GoStudyLoans is India’s paramount educational loan provider helping thousands of students to study across the globe. Bank of Baroda is a reputed bank in India assisting millions of students in pursuing their studies abroad. Bank of Baroda unsecured education loan through GoStudy offers a platform to make your dreams come true by enrolling in any recognized overseas university. With multiple offices in Mumbai, Hyderabad, Chennai, Bangalore, education loan is no longer a hassle.
There will be a processing charge based on the education loan you apply for. But with Bank of Baroda education loans through GoStudy, there are no or little processing charges.
Education loan by the Bank of Baroda through GoStudy offers students a variety of options with customization based on their needs and preferences.
The main and interesting feature of these loans through GoStudyLoans is that no collateral is needed. It means; an applicant can apply for an education loan with or without collateral.
GoStudyLoans assisted loans have no margin on loans up to 4 lacs. Anything beyond that may require very little margin (refundable).
Bank of Baroda through GoStudyLoans offers cost-effective interest rates to students. 7.75% is for female students, and 8.25% is for male students.
Last but not least, the Bank of Baroda education loan without collateral through GoStudy also gives you an easy and simple repayment method.
GoStudyLoans offers an exclusive range of Bank of Baroda education loans without collateral curated for talents like you.
Our consultants at GoStudyLoans are dedicated to providing you with the fastest loan processing time!
With GoStudy’s specialized offerings, you get the lowest interest rates (0.5 - 1% lesser) in the market!
Studying abroad comes with a wide range of perks and opportunities that you might not get in your home country. So, there is no need to be afraid of studying overseas when you have a scarcity of money. Living your dreams of studying abroad can be possible with the provision of education loans. There are many reasons why students prefer studying abroad. Some students seek better career opportunities, while others want to enhance their professional life. Regardless of the reason, getting to study in an abroad country is a little bit expensive. But with the support of the Bank of Baroda education loan for abroad without security through GoStudy, anyone can study overseas without any hassle.
Established in 1908, the Bank of Baroda offers many domestic and international financial solutions to corporate and retail customers. When it comes to the education loan from the Bank of Baroda, it has been financing the dreams of millions of students seeking to study both in India and overseas for many years now. With different education loan schemes to offer, they take care of every student’s needs, like study fees, transportation, and food costs. With them, there are no hassles involved when it comes to the application process, documents needed, or other formalities to fulfill. They are equipped with an easy and quick application process. Bank of Baroda education loan without security through GoStudy is their flagship education loan scheme, which is designed to give financial support to students interested in pursuing regular courses or executive development programs in international universities. They are known for giving female students a 0.5% subsidy in interest rates. With their uniquely designed financial solutions and better interest rates, your dream of achieving something big is just a few steps away. Be prepared to enter a big world where you will be going to receive a new environment, culture, and career opportunities with education loans.
When you borrow money from a lender, you need to pay it back with a specified rate of interest. The interest rate for the Bank of Baroda education loan without security through GoStudy or with security depends on many factors like the university, credit scores, and the spread of the interest rate. When you have collateral, the interest rates may be lower than those with no collateral. They have a simple calculation process to calculate the rate of interest paid by a borrower.
The interest rate is calculated using the formula such as Repo Rate + Spread.
Type of Education Loan
BoB Education Loan Rate of Interest As Per Market
BoB Education Loan Rate of Interest Through GoStudy
|Secured Education Loan (USA)
|Unsecured Education Loan (USA)
|Secured Education Loan (Others)
|Unsecured Education Loan (Others)
There is a special concession of 0.50% for female students. For more info regarding the interest rate, use the calculator. It can vary according to the tenure of the required loan.
To calculate EMI, here is a formula [P x R x (1+R) ^N]/[(1+R) ^N-1] where P is the principal, R is the interest rate and N is the number of installments. One can also use an EMI calculator.
It would be good to clarify the costs covered by the Bank of Baroda unsecured education loan through GoStudy. Such loans are designed for students pursuing graduation, post-graduation, or other professional programs. These loans cover different kinds of fees related to your education. With these loans, you will get your expenses covered for tuition, accommodation, books, transportation, etc. They give you 100% coverage for your overseas education without any worry. Without any doubt, it is well said that every university has its terms and conditions. This is why the Bank of Baroda covers everything with education loans. The best part is that they provide a high loan amount of up to INR 80 lacs for high-rated universities, and for aviation and medical education, they provide up to INR 125 lacs.
They provide education loan assistance in many international countries like:
With Bank of Baroda education loan for abroad without collateral through GoStudy, 100% coverage is provided with or little margin money.
Following are the lists of the Costs Covered by Bank of Baroda Education Loan Without Collateral through GoStudyLoans:
Things covered under BoB Education Loan through GoStudy
Costs Covered by BoB Education Loan through GoStudy
|0 - 65 Lakhs (Approx)
|6 Lakhs - 15 Lakhs (Approx)
|20,000 - 40,000 Rupees (Approx)
|80,000 - 1,50,000 Rupees (Approx)
Now, talking about the Bank of Baroda non collateral education loan through GoStudy, it is something that is in great demand among applicants. The reason is that not everyone has a good credit score or wants to reveal any asset. In this situation, an applicant can still get an education loan even without having collateral. There is no need to pledge collateral as security. But you need to submit some needed documentation along with the fulfillment of relevant requirements, as well as eligibility criteria. You can avail of a loan of up to 7.5 lakhs with no collateral.
To apply for a Bank of Baroda education loan for abroad without security through GoStudy, you must be 18 years above and have Indian citizenship. Your ID and age proof (voter card, Aadhar card, driving license, or passport) may be needed. Supporting documents may be required, such as your language test results. Mainly, you must have a steady income source and be a regular taxpayer in India. You need to submit ITR documents for at least 2 years. If you want to have an education loan of more than 8 lacs, then collateral may be required. In the case of no collateral, you need to bear a higher interest rate and pay it within the decided repayment period of 10 to 12 years. Following are the documents required for BoB loans without collateral through GoStudyLoans.
Bank of Baroda offers two types of education loans. One is a Bank of Baroda education loan without collateral through GoStudyLoans, and the second one is with collateral. If you apply for a collateral-based loan, then it is a very simple task you need to go through. With collateral-based education loans, the interest rates will be comparatively lower, and processing charges will be zero. Side by side, it is also important to have a great credit score if you want to go for a collateral loan. A bank will demand any asset from an applicant to put at stake as collateral. It can be anything like property, fixed deposit, LIC, non-agricultural land, latest property/electricity bill, Encumbrance Document, etc. Collateral must be in the name of your guardian/parent or yourself. Hence, there is no issue involved in applying for an education loan with collateral.
The loan amount must be <= 100% of the collateral value, and it will be processed in just 12 days.
The list of accepted documents for the SBI education loan is mentioned below:
Nowadays, everything has advanced a lot, and there is no exception for the education sector. Almost every educational center has partnered with plenty of financial organizations or companies to help students who want financial help for meeting their dreams. Not everyone can afford an education today. This is how banks like the Bank of Baroda have come up with advanced financial solutions. Bank of Baroda education loan without security through GoStudy can be availed in several well-known and recognized universities both in India and overseas. They have strong relationships with top-rated universities or colleges in different parts of the world. So, when you are willing to obtain an education loan from BoB, make sure to check the list of universities and know whether or not you are eligible.
Here is the list of several top-rated universities accepted by the Bank of Baroda when it comes to educational loan assistance:
List of Universities accepted by Bank of Baroda Education Loan Through GoStudy
Pre-Approved Education Loan amount by Bank of Baroda through GoStudy
|George Washington University
|New Jersey Institute of Technology
|University of Florida
When you have collateral with you, then there is no issue at all. In case of no collateral, it is important to apply for a Bank of Baroda unsecured education loan through GoStudy with a co-applicant. There are certain requirements decided by BoB to ensure loan security. A co-applicant can be your legal guardian or parent, a person in blood relation, or sibling, or a paternal/maternal uncle/aunt. He or she must fulfill the below-mentioned requirements when you are considering the application for an education loan with a co-applicant:
This is how the chances of Bank of Baroda unsecured education loan through GoStudy get better, and it will get approved within a short period.
The main thing you should know is the eligibility criteria for Bank of Baroda education loan for abroad without security through GoStudy or with security. Almost all the eligibility requirements are the same, except for the collateral, depending on the loan amount. There are several conditions by BoB to make you an eligible candidate for education loans. These are
Suppose you are eligible for a Bank of Baroda unsecured education loan through GoStudy. In that case, you also need to show the admission proof in a reputed university along with specific course details and other relevant information. Documents can be needed include:
For KYC, proof of ID, and proof of age, you can submit any of the documents for the Bank of Baroda education loan without collateral through GoStudy like a driving license, Aadhar card, voter card, passport, tax documents, utility bills, etc.
Applying for a Bank of Baroda education loan for abroad without collateral through GoStudy or with collateral is very easy. The most interesting thing about BoB education loans is that they offer instant loan procedures, which are easily understandable. The entire loan application process is simple and transparent. When it comes to the application process, it is a stepwise process you need to follow:
Note : The processing time for the Bank of Baroda non collateral education loan through GoStudy is 10 to 15 days. Generally, it is 12 days.
Once your application for a loan amount you request gets sanctioned, then you will be notified. After that, you need to sign the agreement. The loan disbursement requires some other documents, and you must submit them within one month. Check out the list of document formalities you need to fulfill after the sanctioning of the GoStudyLoans partnered Bank of Baroda education loan without collateral or with collateral:
There may be other documents that may either be related to property or collateral if you have applied for a loan with collateral. Once the documents are submitted properly, they will draw up a loan agreement on the stamp paper that an applicant needs to sign carefully.
In a loan sanction and disbursement agreement, you will get complete information about the conditions of the loan, collateral details, repayment schedule, university, and course details. It may also give information about the penalty in case of non-repayment of EMIs.
Generally, lenders offer a moratorium period to students when they have education loans in their bags. Normally, this moratorium period is 12 months after the completion of the course. Talking about the moratorium period of Bank of Baroda education loan for abroad without collateral through GoStudy or with collateral, it is generally 1 year. The repayment amount will be decided by your choice of interest; it depends on you how you choose to repay the loan. You can start paying during the time of the moratorium or after the period of the moratorium. The moratorium period is defined as the period of your education plus six months or one year required to get employment. This is how you are expected to pay the loan only after this period.
Note : The moratorium period is not exempted from interest, which gets charged on your education loan; however, your EMIs are not still due. So, if you want to start paying the repayment amount earlier, then it will benefit you by easing the financial burden from your head.
For Bank of Baroda non collateral education loan through GoStudy or collateral loan, the repayment period can vary. The period of repayment is the time when you have to repay the entire amount of the loan along with the interest rate you have selected at the time of the application submission process. Generally, the loan repayment tenure is 10 to 15 years, according to the type of loan and interest rate you have chosen. It starts after 12 months of the loan disbursal time. Before signing an agreement, it is recommended to be familiar with the terms and conditions related to the repayment period. Bank of Baroda can give you the best repayment methods as per your repaying capability or other factors.
The government has introduced EMI Exemption under Section 80E of IT Act to help students who have received education in India or foreign nations. According to this IT Act, students can get income tax benefits on education loans when they turn out to be taxpayers. This tax benefit is prolonged on the interest portion of an education loan under section 80E. Make sure to keep in mind that the 80E-specific deduction does not apply to the principal amount of the loan. To calculate the annual taxable income, you can deduct the entire amount paid as interest while repaying the GoStudyLoans aided Bank of Baroda education loan without collateral or with collateral. It means that the interest amount paid against the education loan in BoB is not taxed. But the repayment needs to be done within the decided time to avail of these benefits.
Lastly, it can be said that when you are considering an education loan for abroad studies, you must do your homework well so that there may not be delays in the application process.
8.65% APR | Save 4L | 3x Approval
No Income Proof | Unsecured Loan
We will guide you in securing education loans for studying abroad.
My consultant Karthik evaluated my profile and guided me throughout the process. Thanks to his patience and guidance my loan got sanctioned with the lowest interest rate which I expected.
Get your doubts clarified now