Bank Of Baroda Education Loan for Vocational Education & Training (BOB)

By | September 4, 2016

Bank Of Baroda Education Loan for Vocational Education & Training (BOB)

Bank Of Baroda (BOB) Student Education Loan always welcomes the students to help them in achieving their precious Goal. Bank Of Baroda (BOB) Student Education Loan defines that money cannot stop somebody to dream and Fly for that.

Bank Of Baroda (BOB) Student Education Loan Offers a Great and Free deal for those who want to live their beautiful dream.  Absolutely correct that’s a Study Loan, provided by BANK OF BARODA (BOB) Student Education Loan which is a government authorized bank. BANK OF BARODA (BOB) Student Education Loan keeps their words and crystal clear about the terms & conditions. Forget about to walk 10 times in a bank for Study loan. Bank Of Baroda (BOB) Student Education Loan India is always ready for you. Bank Of Baroda ) Education Loan has launched and adopted new Technologies to enhance the clarity and processing time for study Loans. Bank Of Baroda  Student Education Loan is providing study loan at very low rate of Interest, which is very easy to use and repay. BOB Student Education Loan has full rights to say yes for the student loan to all students who are just willing to study, whether they belong to improving class, middle class or Rich family.

Bank Of Baroda Student Education Loan makes you feel free from any burden (loan). Delighting Offers will delight you with delightful Career. Bank Of Baroda (BOB) Student Education Loan ensures that their consumer enjoys the loan facility and gaze on their goal only. Preferably, Study loans are common as we understand the value of the time and money.

Bank Of Baroda Education loan aims to provide the financial help to those candidate who are deserving and want to pursue higher professional or technical education in India and abroad. Bank Of Baroda education loan aim to be the very tool that will enable them to reach their goals in life. Now no more deserving Students have to give away their pursuit of dreams due to lack of money. Bank Of Baroda loans will ensure that worthy students are empowered to take their destiny in to their own hands. Bank Of Baroda (BOB) endeavor is to help the future of our nation in education and prosperity

Scheme shall be applicable at all our Branches across the country

The prospective borrower should be an Indian National and have secured admission in a course approved /supported by a Ministry/ Deptt/ Organization of the Govt or a Company /Society/ Organization supported by National Skill development Corporation or State Skill Missions /State Skill Corporation leading to a certificate /diploma /degree etc. by Govt. Organization or an Organization recognized /authorized by Govt to do so.

Courses eligible: Vocational /Skill development courses of duration from 2 months to 3 years run or supported by a Ministry /Deptt/Organization of the Govt or a company /society/ organization supported by National Skill Development Corporation or State Skill Missions /State Skill Corporations, preferably leading to a certificate /diploma /degree etc. issued by a Government Organization or an organization recognized /authorized by the Govt. to do so. State Level Bankers committee (SLBC) / State level Co-ordination Committee (SLCC)may add other skill development courses /programme’s, having good employee ability.

Approved courses/training programs as per The National Skill Certification and Monetary Reward Scheme

The Student should not be minor and in case he is a minor, documents shall be executed by the parents and bank will obtain a letter of ratification from him/her upon attaining majority. There is no bar on maximum age of the borrower

Need based finance to meet expenses will be considered subject to following:

1 For courses of duration upto 3 Months Rs.20000/
2 For courses of duration >3 months and upto 6 months Rs.50000/
3 For Courses of duration >6 months to 1 year Rs.75000/
4 For courses of duration above 1 year Rs.150000/

Following expenses shall be considered for granting the loan under this scheme:

Tuition fee/Course fee
Examination /Library/Laboratory fee
Caution Deposit
Cost of Books/Equipment and Instruments
Any other reasonable expenditure found necessary for completion of the course.

There will not be stipulation of any margin under the product i.e. Margin will be Nil-

Rate of Interest shall be Base rate plus 2% i.e. 11.65% at present and simple interest shall be charged till the start of repayment. Servicing of interest during Study Period and Moratorium Period shall be at the option of the borrower. In case, interest is serviced during the study period and Moratorium period , Concession of 1% in interest rate for entire tenure of loan shall be provided.
For girl students, an incentive in the form of 1% Interest Concession shall be provided as being provided under our Education Loan Product.
Processing Charge/documentation Charges:NIL

Security: No Collateral or third party guarantee will be obtained, however, the parent will execute loan document along with the student borrower as joint borrower.

Moratorium Period and Repayment:Repayment of loan will commence after a period of 6 months from the completion of course of maximum 1 year duration. Whereas for courses of duration of more than 1 year, Repayment will commence-after a period of 12 months from the completion of course. Maximum Repayment period will be as under:

Loans upto Rs 50,000 : Upto 2 Years
Loans between Rs 50,000 to Rs 1 lac : 2 to 5 Years
Loans above Rs 1 lac : 3 to 7 Years

Insurance : Group credit Life Insurance Cover will be available at the option and cost of the borrower. Cost of Insurance Premium may be financed by Bank by adding the same in the project cost and shall be recovered along with EMI of the loan.

The Borrower can repay the loan any time after commencement of repayment WITHOUT having to pay any prepayment charges.

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