BOB Students Personal Loan

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Amrita Sinha

Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.

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Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

Bank of Baroda offers a range of attractive financing options exclusively for students pursuing higher studies in India or abroad. Eligible candidates can secure funds to cover tuition fees, hostel charges, books, equipment, travel expenses, and other associated costs. You can typically secure a maximum loan amount of ₹125 lakh for studies in India and ₹150 lakh for studies abroad. Furthermore, a loan amount of up to ₹40 lakh can be obtained without pledging any of your assets as collateral. However, to be eligible, you must secure admission to a recognized institution through a merit-based selection process or entrance test.

Urban Money provides a comprehensive overview of BOB education personal loans to ensure that finances don’t hinder your future. This guide will cover details such as the BOB student personal loan interest rate, eligibility criteria, required documents, applicable fees, and more.

BOB Personal Loan for Students – Highlights

The following are the key parameters of a BOB education personal loan:

Highlights
Interest Rates	8.55% p.a.
Loan Amount	Up to Rs 150 lakh
Loan Tenure	Up to 15 years
Eligibility	The student must have confirmed admission to recognized educational institutes in India or abroad.

Compare BOB Students Loan From Other Bansk

Following is the comparison of a BOB education personal loan with other leading banks and NBFCs across India:

Lender	Interest Rate (p.a.)	Processing Fee	Max. Loan Amount	Max. Loan Tenure
Bank Of Baroda	8.55% onwards	Up to 2% of the loan amount	Rs 150 lakh	15 years
State Bank of India	8.15% onwards	Rs.10,000 (Applicable to loan amounts exceeding ₹20 lakh)	Rs 30 lakh	15 years
Punjab National Bank	10.75% onwards	0.25% of the loan amount	Rs.7.50 lakh	15 years
Central Bank of India	8.10% onwards	1% of the loan amount for studies abroad (Nil for studies in India)	Rs 20 lakh	15 years
Bank of India	9.25% onwards	Rs 5,000 for studies abroad (Nil for studies in India)	Rs 150 lakh	15 years
Union Bank of India	8.50% onwards	Nil	Rs.7.50 lakh	15 years
IDFC FIRST Bank	8.50% onwards	Up to 1.5% of the loan amount	Rs 75 lakh	15 years
Canara Bank	10.85% onwards	0.50% of the loan amount	Rs 36 lakh	20 years
HDFC	9.50% onwards	Up to 1.5% of the loan amount	Rs 20 lakh	15 years
ICICI Bank	9.50% onwards	Up to 2% of the loan amount	Rs 2 crore	14 years
Axis Bank	13.70% onwards	Up to 2.5% of the loan amount	Rs 75 lakh	15 years
IDBI Bank	8.50% onwards	Up to 1% of the loan amount	Rs 75 lakh	15 years
Federal Bank	10.49% onwards	Nil	Rs 20 lakh	15 years
Kotak Mahindra Bank	10.99% onwards	Up to 3% of the loan amount	Rs 20 lakh	5 years

BOB Personal Loan for Students – Fees and Charges

Following are the applicable fees and charges for a BOB education personal loan:

Fee/Charge	Amount
Processing Fee	Up to 2% of the loan amount
Prepayment Charges	Up to 4% of the prepaid amount
Late Payment Fees	Applicable
Cheque/ECS/NACH dishonour Charges	Applicable
Professional charges (Advocate Charges/Retainer ship Charges)	At Actuals

BOB Personal Loan for Students – Documents Required

The following are the BOB student personal loan document requirements:

Proof of Identity: PAN card, Aadhar card, voter ID card, passport or driving licence.

Proof of Address: Passport, Aadhar card, voter ID card, driving licence, utility bills or bank statement.

Proof of Admission: Admission or offer letter from your chosen institution. In the case of international studies, a conditional admission letter may be considered.

Proof of Academic Records: A copy of 10th result, 12th result, graduation certificate and entrance exam result (if applicable).

Proof of Income: Form 16, salary slip, IT returns or bank statement of the co-applicant or guarantor (if applicable).

Proof of Residence Ownership: Property documents, maintenance bill or electricity bill of the residence.

BOB Personal Loan for Students – Eligibility Criteria

The BOB student personal loan eligibility criteria are as follows:

You must be an Indian citizen who has secured admission to a recognized institution in India or abroad via a merit-based selection process or entrance test.
You must have a co-applicant, a parent, spouse, sibling, or any other relative, who will be responsible for the repayment of the loan in case of default.
You must have a minimum net monthly income of Rs. 20,000 for the co-applicant or guarantor, if applicable.
You must have a good credit history and score, preferably above 700.
You must not have any existing education loan from any other bank or NBFC.