Home Home
Home | Sitemap | Contact Us
 
Home » Personal Banking » Education Loan

BARODA Education Loan (BEL)


Type of facility: Demand Loan
Eligibility:
  • Student pursuing study - School / College education including courses leading to diploma / degree etc. offered by recognized schools / Colleges / Universities.
  • Should be Resident Ugandan.
  • Should have secured admission to the study courses.
  • Parent should be our customer
Purpose:
  • to meet educational expenses of student for study in Uganda or abroad.
Expenses Covered:
  • Fee payable to School / College / Institution / University.
  • Examination / Library / Laboratory fee.
  • Fee and other charges payable to hostel.
  • Purchase of books / equipments / instruments / uniforms.
  • Personal Computers / Laptops wherever required.
  • Caution deposit / building fund / refundable deposit supported by institution bills / receipts.
  • Any other expenses required to complete the course - like study tours, project works, thesis, etc.
  • Cost of external coaching / tuition is not covered
Amount of Loan:
    Maximum - Shs.15M. (Shillings Fifteen million only).
  • Need based finance subject to repayment capacity of parent / student, based on the expected income to be generated after completion of the Course (as per general assessment, to be made by the Bank). 
  • Separate limit for School Education, College Education & Professional Education.
Margin:
  • Upto Shs. 7.5 Mn.     -   NIL
  • Above Shs. 7.5 Mn.  -   25%
  • Scholarship / assistantship if any received to be included in the margin.
  • Margin may be brought in on semester basis as and when disbursements are made.
Repayment Period:
    Maximum 36 months
Moratorium:
    12 months after completion of semester or 6 months after getting job, whichever is earlier.
Other terms: **
  • Next disbursement is made only after the student has passed the current examination and progress report / mark sheet of that effect is produced.
  • In case student does not secure hostel facilities with educational institute, he may be allowed to make his own arrangement.  Fees of lodging / boarding in such cases may be paid directly to the concerned establishment, after verifying bonafides of the same.
Interest: *
  • Up to  Ugx  5 Mn.    -   PLR 
  • Above Ugx  5 Mn.   -  3% over PLR
  • Simple interest to be charged at monthly rests during the repayment holiday / moratorium period.
  • 1% interest concession is provided if interest applied during repayment holiday is serviced.
 * Interest rate is subject to change from time to time. View latest Interest Rate.
** For further details, contact any of our branches in Uganda