Education Loan EMI Calculator
Education Loan EMI Calculator
  • Loan Amount:

    10000
    10000000
    500000
  • Rate of Interest (%):

    5%
    15%
    8.10
  • Loan Terms (monthly):

    12
    180
    180
  • Equated Monthly Installment (EMI) will be

  • Benefits
  • Features
  • Eligibility
  • Interest rates & charges
  • Documentation
  • Most Important Terms and Conditions (MITC)

Vidya Lakshmi Portal : Features

  • Loan for School Education (Target Group: Parents of Students pursuing school education from Nursery to Class XII.)
  • No processing charges
  • No documentation charges
  • No margin

Vidya Lakshmi Portal : Eligibility

  • Should be an Indian national residing in India.
  • Student should have secured admission to a recognized school / Highschool / Jr. College (including CBSE / ICSE / State Board) for any of the following courses
  • Stage I : Nursery to V th STD.
  • Stage II : VI th to VIII STD.
  • Stage III : IX th to XII th STD.
  • Evening courses of institutes approved by State /Central Govt.
  • Loan to be granted in the name of father/mother of the student

Vidya Lakshmi Portal : Interest rates & charges

Rate of Interest:
  • BRLLR + strategic premium + 2.85%
  • 0.50% concession in rate of interest to loans for female students.
  • Interest to be serviced as and when applied during moratorium period.
  • Penal interest @ 2% on overdue amount if the loan amount exceeds Rs. 2 lakhs.

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 the 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.

Vidya Lakshmi Portal : Documentation

  • 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 for Salaried Co-applicant/ Guarantor (if applicable)
  • Bank account statement for last 6 months etc
  • Property Documents (if applicable)

Vidya Lakshmi Portal : Most Important Terms and Conditions (MITC)

Target group

Parents of students pursuing school education from nursery to class XII.


Quantum of finance

Maximum Rs. 4 lakhs

Need based finance subject to repayment capacity of parents.


Margin

Nil


Coverage of expenses for
  • Fee payable to college / school.
  • Examination / library / laboratory fee.
  • Fee and other charges payable to hostel.
  • Purchase of books / equipments / instruments / uniforms.
  • Personal Computers / Laptops wherever required.
  • Caution deposit / building fund / refundable deposit supported by instituion bills / receipts.
  • Cost of external coaching/tuition is not to be considered

Repayment Period
  • Loan for each yearly sub limit is repayable in 12 equal monthly instalments. First instalment to be due 12 months after first disbursement of each year's loan component.
  • Interest to be serviced as and when applied during the moratorium period.

Repayment Capacity

Total deductions from the income including the proposed instalment and interest should not exceed 60% of total income. The income of spouse, wherever spouse is working also to be considered. Suitable proof of income is to be obtained.


Unified Processing charges:

Nil


Security
  • No security.
  • In case the loan is given for purchase of computer the same is to be hypothecated to the bank.

Disbursement

Directly to School / Institution / hostel -- term wise / year wise.

Directly to book seller / shop for purchase of books, instruments, equipments.

Next year disbursement to be made only after student has passed the current year annual examination & progress report / marksheet to that effect is produced by parents.


Financing Branch

Branch in the vicinity of the Institute

Or

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


Other Terms

A stamped declaration / an affidavit confirming that no Educational loan is availed from other banks / institutions for the child for whom loan is sanctioned by us and shall not avail educational loan from any other bank without obtaining NOC from our bank during the pendency of our educational loan, be obtained No dues certificate need not be insisted upon.

Frequently Asked Questions (FAQs)

  • Who can apply for the loan?

    Any Indian national fulfilling criteria stated above is eligible for education loan.

  • Who can be co-obligant?

    The parents, guardians, friends and relatives can be co-obligant.

  • How much does Bank of Baroda lend?

    Studies in India - Maximum Rs.125.00 Lakh for Medical & Aviation & for others Rs.10 lakhs

    Studies abroad - Rs. 150.00 lakh for Institutions specified in List of Premier Institutions & Rs. 60.00 lakh for Institutions not specified in List of Premier Institutions

  • For how long a period can I get the loan?

    We grant loans for a term of 10-15 years after repayment holiday/moratorium.

  • What is the repayment holiday/moratorium period?

    Course period + 1 year

  • What is the mode of repayment?

    The accrued interest during the repayment holiday period to be added to the principal and repayment in Equated Monthly Instalment (EMI) is fixed.

  • Do you offer any concession?

    Yes, we do offer 0.5% interest concession to the girl student Loanee

  • What type of interest do you charge under your Education Loan Scheme?

    We charge simple interest at monthly rests during the repayment holiday/moratorium period.

  • Do you levy any penalty for default under the scheme?

    Yes, we charge penal interest @ 2% on overdue amount in the loan exceeding Rs. 4 lakhs.

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