Article

School Loan
November 09 , 2012

Only a few years back it would be very surprising if a parent approached a bank for an education loan for a school-going child. Education is slowly slipping out of comfortable financing for many parents. School education is going the business way, like medical services have.

Some banks have certainly recognized opportunity in financing education loan to parents for school going kids. One of them is Bank of Baroda. Baroda Vidya loans are given for studies from Nursery to Senior Secondary School. The loan is available without margin, security and processing charges.

Maximum amount of loan is Rs 4 lakhs. Loan is to be repaid in 12 EMIs. The first installment falls due 12 months after disbursement of loan. Bank of Baroda's school education loan covers expenses for tution fee, library/laboratory/examination fee, hostel fees, purchase of books, instruments, uniforms, laptops (if required) and caution deposit. Interest subsidy of 1% is available for girl students.

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