Bank of Baroda Study Abroad Loan
Get financial support for your overseas education with a Bank of Baroda Study Abroad Loan under the Baroda Scholar scheme, covering eligible study-related expenses.
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Bank of Baroda Study Abroad Loan Highlights
A trusted Bank of Baroda overseas education loan to support your study abroad journey
Interest rate starting from
8.45%
Max loan amount
Up to ₹1.5 cr
Processing fee
0% to 1%(of Loan Amount)
Repayment tenure
Up to 15 Yrs
Moratorium
12 Months
Key Features of Bank of Baroda Overseas Education Loan
Bank of Baroda's Baroda Scholar scheme is specifically designed to help students finance professional and technical studies outside India.
Covers Study Expenses
Covers eligible costs such as tuition, accommodation, travel, books, equipment, and insurance.
No Prepayment Charges
Students can prepay their education loan without additional prepayment charges.
Wide Course Coverage
Financing is available for eligible undergraduate, postgraduate, professional, technical, and other approved overseas programs.
Simple Disbursement
Loan funds are disbursed as required based on the university’s fee schedule and approved expenses.
Tax Benefits
Interest paid on an education loan may qualify for tax benefits under Section 80E, subject to applicable tax rules.
Wide Course Coverage
Financing is available for eligible undergraduate, postgraduate, professional, technical, and other approved overseas programs.
Bank of Baroda Baroda Scholar Education Loan
Baroda Scholar is Bank of Baroda’s primary loan for Indian students pursuing eligible higher education programs abroad.
Baroda Scholar Loan
The Baroda Scholar Loan is designed to finance eligible study expenses at premier and non-premier institutions abroad. The study abroad loan amount, interest rate, margin and security requirements depend on the institution category and the amount borrowed.
For institutions included in Bank of Baroda's premier institution list Up to ₹1.5 crore.
For institutions outside the premier institution list Up to ₹60 lakh
Starting from 8.45% p.a.
Bank of Baroda’s current repo-linked lending rate is 7.90%. For eligible premier institutions, the bank adds a 0.55% spread, resulting in a starting rate of 8.45% p.a. This benchmark is called the Baroda Repo Linked Lending Rate (BRLLR).
BoB generally requires tangible collateral and a parent or guardian as co-borrower.
Loans up to ₹80 lakh usually require collateral equal to the loan amount. Above ₹80 lakh, security coverage of 125% may apply.
Eligible courses include job-oriented undergraduate, postgraduate, diploma and certificate programs, including MBA, MCA, MS, CIMA, CPA, STEM, medical, law, economics, art, design, aviation and shipping courses, subject to Bank of Baroda’s recognition and approval requirements.
No margin is required for loans up to ₹4 lakh.
A 15% margin applies from above ₹4 lakh to ₹7.5 lakh.
For loans above ₹7.5 lakh, the margin is nil for premier institutions and 10% for non-premier institutions.
Course period plus one year. Simple interest is charged monthly during this period.
The accrued interest is added to the principal, and repayment begins through EMIs after the moratorium ends.
Loans up to ₹7.5 lakh are repayable in a maximum of 120 monthly instalments.
Loans above ₹7.5 lakh are repayable in a maximum of 180 monthly instalments.
Repayment starts after the course period plus one-year moratorium.
The loan cover tuition, hostel and mess fees, academic charges, books, equipment, an essential computer, insurance, travel, study projects and approved refundable deposits.
External coaching or private tuition is not covered.
Source: Baroda Scholar Education Loan
Eligibility for Bank of Baroda Study Abroad Education Loan
Students applying for a Bank of Baroda study abroad loan need to satisfy Bank of Baroda's academic, admission, and credit requirements.
Student Eligibility
Nationality: The applicant should be an Indian national.
Admission: Must have secured admission to an eligible overseas institution.
Selection: Admission should be through an entrance test or merit-based selection process.
Course: Must pursue an eligible professional, technical, undergraduate, postgraduate, diploma, or certificate course.
Co-applicant: A parent or eligible co-applicant may be required.
Age Limit: No specific age restriction is prescribed under the Baroda Scholar scheme.
Collateral Security
Up to ₹4 lakh: No collateral security is required; a parent generally joins as co-obligant.
Above ₹4 lakh to ₹7.5 lakh: A suitable third-party guarantee may be required.
Above ₹7.5 lakh to ₹80 lakh: Tangible collateral security equal to 100% of the loan amount is generally required.
Above ₹80 lakh: Total security coverage of 1.25 times the loan amount is generally required.
Documents Required for Bank of Baroda Education Loan
The student and co-applicant need to submit various documents when applying for a Bank of Baroda study abroad loan. The exact requirements may vary depending on the loan amount, applicant profile, and security offered
01 Student Documents7 Documents
Identity Proof: PAN card, passport, driving licence, voter ID, or other accepted identity proof.
Address Proof: Aadhaar card, passport, driving licence, utility bill, or other accepted address proof.
Academic Records: Marksheets for Class 10, Class 12, and completion, whichever is applicable.
Admission Proof: Letter of admission or university offer from the chosen overseas course.
Cost of Study: Fee structure of the university indicating the cost of education.
Entrance Test Scores: GRE, GMAT, IELTS, TOEFL, or other applicable test scores.
Photographs: Recent passport-size photographs.
02 Co-applicant Documents5 Documents
Identity Proof: PAN card and other accepted KYC documents.
Address Proof: Aadhaar card, passport, utility bill, or other accepted address proof.
Relationship Proof: Documents establishing the relationship with the student, where required.
Bank Statements: Recent bank account statements for the period specified by the bank.
Photographs: Recent passport-size photographs of the co-applicant.
03 Income Documents for Salaried Co-Applicant:4 Documents
Salary Slips: Recent salary slips as required by the bank.
Form 16: Latest available Form 16.
Income Tax Returns: Recent ITRs, where applicable.
Bank Statements: Recent salary account statements.
04 Income documents for Self-Employed Co-Applicant4 Documents
Income Tax Returns: Recent ITRs with supporting financial documents.
Business Proof: Registration, licence, or other proof of business ownership.
Financial Statements: Balance sheet and profit and loss statements, where applicable.
Bank Statements: Recent personal and business account statements
How to Apply for a BoB Education Loan for Abroad Studies
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Popular Study Destinations for Bank of Baroda Education Loans
The Baroda Scholar scheme can support eligible students studying at recognized institutions across major international study destinations.
United States
United Kingdom
Canada
Australia
Germany
Hongkong
Singapore
France
Expenses Covered by Bank of Baroda Study Abroad Loan
A Bank of Baroda overseas education loan can cover several expenses associated with studying overseas.
Tuition Fees
Fees payable directly to an eligible college, university, or institution.
Accommodation Expenses
Eligible hostel, mess, lodging, and boarding costs.
Examination and Academic Charges
Examination, library, and laboratory fees may be included.
International Travel
Eligible travel expenses or passage money for studying abroad may be financed.
Student Insurance
The cost of an eligible insurance policy may be included in the education loan.
Study-Related Expenses
Study tours, project work, thesis expenses, and other costs necessary to complete the course may also be considered.
Books and Equipment
Approved expenses for textbooks, instruments, equipment, and uniforms.
Computer or Laptop
The cost of a computer or laptop may be covered when it is considered necessary for completing the course.
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Frequently Asked Questions
Can I get a Bank of Baroda education loan to study abroad?
Yes. The Bank of Baroda study abroad loan, offered through the Baroda Scholar scheme, supports eligible students pursuing higher education at recognized universities and institutions abroad.
What is the Bank of Baroda abroad education loan interest rate?
Bank of Baroda overseas education loan interest rate is calculated in terms of BRLLR and differs depending on the type of university, loan amount, and student profile. Please check the current rate before applying.
Is collateral required for a Bank of Baroda foreign education loan?
It depends on the loan amount. Smaller loans may not require collateral, while higher-value Bank of Baroda foreign education loans generally require tangible security as per the bank’s lending terms.
What expenses does the Bank of Baroda Overseas Education Loan cover?
The Bank of Baroda overseas education loan can cover tuition fees, accommodation, books, equipment, travel, insurance, and other eligible expenses related to studying abroad.
How long do I get to repay a Bank of Baroda education loan?
The repayment tenure can extend up to 15 years, depending on the loan amount. Students also generally receive a moratorium covering the course period plus one year.
How can Nomad Credit help with my Bank of Baroda education loan?
Nomad Credit can assist you in determining your eligibility, preparing the necessary documents, comparing the available education loan schemes, and even completing the application process.
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Written by
Mansi Jain| Content Specialist
Reviewed by
Swati Sahu| Lender Editor
Reading Time
10 min read
Disclosure
Interest rates and loan terms vary from lender to lender and are offered based on the applicant's profile, eligibility, and the respective lender's assessment.
