The Bank of Baroda education loan interest rate 2022 is perhaps one of the lowest rates offered for any government bank education loan, especially in the case of abroad education loans. The BOB education loan interest rate 2022 is revised periodically, on the basis of certain factors, like the Bank of Baroda education loan base rate. These factors affect the values of the BOB education loan interest rate 2022 in a lot of ways. In this article, you will learn all about the Bank of Baroda education loan interest rate 2022 applicable to the different Bank of Baroda education loan schemes. A brief explanation of the Bank of Baroda education loan details of each of these schemes is also provided further ahead.

The Bank of Baroda Education Loan Interest Rate 2022: How Is it Calculated?

Most of the government bank education loan interest rates are calculated on the basis of the MCLR. Earlier, the interest rates were calculated on the basis of the Bank of Baroda education loan base rate. However, the Bank of Baroda has linked its lending rate to the RBI Repo rate. Since October 2019, all retail loans provided by the Bank of Baroda are calculated on the basis of the BRLLR or the Barods Repo Linked Lending Rate. This also includes the BOB education loan interest rate 2022 applicable to the various Bank of Baroda education loan schemes.

The Bank of Baroda Education Loan Interest Rate 2022 For The Various Bank of Baroda Education Loan Schemes

The Bank of Baroda has launched various different Bank of Baroda education loan schemes for the benefit of students who wish to borrow an education loan to cater to the various financial requirements of studying in various countries abroad. Here is a list of the Bank of Baroda Education loans and their respective interest rates.

Before we begin listing the BOB student loan interest rates below, all readers need to keep in mind that these values are revised from time to time, according to the changes made in the RBI repo rate. The values mentioned in this article are calculated with respect to the BOB education loan interest rate 2022.

1. The Baroda Vidya Education Loan Scheme

This Bank of Baroda education loan scheme is specially designed to cater to the financial requirements of students who wish to pursue their basic studies, i.e. Nursery to Class 12. The education loan interest in Bank of Baroda under this scheme are as listed in the below table.

Maximum Loan Amount Limit

Interest Rate Calculation

Final Interest rate

INR 4 Lakhs

6.50% + 3.10% 

9.60%

Female candidates are eligible for an automatic 0.5% reduction in their Bank of Baroda education loan interest rate. Hence, this value has to be considered while calculating the Bank of Baroda education loan interest rate for female candidates.

2. The Baroda Gyan Education Loan Scheme

The Baroda Gyan education loan scheme is specifically designed to provide financial aid to students who have been enrolled into any of the undergraduate or postgraduate courses in prestigious colleges across India. The maximum education loan available under this Bank of Baroda education loan scheme is INR 80 Lakhs for medical and aviation courses and INR 60 Lakhs for other courses. The Bank of Baroda education loan base rate and other such specific details that will help in calculating the Bank of Baroda education loan interest rate for this scheme is provided in the table below.

Maximum Education Loan Available

Interest Rate Calculation

Final Interest Rate

INR 125 Lakhs

6.50% + 2.25%

8.75%

Female candidates are eligible for an automatic concession of 0.5% on their education loan interest in Bank of Baroda under this education loan scheme.

3. The Baroda Education Loan To Students of Premier Institutions

The Baroda education loan to students of premier institutions is granted to candidates who have secured admission into premier institutions in India for undergraduate and postgraduate courses. The different institutions have been categorised into different groups. The Bank of Baroda university list consists of a select number of colleges which are eligible for a Bank of Baroda education loan under this scheme. The following BOB student loan interest rates are applicable to institutions belonging to the various categories of the Bank of Baroda university list.

Bank of Baroda University List

Loan amount

Interest Rate Calculation

Final Interest Rate

List AA/ List A

Up to INR 80 Lakhs

6.50% + 0.25%

6.75%

List B

Up to INR 7.5 Lakhs

 

6.50% + 1.35%

7.85%

Above INR 7.5 Lakhs up to INR 80 Lakhs

6.50% + 1.10%

7.60%

List C 

Upto INR 7.5 Lakhs

6.50% + 2.10%

8.60%

Above INR 7.5 LakhsUp to INR 80 Lakhs

6.50% + 1.85%

8.35%

Female candidates are not eligible for a concession of any nature for education loans borrowed under this Bank of Baroda education loan scheme. 

4. The Baroda Scholar Education Loan Scheme

This Bank of Baroda education loan scheme is specifically designed for students who wish to borrow an abroad education loan. The Bank of Baroda interest rates for the  Bank of Baroda university list of eligible institutions is as depicted in the table below. Students who wish to study in the USA, UK, Germany, Canada, Australia, New Zealand, France, Netherlands, etc. can avail an education loan to aid their higher studies.

Bank of Baroda University List

Loan Amount

Interest Rate Calculation

Final Interest Rate

Premiere institutions list

Up to INR 150 Lakhs

6.50% + 1.75%

8.25%

Non- Premier institutions list

Up to INR 60 Lakhs

6.50% + 2.40%

8.90%

Female candidates are eligible for a 0.5% waiver on their Bank of Baroda education loan interest rates for loans taken under this education loan scheme.

Candidates may learn about this Bank of Baroda education loan details by referring to the 7th episode of the Loanflix web-series. This episode will tell you all about the specific Bank of Baroda education loan details such as the total education loan amount, the eligibility criteria, etc.

Read More About Bank of Baroda education loan – Procedure, Prime University List and details

5. The Baroda Executive Development Program Education Loan in Premier Institutions (For higher studies in India)

This Bank of Baroda education loan scheme is aimed at working professionals who wish to pursue their higher studies in the Management stream in prestigious institutes located within India, as well as abroad. The Bank of Baroda education loan interest rate for these education loans are as depicted in the below table whis is same as education loan to students of Premier Institutions.

Bank of Baroda University List

Loan amount

Interest Rate Calculation (BRLLR + Strategic Premium)

Final Interest Rate

List AA/ List A

Upto INR 80 Lakhs

6.50% + 0.25%

6.50%

List B

Up to INR 7.5 Lakhs

6.50% + 1.35%

7.85%

Above INR 7.5 Lakhs up to INR 80 Lakhs

6.50% + 1.10%

8.60%

List C 

Upto INR 7.5 Lakhs

6.50% + 2.10%

8.60%

Above INR 7.5 LakhsUp to INR 80 Lakhs

6.50% + 1.85%

8.35%

Female candidates are not eligible for any concession for education loan interest rate in Bank of Baroda for loans taken under this education loan scheme. Also, candidates will be required to repay their education loan interest during the moratorium period.

Also Read about Bank of Baroda Education Loan for abroad studies

6. The Baroda Executive Development Program Education Loan in Premier Institutions (For higher studies abroad)

Maximum Education Loan Amount

Interest Rate Calculation

Final Interest Rate

Up to INR 80 Lakhs

6.50% + 2.35%

8.85%

This Bank of Baroda education loan scheme is specifically designed for experienced professionals who wish to pursue their higher education in Management streams in prestigious universities abroad. Female candidates are not granted any special concession on their Bank of Baroda education loan interest rate for loans borrowed under this particular scheme.

7. The Baroda Skill Loan Scheme

Any individual who has secured admission in a course run by Industrial Training Institutes (ITIs), Polytechnics or in a school recognized by central or State education Boards or in a college affiliated to recognized university, training partners affiliated to National Skill Development Corporation (NSDC)/Sector Skill Councils, State Skill Mission, State Skill Corporation, preferably leading to a certificate/diploma/degree issued by such organization as per National Skill Qualification Framework (NSQF) is eligible for a Skilling Loan. All the interest rates have been calculated with respect to the BOB education loan interest rate 2022 values.

Maximum Education Loan Amount

Interest Rate Calculation

Final Interest Rate

From INR 50,000 to INR 1,50,000

6.50% + 1.75%

8.25%

The Bank of Baroda education loan schemes have some of the most student-friendly policies. However, one of the biggest problems faced by students who wish to borrow an education loan from the Bank of Baroda is getting their education loans sanctioned at the right time. This is where the help and guidance of organizations like WeMakeScholars come into the picture. The financial team of WeMakeScholars is well-versed with the current education loan market norms and hence, loan applicants get to go through their entire education loan process in a hassle-free manner. 

The financial team also has a clear understanding of how the entire process of getting a government bank education loan works and so, the financial officer assigned to you by WeMakeScholars strives to ensure that your education loan is sanctioned within the stipulated time period, without any delays in the process. So if you are looking to fund your higher studies with the help of a Bank of Baroda education loan, do get in touch with the WeMakeScholars team for a smooth education loan process.

Note: WeMakeScholars is an organization funded and supported by the Government of India that focuses on International Education finance. We are associated with 10+ public/Pvt banks/ NBFCs in India and help you get the best abroad education loan matching your profile. As this initiative is under the Digital India campaign, it’s free of cost. The organization has vast experience dealing with students going to various abroad education destinations like the US, Canada, UK, Australia, Germany, Sweden, Italy, China, France among others.