Isn't it true that when we talk about the best education loan lenders, we're actually referring to the best education loan scheme offered by that lender? 

This is why it becomes of utmost importance to know what to look for in an education loan scheme, then only you'll be able to distinguish a better education loan scheme from available schemes by different lenders. 

However, for a few lenders, you can trust their offered schemes with your eyes shut for the best education loan schemes and Bank of Baroda (BOB) is one of them. The Bank of Baroda has been a front-runner in the government bank education loan market. BOB can provide non-collateral education loans of up to 7.5 lakhs and collateral education loans of up to 1.5 crores. 

This article aims to give you information about the various Bank of Baroda education loan schemes, focusing more on the abroad study scheme and the overall Bank of Baroda education loan process.

Education loan schemes provided by the Bank of Baroda

The different BOB education loan schemes listed below are designed to cater to the funding needs of students who need to study with the help of an education loan.

• The Baroda Vidya scheme - Exclusively for school-going students who need education loans to complete their studies. Loans are available for students of up to class 12.
• The Baroda Gyan scheme - This scheme is for students who require education loans to complete their Undergraduate and Post-graduation studies at universities within India.
• The Baroda Scholar scheme - This scheme is aimed at students who wish to fund their higher studies abroad with the aid of education loans.
• Baroda Gyan for premier institutes - This scheme is for students who got themself into premier institutes in India (IITs, IIMs, NITs, etc.)
• Baroda Skill Development Loan - Under this scheme the loan is given to students for small skill development courses in India.
• Bank of Baroda Executive Development Program- This is another BOB education loan scheme for higher education that is aimed at working professionals who need funds for pursuing distance, part-time and online programs from universities both in India as well as abroad.

It is pretty easy to get information on the education loan process for educational institutes in India. An abroad education loan process, on the other hand, is a slightly complicated topic as most bank executives themself aren't familiar with the exact process. 

The university list for the Baroda scholar scheme

The Bank of Baroda has put together two primary lists of universities abroad based on their overall ranking for the reference of students who wish to fund their studies abroad. The interest rates and maximum loan amount set by the bank for institutes belonging to these lists are different.

These lists are called the Bank of Baroda list of premier and non-premier institutes. These premier and non-premier institutes are further sub-categorized into four categories based on the types of courses offered by them. 

Below is the exact number of universities that have been listed under the Bank of Baroda specified list of premier institutes for various courses abroad.

Other courses include the fields of Law, Economics & Econometrics, Art, Performing Arts, and Design courses.

The terms and conditions laid by the Bank of Baroda for students seeking abroad education loans differ depending on which list the candidate’s chosen university belongs to. The Bank of Baroda has compiled these lists for the convenience of meritorious students who have secured admission into any of the prestigious universities around the world.

Not all factors are different for universities belonging to both categories. Parameters such as the interest rates, maximum offered loan amount, and the loan margin are some of the major differentiating factors for students attending universities under these lists. 

Difference between education loan schemes for premier and non-premier institutes

The education loan schemes in the Bank of Baroda are more or less similar to those of major nationalized banks functioning in India. A 0.5% reduction in education loan interest rates for female candidates, a payment-free moratorium period, the maximum loan tenure, etc are a few of them. 

As mentioned above the interest rates and maximum loan amount set by the bank for institutes belonging to these premier and non-premier lists are different.

The processing time taken by government banks may take anywhere between 2 weeks to 2 months, depending on their processing efficiency and the loan applicant's profile. The same rule is applicable to the BoB education loan processing time too.

The WeMakeScholars team has deep knowledge about the education loan process followed by most nationalized banks in India and helps candidates with their education loan process accordingly. This factor helps cut down the Bank of Baroda education loan processing time taken to 2-3 weeks as opposed to the time taken by banks when students directly apply.