GoStudy Partnered Bank of Baroda Education Loan for Abroad Studies

GoStudy is India’s leading education loan provider offering comprehensive education loans to students!

More than 1.09 million students in India study abroad in 85 countries every year to fulfill their dream of building a solid career, but unfortunately, some bury their dream due to financial constraints. Don’t worry! GoStudy will not let your dream of building an excellent career go in vain. With offices in multiple locations such as Mumbai, Delhi, Bangalore, Cochi, Trivandrum, Pune, Hyderabad, GoStudy consultants are your financial buddies for Bank of Baroda education loan for abroad studies.


Reasons to opt for a Bank of Baroda Education Loan For Foreign Studies Through GoStudy


Minimum Processing Charge

Bank of Baroda Overseas Education Loan through Gostudy charges a 1% processing fee above Rs. 7.50 Lakh that gets refunded on the first disbursement.


No Processing charge up to Rs. 7.50 Lakhs

Bank of Baroda International Education Loan through GoStudy has no processing fee, if your loan is within Rs 7.50 Lakhs.


No Margins on loans and no prepayment penalty

Bank of Baroda education loan through GoStudy takes no margins if your education loan is up to Rs. 4 Lacs.


Free Debits Cards and 0.5% concession rates for girls

If you are taking a loan from Bank of Baroda through GoStudy, then you will get complementary debit cards.


No Documentation Charges

Documentation is time-consuming and expensive but if you chose Bank of Baroda for your education loan through GoStudy, then your documentation charges will be nil.


Collateral Free Loan

Up to Rs. 7.5 Lakh, you will require no security or collateral with the Bank of Baroda International Education Loan through GoStudy.


Comprehensive Loan Schemes

GoStudy always puts students' priorities first and hence, offers you diverse ranges of lucrative Bank of Baroda Education loans for abroad studies.


Knowledgeable & Expert Team

Our expert team professionals are highly knowledgeable and can help you with all the intricate details associated with education loan requirements to make it hassle-free.


Lowest Interest Rates In The Market

With GoStudy, you get access to the lowest interest rates, which are usually 0.5% - 1% lower than the market rates!

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Bank of Baroda Education Loan For Abroad Studies Through GoStudy

We believe that careers are built on dreams of the future, and Bank of Baroda is here to convert your dream into reality. Bank of Baroda was built in 1908 to cater to all the existing financial needs of the corporates and retailers, but gradually it expanded and provided for the financial needs of people in all dimensions. Bank of Baroda wanted to diversify and provide value to the people around; when they saw that there was a market gap due to which students were unable to fulfill their dream of studying abroad due to financial restrictions, they decided to open one department which would provide financial assistance to students who want to study abroad.

Bank of Baroda International education loan through GoStudy provides wings to all the students who dream of studying abroad. They cover all your financial needs under an umbrella, starting from your traveling expenses, college fees, accommodation, food, etc.

With the help of the Bank of Baroda overseas education loan through GoStudy, you can ensure that all your expenses related to education in another country are sorted. Not just financial assistance but Bank of Baroda guides you through the entire process with the help of one-to-one consultation; you can either call on their number and book an appointment or visit their nearest branch. These representatives not just guide you through the entire process of the loan application but also provide you with a road map of admissions in another country. Not just face-to-face consultations but virtual consultations are also available if it's not convenient for you to connect physically.

Bank of Baroda Education Loan for Abroad Studies
Bank of Baroda Education Loan for Abroad Studies

Interest rates of education loan at Bank of Baroda for Abroad studies Through GoStudy

The interest rate for the Bank of Baroda foreign education loan differs slightly for the two programs. One of their programs provides education for abroad studies, and the other program provides education loans for premier institutions. However, when you compare both of them, the difference between the programs is negligible, but there is a significant difference if your admission is in List AA or List A or List B and C colleges. The exact rates of interest according to the college grades are mentioned below.

Type of Education Loan

Bank of Baroda Education Loan Rate of Interest As Per Market

Bank of Baroda Education Loan Rate of Interest Through GoStudy

Secured Education Loan (USA) 8.25% 8.50%
Unsecured Education Loan (USA) 8.50% 8.50%
Secured Education Loan (Others) 8.25% 8.50%
Unsecured Education Loan (Others) 8.50% 8.50%

If you are studying abroad, then girls get a concession of 0.50%, but in case you have got admission to a premier college, then the female gender gets no concession. The penalty rate is 2% if you get overdue of Rs. 4 Lakhs.

What are the costs covered by the Bank of Baroda education loan for foreign studies Through GoStudy?

Bank of Baroda Education Loan for Foreign studies through GoStudy will cover all your expenses, including all your lifestyle/travel expenses, tuition fees, accommodation costs, and all the other expenses that you will incur while you travel from India to your destination in pursuit of academic success. We cover various countries for education in Bank of Baroda loan for International Studies through GoStudy; the list of countries included in the program is:

  • France
  • New Zealand
  • Denmark
  • Norway
  • Poland
  • Canada
  • Ireland
  • UK
  • Germany
  • Singapore
  • Australia
  • Austria
  • Belgium
  • Hungary
  • Italy
  • USA
  • Spain
  • Switzerland
  • Finland
  • Netherlands
  • Sweden

There are various programs for education that are offered by the Bank of Baroda, like the Bank of Baroda for studying abroad program, where the maximum amount of loan that can be sanctioned is Rs. 80 Lakhs for the listed universities and Rs. 60 Lakhs for unlisted universities. You can understand the process by consulting the salesperson/representative of Bank of Baroda, the consultation call will help you in gaining clarity on the process, and their team will provide you with a personalized plan.

As Bank of Baroda keeps no margin for the education loan, therefore, you will be given 100% funding for your expenses. There are two types of loans provided by the Bank, one is a Bank of Baroda education loan with collateral security through GoStudy, and the other one is a Bank of Baroda Education education loan without collateral through GoStudy.

If you have secured admission in premier institutes when you can claim a loan of Rs.80 lakhs, and you can claim a Bank of Baroda Education education loan without collateral through GoStudy of Rs.40 lakhs. For list A colleges, you can claim a secured education loan in Bank of Baroda through GoStudy loan up to Rs.80 lakhs, and without collateral, you can claim Rs.20 lakhs. For list B and C colleges, you can take a secured loan of Rs.80 lakhs and an unsecured loan of Rs.7.5 lakhs. Please note that your loan amount should be less than or equal to a hundred percent of collateral value.

Following are the lists of the Costs Covered by Bank of Baroda Education Loan through GoStudy:

Things covered under Bank of Baroda Education Loan through GoStudy

Costs Covered by Bank of Baroda Education Loan through GoStudy

Tuition Fees 0 - 65 Lakhs (Approx)
Living Cost 6 Lakhs - 15 Lakhs (Approx)
Travel Expenses 20,000 - 40,000 Rupee (Approx)
Others (Books/Uniforms/Computers) 80,000 - 1,50,000 Rupees (Approx)

Bank of Baroda Education Loan Without Collateral Through GoStudy

Bank of Baroda loan scheme is ideal for fetching loans of more than 20 lacs and abroad studies. However, that is a form of secured loan, and you need to pledge collateral. Bank of Baroda unsecured education loans through GoStudy come under the student loan scheme and are ideal for students wanting to study in India. There are four different institution lists falling under the Bank of Baroda education loan scheme, which are AA, A, B, and C lists for technical and non-technical courses. AA list represents the top tier universities in India, like IIM, where you can get loans up to 40 lacs, and the C list comprises 92 universities for which you can get funding from 7.5 lacs up to 30 lacs. Up to 4 lacs, you need not pay any loan margin, but there is a 5% loan margin on the amount from 4.5 lakhs to 7.5 lacs. There are no processing fees on the loan amount, however, which is a bright side to be considered.

Bank of Baroda is known to offer secured education loans mainly; however, their new offering of Bank of Baroda unsecured education loan through GoStudy is pretty unique to meet your educational expenses. Bank of Baroda’s unsecured loans are offered without any form of collateral and are ideal for students who want to enroll in some of the best universities. Owing to the nature of unsecured loans, you may need to spend a bit more on interest rates compared to secured education loans, but the holistic structure, moratorium period, and easy repayment options make it a good choice. You can also opt for loans of higher amounts than 7.5 lacs, but a tangible form of collateral security will be needed in that case. Bank of Baroda education loan without collateral through GoStudy will require a co-borrower to complete the application process, and several factors are taken into consideration. The co-borrowers income and the borrower’s projected income will be checked before sanctioning the loan. At the same time, the creditworthiness of both the borrower and co-borrower will be checked for deciding the loan approval.

Creditworthiness through a stringent credit score check is done prior to the loan approval, and it is relatively tough to qualify if you do not maintain a strong credit score of more than 750+.

Below listed are some documents you need to submit to the bank to apply for an Bank of Baroda education loan for abroad without collateral through GoStudy:

  • Unconditional/Firm/Confirmed Offer Letter
  • Co-Applicant’s Income Proof
  • PAN Card
  • Academic Documents
  • Other Relevant Academic Scores - GRE/GMAT
  • IELTS/TOEFL/PTE/English Language Scorecard
  • Valid Passport

Bank of Baroda’s unsecured educational loan falls under the unsecured loan scheme Emergency Credit Line Guarantee Scheme for up to 7.5 lakhs only, and that too for the best colleges and merits. The interest rate for unsecured education loans is floating and a bit on the upper side; however, it is dependent on your credit profile.

Collateral For Education Loan in Bank of Baroda Through GoStudy

Collateral is security in any form of asset that you will submit to the bank against the loan amount that you will take for your education. This is taken by the lender to protect their financial risk in case the borrower fails to repay the loan. The lender can seize the collateral in case of non-payment from the borrower's side, the legal right of your asset will be transferred to the lender, and they can put a lien on your collateral, and once you repay the loan, the lien from your collateral will be removed. When you provide collateral for your education loan, it comes under secured loans, and if you choose to claim a loan without security, then you can take the Bank of Baroda education Loan without collateral.

Given below is a list of collateral for education loan in Bank of Baroda through GoStudy.

  • Car
  • Stocks and Bonds
  • A Home that has no outstanding loan
  • Cash in a savings account
  • Cash in Fixed Deposit
  • Insurance policy
  • Precious metals

Although you can take secured as well as unsecured loans from a bank, it is highly advisable to assign collateral for an education loan in Bank of Baroda through GoStudy because it increases your chance for loan sanction as the reliability factor increases, your interest rates drop, your repayment tenure increases and you can demand higher loans if you choose to keep a mortgage worth your loan price.

List of top 50 abroad Universities accepted by Bank of Baroda education loan Through GoStudy

List of Universities accepted by Bank of Baroda Education Loan through GoStudy

Pre Approved Education Loan amount by Bank of Baroda through GoStudy

Syracuse University 60 Lakhs
George Washington University 65 Lakhs
New Jersey Institute of Technology 65 Lakhs
University of Florida 65 Lakhs

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Co-applicant for Education Loan in Bank of Baroda Through GoStudy

The applicant of the education loan usually has a co-applicant because it is quite impossible for one person to apply for such a huge amount until they are filthy rich. Education from abroad costs anywhere between Rs. 50 Lakhs- Rs. 1 Crore minimum as there are various costs included when you live abroad. For such a high amount, it is usually recommended that you should take the support of a co-applicant with a secured financial background and affluent economic class when you apply for a co-applicant for education loan in Bank of Baroda through GoStudy. The co-applicant should have a minimum CIBIL score for education loan in Bank of Baroda through GoStudy; the CIBIL score required by the lender for an education loan in the Bank of Baroda is 685.

We have listed down a few co-applicants that are accepted by the Bank of Baroda

  • First cousins
  • Siblings
  • Paternal Uncle and aunts
  • Maternal Uncle and aunts
  • Spouse
  • In-laws

Eligibility Criteria For Bank of Baroda education loan Through GoStudy

There are certain Bank of Baroda Education loan requirements through GoStudy that have to be fulfilled before you apply for a loan, these requirements are simple, and generally, students are eligible for loan application. There are various eligibility factors like age, nationality, credit history, academic qualifications, etc. These eligibility criteria decide whether you can file a loan application or not. Therefore you should have a brief look at these requirements:

  • You must have citizenship in India
  • Your minimum age should be 18 years
  • You should have a hard-copy of the admission offer from the college. Make sure you have completed the process of admission before you apply for a loan.
  • A co-applicant with secure financial background must be present at the time of loan application
  • Collateral should be submitted if your loan amount is greater than Rs. 40 lakhs. However, it varies from college to college so please check this information for your respective college.

Documents required for Education loan in Bank of Baroda Through GoStudy

The documentation required for passing your loan with the Bank of Baroda are as follows:

  • KYC of the loan applicants
  • Your academic certificates
  • Proof and statements of cost of study
  • Academic Documents
  • Income proof of salaried guarantor
  • Statement of last 6 months
  • Result of entrance exams (GRE/GMAT/TOEFL/IELTS)
  • PAN card/Aadhar card/ Driving License
  • Copy of form 16
  • Application form


Process & Procedures for Bank of Baroda education loan through GoStudy

The process for education loan application through GoStudy becomes quite simple when you get in touch with a representative. These representatives hand-hold you through the entire process of application.

Your first step will be to check the eligibility criteria for education loans in the Bank of Baroda. Usually, the criteria include ownership of Indian nationality, age of the applicant to be above 18 years and less than 35 years, and confirmed admission to the desired college/university.

Next, you have to fill out a loan application form with all your details like KYC, signature proof, parent’s income statements, academic certificates and proof of admission, etc.

Then you will have a personal discussion with the education loan provider where you will have to submit documentation related to your admission and collateral (if applicable). The guarantor must be present for the loan sanction process so that the bank can run a background check of the guarantor’s credit history.

Bank of Baroda Education loan Sanction & Distribution Through GoStudy

After the successful application of the loan from the borrower’s side, the loan gets sanctioned by the lender, and the borrower receives a sanction letter for Bank of Baroda education loan through GoStudy. A sanction letter is an official document issued from the bank’s side as proof of an education loan taken from the borrower's side. This document is very crucial in your admission process as it mentions all the details of the applicant and co-applicant, like their name and address; it also showcases your rate of interest, tenure, loan amount, moratorium period, and details of the guarantor. This letter has been submitted to the college administrators and therefore has to be carefully handled. There is no processing fee for Bank of Baroda Education Loan through GoStudy and the Bank of Baroda education loan processing time is about 1.5 months.

A disbursement letter for Bank of Baroda education loan through GoStudy is provided after the loan is sanctioned; it demonstrates that the loan is transferred from the bank’s end to your personal loan account and then to the university, as there is no margin involved with the education loan from Bank of Baroda there are absolutely no deductions. When it comes to living expenses, the bank transfers the amount in Forex-cum-debit-card when the proofs of living expenses are submitted to the banks; these proofs are required so that the sanctioned amount is utilized in the correct place.

Moratorium Period for Bank of Baroda education loan Through GoStudy

The loan amount required to study abroad is huge; therefore, it is not expected that the repayment will be started soon after the loan is disbursed. A particular time period is allocated before the repayment process starts, and this period is known as the “moratorium period.” In this period, you will be provided a duration of 12 months full moratorium period before your repayment process starts in case you have opted for secured loans, but in case you have opted for unsecured loans, your moratorium period is up to Rs. 7.5 Lakhs.

Bank of Baroda Education loan repayment Through GoStudy

After the moratorium period ends, the repayment period starts, and there are certain factors you must consider while repaying your loans like you can opt for automatic payments as in this manner, your installment will be dedicated automatically on a monthly basis, and your credit score will be maintained. You can also try and choose shorter tenure periods, as this will help you in saving a lot of interest. One more tip is to start paying small amounts in your moratorium period so that you can easily handle the monetary load once your repayment starts. There are various options for paying your repayment, but the most commonly used one is EMI.

Section 80E Income Tax Deduction for interest on education loan Through GoStudy

If you have taken an education loan through GoStudy partnered Bank of Baroda, then according to section 80E, you can claim a deduction on the interest paid via EMI, but it is necessary to note that the deductions will be made only on the interest and not on the principal amount, the entire amount of interest on your loan will be waived off. The parents of children who have taken an education loan can easily claim the deduction, but it is compulsory that the child must have approved the loan for higher studies in any field of study after the senior secondary is qualified. This deduction starts as soon as your repayment period starts and is available for 8 years from the date of repayment before the full repayment of the loan is made; if your tenure for loan repayment is more than 8 years, then you cannot claim tax deduction after the timeline of 8 years ends.

DOWNLOAD Simple & detailed comparison sheet of all Education Loan offered by all government & private banks and NBFC’s to study abroad.

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