BOB Students Personal Loan

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:

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:

BOB Personal Loan for Students – Fees and Charges

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

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.