Bank of Baroda Vidyasthali Loan Scheme
An MSME Loan for Educational Institutions from Bank of Baroda
This loan helps Registered Trusts, Societies and Companies in the Education sector raise funds for purchase of land to build an educational institute, purchase lab and other equipment, meet working capital needs, etc. The loan can also be availed for renovation or repair of the building.
Features of Baroda Vidyasthali Loan
Why this Loan?
- The Bank of Baroda Vidyasthali Loan is meant for Registered Trusts, Societies and Companies imparting academic and/or professional education by establishing schools, colleges, etc. recognised by govt. authorities
- The borrower must have received the necessary approvals required for construction, addition or alteration from all the concerned authorities to be eligible for the loan
- Play School franchise of Zee school, Euro Kids, Kidzee, etc. are also eligible for this loan
Loan Amount
- Term Loan: The maximum loan amount offered under this loan scheme is Rs. 15 crore
- Overdraft: The maximum loan amount offered for the Overdraft is Rs. 3 crore
Interest
- The applicable interest rate on this loan is defined as the sum of three factors namely, one-year Marginal Cost of Funds Based Lending Rate (MCLR), Strategic Premium (SP) and Credit Risk Premium
- Loans up to Rs. 5 crore: The applicable interest rate on this loan is MCLR + SP + 0.75%
- Loans Above Rs. 5 crore to Rs. 10 crore: The applicable interest rate on this loan is MCLR + SP + 1.25%
- Loans Above 10 crore to Rs. 15 crore: The applicable interest rate on this loan is MCLR + SP + 2.00%
- As of now, the MCLR of Bank of Baroda is 7.50%. Please get in touch with the bank to know the Strategic premium applicable on this loan
Repayment & Security
- This information is not mentioned on the bank’s website. Please ask a bank representative at the time of application
Eligibility
- Registered Trusts, Societies and Companies imparting academic and/or professional education by establishing schools, colleges, etc. recognised by govt. authorities with credit rating BOB-6 and above are eligible for this loan provided they have received the necessary approvals required for construction, addition or alteration from all the concerned authorities
- The loan cannot be availed for the purchase of land only. The loan can be availed for the purchase of land and the construction of building
Margin Money & Processing Charges
- This information is not mentioned on the bank’s website. Please check with the bank for details
Documents Needed for Individuals
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof: Last 6 months Bank Account Statement of applicant and co-applicant, Loan Statement of Running Loans, Latest Closed Loan NOC, Net Worth of the applicant and co-applicant
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
Documents Needed for Private Limited and Public Limited Companies
- Application Form duly filled and signed
- Company ID Proof: Company’s PAN Card
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
- Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
Reference Facts
- Bank of Baroda Website: www.bankofbaroda.com and www.bobibanking.com (net banking)
- Headquarters: Baroda (Vadodara), Gujarat
- Call Centre Toll-Free Number: 1800 223 344, 1800 102 4455