How to Fill Bank of Baroda Education Loan Application Form?

The first step in your journey towards securing an education loan is to conduct thorough research and decide on your lender. In today's digital age, applying for an education loan online is a convenient option. Bank of Baroda has streamlined the online application process, making it accessible through its official website. For those who prefer the traditional route, an offline application is also viable. You can visit your nearest Bank of Baroda branch, procure the education loan application form, and fill it out with the requisite details. Whether you choose to apply online or offline, the information required and the subsequent steps remain largely the same.

Steps to Fill Bank of Baroda Education Loan Form?

Filling out the loan application form requires attention to detail. It's imperative to ensure all data entered is accurate and complete to avoid any delays in the processing of your application.

Filling in a loan application form requires one to be detail-oriented. It is very important to make sure that every detail provided is accurate and final so that there will be no delays in the processing of your application. 

Step 1: Fill in the Loan Application Form 

The education loan application form of Bank of Baroda is provided on its official website. However, the Department of Financial Services, Ministry of Finance directs that all such applications be processed by the Vidya Lakshmi Portal. This is also applicable for applications that are submitted physically which means there is an application process that all students apply for education loans. 

Step 2: Interview Preparation

Following the application, the bank invites the applicant for an interview which is another important and necessary procedure in the loan approval process. This interview is a prerequisite even if the application was not filed personally. As the main applicant enrolled in the chosen degree, this interview must be conducted. The focus of discussion will be on the educational background of the applicant, the course applied for and the university expected to be attended. Apart from this, the bank also assesses the field with the help of those earning prospects, concentrating on the field chosen by the applicant and how much he/she is likely to earn in the future. This assessment derives conclusions in regard to the furthering of the preliminary application process for the loan.

Step 3: Submission of Documents

As part of the application effort, the bank will require the inclusion of certain documents. That includes the letter of admission from the college the student seeks to join. These documents are further subjected to rigorous examination by the bank to verify the student’s enrollment and determine the credibility of the application. 

Step 4: Loan Approval

After successful document verification and interview completion, the loan proceeds to the next stage which is approval. As for the approval stage, the borrower or the guarantor is assessed, which is mostly a parent or guardian of the student. There is also a promissory note that the applicant is supposed to fill in together with other loan documents where the individual binds himself or herself to repaying the loan within a specified period.

Step 5: Loan Disbursement

The last step is the disbursement of BOB loan amount. After all the formalities are completed, the loan amount is granted by the bank to the bank account of the educational institution as agreed. This disbursement may be availed in full or partial tranches as per the loan agreement.

Documents Required to Apply for an Education Loan at Bank of Baroda

A critical aspect of the loan application process is submitting the necessary documents. These typically include proof of identity, address proof, academic records, admission letters, and financial statements, among others.

Applicant Documents

• 
  Proof of identity 
• 
  Proof of residence/address: Passport mandatory in case of Studies Abroad
• 
  Academic records

  • 
    10th result & 12th result, graduation result -semester-wise (if applicable)
  • 
    Entrance exam results through which admission is being taken (e.g. CAT, CMAT, JEE, NEET, CET, GMAT, GRE, TOEFL, etc.)
  • 
    Proof of admission: Offer letter or admission letter from the institution. conditional admission letters may be considered in the case of studies abroad.
• 
  Statement of cost of study/ schedule of expenses
• 
  College/course prospectus (if available)
• 
  2 passport-size photographs
• 
  A/C statement for the last 1 year in case of any previous loan from other banks/lenders

Co-applicant Documents

• 
  Proof of identity 
• 
  Proof of residence/ address 
• 
  2 passport-size photographs
• 
  A/C statement for the last 1 year in case of any previous loan from other banks/lenders

Income Proof For Salaried Co-applicant / Guarantor

• 
  Salary slip or salary certificate
• 
  Copy of form 16 and IT returns acknowledged by IT dept
• 
  Bank account statement for the last 6 months

Income Proof for Self-Employed Co-applicant / Guarantor

• 
  Business address proof (if applicable)
• 
  IT returns acknowledged by IT department, TDS certificate (Form 16A, if applicable)
• 
  Bank account statement for the last 6 months

Benefits of Applying for an Education Loan at Bank of Baroda via GyanDhan

Applying for a Bank of Baroda education loan through GyanDhan appears to be a streamlined and advantageous process, especially for students looking to study abroad. GyanDhan is designed to assist students in securing overseas education funding. Here are some key highlights of applying through GyanDhan: 

• 
  Free services: The services offered by GyanDhan to facilitate your Bank of Baroda education loan application are completely free. This means you can navigate through the application process without worrying about additional service charges.

• 
  Low processing time: One of the significant advantages of applying through GyanDhan is the notably lower turnaround time for loan approval. GyanDhan collaborates closely with various departments within the Bank of Baroda to ensure your loan application is processed quickly, typically within 15-20 days, compared to the standard 30-45 days if you were to apply directly to the bank.

• 
  Increased approval chances: GyanDhan actively works to resolve any potential issues that may arise during the application process, such as missing documents or property-related concerns. Their proactive approach and direct liaison with bank officials significantly enhance the likelihood of loan approval.

• 
  Bypassing procedural delays: GyanDhan helps applicants avoid common bottlenecks and delays that often occur at the branch level by directly submitting your application to the relevant Specialized Mortgage Store (SMS) electronically, saving valuable time.

• 
  Assistance with legal and technical issues: GyanDhan also assists in navigating through legal or technical issues related to property verification, ensuring smooth and swift processing of your loan application.
   

Applying for a Bank of Baroda education loan via GyanDhan can simplify and expedite the loan application process, offering a hassle-free experience with added benefits like competitive loan rates, quick processing, and a higher chance of approval. This approach not only saves time but also provides personalized assistance to overcome any hurdles during the loan application process, making it an attractive option for students aiming to study abroad. Check your loan eligibility now to start today!
 

Frequently Asked Questions