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GoStudyLoans Partnered Bank Of Baroda Education Loan for Abroad Without Collateral

Take your career to new heights with Bank of Baroda education loan for abroad without collateral through GoStudyLoans.

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.

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Reasons to Opt for Bank of Baroda Education Loans Through GoStudy

1

No or little processing charges

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.

2

Customized education loans

Education loan by the Bank of Baroda through GoStudy offers students a variety of options with customization based on their needs and preferences.

3

Easy-to-apply (No collateral required)

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.

4

No margin

GoStudyLoans assisted loans have no margin on loans up to 4 lacs. Anything beyond that may require very little margin (refundable).

5

Affordable interest rates

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.

6

Easy repayment

Last but not least, the Bank of Baroda education loan without collateral through GoStudy also gives you an easy and simple repayment method.

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Exclusive Ranges of Education Loans

GoStudyLoans offers an exclusive range of Bank of Baroda education loans without collateral curated for talents like you.

8

Quick Loan Processing Time

Our consultants at GoStudyLoans are dedicated to providing you with the fastest loan processing time!

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Incomparable Interest Rates

With GoStudy’s specialized offerings, you get the lowest interest rates (0.5 - 1% lesser) in the market!

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Bank of Baroda Overseas Education Loan Without Collateral For Abroad Studies Through GoStudy

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.

Bank of Baroda Interest Rate Without Collateral for Abroad Education Through GoStudy

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.

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.

What Are The Costs Covered by Bank of Baroda Education Loan Without Collateral Through GoStudy?

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:

• USA
• UK
• Canada
• Australia
• New Zealand
• Ireland
• Germany
• Singapore
• France
• Singapore

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:

Bank of Baroda Education Loan Without Collateral Through GoStudy

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.

• 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 Education Loan with Collateral Through GoStudy

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:

• Property Title Deed and Registered Sale Agreement
• Original Registration Receipt for the above-mentioned agreement
• Allotment Letter by Municipal Corporation/ Any Authorized Government body like MHADA, CIDCO, HUDA, JDA, GIDC ETC (if applicable)
• Encumbrance Certificate (EC) to be submitted for the previous 30 years. This collateral document is generally known as Link Document.
• Valid Copy of the municipality-approved building plan or plot layout.
• Latest property tax bill or Latest electricity bill bearing the same address.

Bank of Baroda Education Loan Without Collateral For Abroad University List Through GoStudy

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:

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Co-Applicant For Education Loan Without Collateral In Bank of Baroda Through GoStudy

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:

• He/she must be an Indian citizen.
• He/she is considered a primary debtor.
• He/she must have an account in a reputed bank with the power of signing cheques.
• Other important documents to submit; include salary bank account statements of the last 6 months, recent ITR with form 16, NACH form, or post-dated cheques.
• He/she must also give proof of relationship with an 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.

Eligibility Criteria For BoB Education Loan Without Collateral through GoStudy

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

• You must apply with a co-applicant, either your parents or spouse. Your co-applicant must have a good credit score and also fulfill the necessary criteria.
• You must have insurance cover for overseas studies.
• If you apply for less than four lacs, security or guarantor is unnecessary.
• In case of amounts greater than 7.5 lacs, collateral is needed.

Documents Required for Bank of Baroda Education Loan Without Collateral Through GoStudy

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:

• Duly filled loan application form
• Language test documents
• Academic documents (mark sheets of 10th or 12th or higher education)
• KYC documents
• Proof of age
• Proof of ID
• Proof of income of guarantor or co-applicant if applicable
• For collateral, documents of fixed deposits or immovable property
• Latest passport size photographs

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.

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Process & Procedures For Bank of Baroda Education Loan Without Collateral Through GoStudy

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:

• The first and foremost thing you need to do is research work. Ensure to know all the formalities and terms and conditions before applying for an education loan in BoB.
• Once you are clear with everything, then start with the application process. BoB will ask for personal and academic details from applicants like university, course details, and ID documents.
• Once you submit all the needed documents to BoB, then they will start the verification process and review your loan application.
• After the verification is completed, applicants need to sign the papers with co-applicants. In the case of collateral as security, its documents also need to be submitted with proper signatures.
• Lastly, an applicant will get the loan amount he or she needs after the acceptance of the loan application. A loan will be disbursed to an applicant.

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.

Bank of Baroda Education Loan Sanction & Disbursement Without Collateral Through GoStudy

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:

• Fee remittance account details
• Stamp papers
• NACH document
• Security post-dated cheques (seven cheques)

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.

Moratorium period for Bank of Baroda Education Loan Without Collateral Through GoStudy

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.

Bank of Baroda Education Loan Without Collateral Repayment through GoStudy

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.

GoStudyLoans Partnered BoB Education Loan Without Collateral EMI Exemption under Section 80E of IT Act

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.

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