for students of premier institutions (studies in India): Nil
• Education loan for vocational education and training: Nil
• Career development: 0.50%

Notes:

• A non-refundable lump sum amount Rs. 8,500 per property (towards advocate and valuer charges) to be taken upfront in case of all education loan accounts, wherever property is mortgaged.
• No mortgage creation charges for all types of education loans.

Pre-payment charges under fixed rate loan is as under-

• KYC of applicant and co-applicants
• Academic Records
• Proof of admission
• Entrance Exam Result(if applicable)
• Statement of cost of study/ Schedule of expenses
• Income Proof
• Employment Proof
• Bank account statement for last 6 months etc
• Property Documents (if applicable)

Target group

• Students pursuing executive development programmes (part time/online programmes/distance learning) being offered by premier institutions abroad, as listed under list of premier institutions (including the programmes offered using the technology platform of Times Pro/Hughes Global Education or any other partners).

Quantum of finance

• Maximum Rs. 80 lakhs

Margin

Repayment Holiday/ Moratorium Period

• Course period + 3 Months

Coverage of expenses for

• Fee payable to college/institution/university/hostel/mess charges.
• Examination/library/laboratory fee.
• Purchase of books/equipments/instruments/uniforms/.
• Personal computers/laptops wherever required.
• Caution deposit, building fund/refundable deposit supported by institution bills/receipts, subject to condition that the amount does not exceed 10% of the total tuition fees for the entire course.
• Purchase of computers, if essential for completion of the course.
• Insurance premium for student borrower.
• Any other expenses required to complete the course like study tours, project works, thesis, etc.
• Travel expenses/passage money (to and fro)
• Cost of external coaching/tuition is NOT to be considered.
• Except the living expenses, hostel charges, mess charges, other living expenses and cost of external coaching/tuition.
• As part of the program candidates may be required to travel to the college/institution once or twice during the course period. In such cases, travel expenses (to and fro) and living expenses for attending classes in various centres (India and abroad) would also be considered a part of the total expenses.

Note: The details of expenses for the entire course period to be obtained from college/institution.

Repayment Period

• The loan is repayable in maximum 10- 15 years after the completion of moratorium period as mentioned above
• For loans up to Rs. 7.5 lakhs : Moratorium period + Maximum 120 instalments
• For loans above Rs. 7.5 lakhs : Moratorium period + Maximum 180 instalments

Unified processing charges

• 1.00% of loan amount (maximum Rs. 10,000) to be recovered upfront which will be refundable on availment (first disbursement) of loan. The amount can be refunded to the credit of saving bank account/loan account of the student/borrower.
• A non-refundable lump sum amount Rs. 7,500 per property (towards advocate and valuer charges) to be taken upfront in case of all education loan accounts, wherever property is mortgaged.

Security

• Up to Rs. 4 lakhs: Co-obligation of parent. No security
• Above Rs. 4 Lakhs and up to Rs. 7.5 lakhs
  1. Collateral in the form of a suitable third party guarantee along with assignment of future income.
  2. The regional authority may, at its discretion, waive third party guarantee in following cases:
  3. If satisfied with the net-worth/means of the parent who would be executing the document as a joint borrower.
  4. To support highly meritorious/deserving students who have secured admission in an institution of a high repute, but unable to offer suitable third party guarantee.
• Above Rs. 7.5 lakhs
  1. Tangible collateral security equal to 100% of the loan amount along with assignment of future income of the student for payment of instalments.

Disbursement

• Directly to school/institution/hostel - term wise/year wise, in stages as per the requirement/demand.
• Directly to the book seller/shop for purchase of books, instruments, equipment.
• In case a student does not secure a hostel facility with an educational institute, he may be allowed to make his own arrangement if required. Lodging/boarding charges in such cases to be paid directly to the concerned establishment, after verifying bonafides of the same.

Financing Branch

• Branch which is in close proximity to the permanent residence of parent/at the place of posting/service of the parent branch.

Interest Servicing

• Servicing of interest during the moratorium period will be compulsory