EDP education loans for abroad studies are a popular choice to secure funds. EDP or Executive/ Entrepreneurship Development Programs help in developing entrepreneurial skills and running a business successfully. They can be pursued part-time, full-time, online, or via distance learning.
The costs of EDP courses abroad go up to INR 80 lakhs. The Bank of Baroda education loans for EDP programs abroad offer the required financial assistance. To know more about loan amounts, interest rates, eligibility, and other details, continue reading further.
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Bank of Baroda EDP Education Loan for Abroad
Bank of Baroda’s EDP education loan is for students who wish to pursue Executive Development programs abroad. The maximum loan amount offered is up to INR 80 lakhs which covers a wide range of costs like tuition fees and living expenses. Unlike other education loans from different lenders, you don’t have to pay processing charges for EDP education loans from the Bank of Baroda up to INR 7.5 lakhs.
You also get a free debit card for an education loan for EDP being offered by premier institutions abroad. The BoB interest rates on EDP education loans for abroad start from 11.15% p.a onwards. However, you must be eligible to avail 100% financial assistance from the bank.
Eligibility
- Should be an Indian citizen.
- Students must have successfully secured admission to the university abroad.
- The applicant must be employed when applying for an EDP loan and during the course of study.
| Overview of EDP Education Loans for Abroad | |
| Purpose of the Loan | To provide 100% financial assistance to pursue EDP programs from premier institutions abroad |
| Maximum Loan Amount | Up to INR 80 lakhs for Premier Institutes |
| Interest Rates | 11.15% p.a onwards |
| Repayment Tenure | -Up to INR 7.5 lakhs- Up to 10 years –Above INR 7.5 lakhs- Up to 15 years |
| Margin Money | -Up to INR 4 lakhs- NIL –INR 4 lakhs to 7.5 lakhs- 5% –Above INR 7.5 lakhs- 15% |
| Collateral | –Up to INR 4 lakhs- NIL –INR 4 lakhs to 7.5 lakhs- Third-party guarantee required –Above INR 7.5 lakhs- Tangible collateral security equal to 100% of the loan amount |
| Processing Charges | -Up to INR 7.5 lakhs- NIL –Above INR 7.5 lakhs- 1% of the loan amount, or INR 10,000 |
| Moratorium Period | -Course Duration + 3 months |
Also Read: Know all about the Bank of Baroda Forex Card for students that enables you to manage money and international transactions abroad easily.
BoB Interest Rates on EDP Education Loan for Abroad
Bank of Baroda is one of the best choices for EDP education loans to study abroad. They offer competitive and attractive interest rates. Their interest rates are calculated as the sum of RLLR (Repo Linked Lending Rate) and spread, starting from 11.15% p.a onwards.
| Loan Amount | Interest Rates | Effective ROI |
| Loans up to INR 7.5 lakhs | BRLLR + 2.00% | 11.15% p.a |
| Loans above INR 7.5 lakhs | BRLLR + 2.35% | 11.50% p.a |
Please note that these interest rates are subject to change based on revisions in repo rate and spread calculation. For the latest updates, visit the bank’s official website.
Documents Required for EDP Education Loan for Abroad
When you apply for the Bank of Baroda’s EDP education loan, you have to attach the documents along with the loan application form. The documents are related to identity, address, academic qualifications, and financial records.
The bank may request additional documents based on individual cases. It’s advisable to carry all relevant documents when visiting the bank branch. Here’s the checklist-
Applicant’s Documents
- KYC documents (Aadhaar card, PAN card, passport-sized photographs)
- Academic certificates (10th, 12th, graduation)
- Admission letter from the university
- The fee structure of the course
- Entrance exam scores (if applicable)
Co-Applicant’s Documents
- KYC documents (Aadhaar card, PAN card, passport-sized photographs)
- Income proof (salary slips, ITR, bank statements)
- Employment proof
Additional Documents
- Property documents (if required as collateral)
- Bank statements of the applicant
Also Read: Planning to pursue MBA? Check out the major highlights of MBA education loan interest rates to study abroad in 2024.
How to Apply?
To apply for Bank of Baroda’s EDP education loan to study abroad, you can visit the nearest bank branch. For online applications, there are two ways to apply- the official website and Vidya Lakshmi Portal Bank of Baroda. Follow the given steps-
- Visit the official website of the Bank of Baroda. Head to the ‘Education Loans’ section and apply for EDP Education Loans for Abroad.
- Register and log in to the Vidya Lakshmi Portal. Search for Bank of Baroda and apply under ‘Baroda Education Loan for Executive Development Programmes (Abroad)’
This was all about education loans for EDP abroad from the Bank of Baroda. Make sure to go through the terms and conditions and check your eligibility before applying.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
FAQs
Yes. You can easily apply for an education loan for EDP courses in India and abroad. Bank of Baroda offers 100% financial assistance for courses pursued part-time, full-time, online, or via distance learning.
Bank of Baroda’s EDP education loan is for students who wish to pursue Executive Development programs abroad. The maximum loan amount offered is up to INR 80 lakhs which covers a wide range of costs like tuition fees and living expenses.
Bank of Baroda is one of the best choices for EDP education loans to study abroad. They offer competitive and attractive interest rates, starting from 11.15% p.a onwards.
To be eligible for an EDP education loan abroad, the applicant must be an Indian citizen. Students must have successfully secured admission to the university abroad and must be employed when applying for an EDP loan and during the course of study.
Bank of Baroda is one of the best choices for EDP education loans to study abroad. The maximum loan amount offered is up to INR 80 lakhs which covers a wide range of costs like tuition fees and living expenses.
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